Most PEOs are private companies. However, the state in which a PEