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Offering employees a benefit package is hard for small or medium-sized businesses. It’s hard for small companies to compete against more prominent corporations when it comes to recruiting top talent because they don’t necessarily have the tools to attract candidates to fill their positions.

A professional employer organization, or PEO company, helps small businesses with managing their employees, including payroll, reporting, and compliance. Through a co-employment agreement, the PEO company becomes the employer of record for tax purposes. A PEO company reduces work on the employer’s end and ensures the employer is compliant with all employment laws.

How Does it Work?

A PEO company, through co-employment, will take responsibility for your employees. The co-employment agreement, basically means that you and the PEO share responsibility to the employees. Through the sharing of employer responsibilities, the PEO company will oversee payroll administration, tax filing, human resource support, and access to the market while you as the business owner, are responsible for managing day to day management of your business. You can use sites like Retire at 21 to compare PEO companies.

Benefits of Partnering with a PEO

Managing employees and human resources involves many tasks, and most can be handled by a PEO company, which allows the business owner to focus on other aspects of their business. Here are some services a PEO company offers:

• Payroll – PEO company help by managing payroll processes and can account for items like commissions or bonuses for full and part-time employees. They can set up automatic deposits for your employees and offer payroll administration.
• Benefits – A PEO company can provide attractive benefit packages to your employees and help them manage it. A PEO company will help with all benefit administration, such as onboarding benefits, claim, and other benefits. A PEO company allows your employees access to medical, dental, and vision benefits at negotiable rates. With the ability to offer benefits, recruiting skilled and talented employees is easier. Your employees also have access to the PEO’s online platform where they can view their benefits, make variations to them, add beneficiaries, and keep track of payroll deductions. As a small business owner, you can set up a benefits package, put together enticement programs, and create reports for analysis, which helps improve the administration for benefits.
• Compliance Support – Your business will get support for employer-related compliance issues when you partner with a PEO company, including payroll taxes, reporting forms, and employee tax forms. A PEO company provides other support in workers compensation, unemployment insurance filings, and employment practice liability insurance.
• Additional Benefits – PEO companies can offer other benefits to your employees, such as discounted gym memberships. Any benefits that a PEO company offers your employees are provided to create a happy and healthy team environment in your workplace.

PEO and Your Business

There are numerous advantages that a PEO company can bring to your business, including cost savings on employee benefits, cost-saving through hiring, protection again risk, and it frees up the hours in your day.

Cost Savings

Partnering with a PEO allows your employees to access health cover at the competitive rates of more prominent corporations.

Hiring

A PEO company saves you having to hire administrators for human resources because they handle employment-related paperwork and guidance from HR specialists.

Risk Protection

PEOs have HR specialists to help with risk mitigation and make sure that your business is always in compliance with the continually changing employment laws and regulations.

More Time

Being a small business owner means every minute of your time is valuable. A PEO company alleviates some of the stuff on your plate by taking over employment-related work.

Costs are high when you run a small business and it is difficult to work within increasing financial restraints. You may be tempted to do your own bookkeeping and accounting to save a bit of money. But if you fail to work with an accountant, you miss out on valuable business benefits.

Here’s what you potentially lose when you don’t hire a professional accountancy firm like www.gsmaccountants.co.uk.

Tax Breaks and Opportunities

Accountants manage your overall tax affairs and give you clarity on where you can save money. Engaging a professional accountant often cuts the tax you must pay, resulting in actual cost savings even when considering the fees spent on the professional. Accountants will also look at the financial health of your business and plan strategies to increase your profits through sound financial management.

Invoicing Efficiency and Cash Flow Security

When handling your books yourself, you fall behind with your invoicing and you fail to chase up unpaid accounts. Your cash flow suffers and you find yourself with difficulties paying suppliers. Invoicing is critical to the overall financial well-being of your company. Get it right and you benefit from increased cash flow and peace of mind. An accountant helps set up automated systems that produce and send invoices on time, automatically check for payment, give a choice of payment methods for suppliers, and follow up on late invoices. You spend less time waiting for cash and more time building your business.

Peace of Mind

Do you regularly experience the stress of filling out tax returns at the last minute, trying desperately to get the forms correct on your own? Do you have to pay fines when you file late, or incorrectly? You probably don’t give your finances the effort and attention they need. This results in errors with data entry, scrambling to find lost receipts and other documentation, and out of date books. An accountant cleans everything up and does it all on time. You get accurate bookkeeping with up to date documentation. You don’t need to worry about missing deadlines. This peace of mind is hard to beat when you are managing a challenging business.

More Time

Mistakes made in tax returns and paperwork take hours to correct. The processes and procedures involved in getting your tax affairs in order are time consuming and it takes away from the running of your business. An accountant takes tasks off your plate so you have the space to focus on strategic business matters.

Reliable, Proactive Business Advice

An accountant is also a trusted business adviser. They are proactive and creative, identifying strategies and opportunities for business growth. You gain a valuable member of your team when you hire an accountant.

You must handle a lot of things yourself as a small business owner. But you need to decide where it makes financial sense to get extra help. Weigh up the pros and cons of hiring an accountant and ask if it makes your business more financially secure.

There’s no doubt that those who join a sports club do so because they have a passion for the game. Sports clubs are plentiful and can be found everywhere, and they can be comprised of everything from football clubs to baseball clubs to basketball clubs, rugby clubs, and a lot more. If you have started your own sports club and would like for it to be nothing short of successful, then managing it properly should be your top priority. But managing a sports club isn’t easy, as any sports club manager or owner will tell you, and it will take more than a bit of commitment and dedication. You can’t just be committed to it – you also have to have the right knowledge to run it in an organised and seamless manner. So how can you do this without making it too difficult for yourself? Here’s how you can make managing your sports club a much easier task.

Define your objectives and goals

When you start a sports club, you will perhaps already have a goal in mind. It may not be clear-cut, but you are probably thinking that you would like to help others achieve their athletic potential, bring together those who have a love for the sport and who are like-minded, and so on. But you would have to come up with some more clearly-defined goals and objectives so you can stick to these and help yourself (and others) achieve them, not just for the short-term, but also for the long-term. The more detailed you are when it comes to your goals and objectives, the better. A successful sports club, for instance, will have goals and objectives for all roles, and they incorporate these objectives into each position’s overall description.

Make use of proper software

Gone are the days when everything had to be written down and the only way you could keep track of payments and expenses was to create spreadsheets. Today, you can make it a lot easier on yourself (particularly when managing finances and keeping track of member records) by taking advantage of all-in-one software that is also cloud-based so you can access it at any time. Membership softwares such as Coacha have loads of features, allowing you to make sure you are GDPR compliant, that you have all your athletes’ profiles saved and secured, that your sessions and classes are well-organized, and that your members can make automated payments. With such software at your disposal, you can have a much more convenient and easier time running your sports club.

Develop a mentoring programme

Another way through which you can make handling and managing your sports club – and encouraging and inspiring members – is to develop a mentoring programme. This is not just helpful for motivating your members – it is also helpful if you want to build and develop your club’s capacity. You can, for instance, offer your players opportunities to coach at an early age. You can give younger club players roles as assistant coaches so you can let them see what it feels like to coach in a supportive (and safe) environment. With this kind of programme, you can harness the personal development of your members while making sure that your sports club has a good number of skilled coaches for the future.

Business meetings can be exhausting. When you call your employees for a meeting, they might start to groan because they don’t like it. The meeting room is one of the most dreaded places in the office. However, since you need to have a meeting, everyone has no choice but to show up. As a business leader, the least you can do is transform the meeting room and make it as engaging and relaxing as possible.

Keep it simple

Avoid placing too many things in the meeting room. Don’t make it your stock room. Find other places where you can store items that you don’t need yet. The meeting room needs to be exclusively for business meetings and to brainstorm.

Use blinds instead of curtains

Another useful tip is to use blinds. You want to have a seamless connection between the meeting room and the environment. It helps in making sure that you feel connected with nature. When the meeting gets exhausting, everyone can look out and start to feel calm. Seeing a lot of things can also help during brainstorming.

Have a snack bar

Food transforms meetings. When people have something to eat, they begin to relax. It doesn’t matter if the meeting becomes too serious. Everyone will forget it and put on a smile because of what they’re eating. There are also times when you need to extend the meeting to get things done. Some employees won’t mind, provided that they have something to eat.

Create a round table discussion

Don’t make the meeting room like a classroom where everyone faces the teacher. You need to create a round table format so that everyone feels equal. Anyone who wants to speak can stand or use the microphone on the table. You also have to be encouraging so that employees won’t be afraid to speak their minds.

Invest in quality equipment

You want the meetings to be spontaneous and free from technical issues. Therefore, it helps if you have a high-quality projector. Don’t forget to invest in a video wall mount so that it’s easy to use the device whenever necessary. When there’s no need to set up anything, it won’t delay the meeting.

Don’t be too serious

Even if you’re discussing a serious topic, you can inject jokes and look relaxed. When people in the room start to get tense, they won’t think clearly. You want ideas to flow smoothly. Don’t use any barriers that prevent anyone from speaking their mind. Apart from the arrangement of the room, your personality also affects how people think about the meeting.

You want your employees to get excited about meetings. You understand the importance of having them, so you need to encourage everyone to be in their best spirits when attending meetings. Set a clear agenda and a specific time. You don’t want to waste too much time brainstorming or presenting. Empower every employee to come up with excellent ideas that can help the business move forward.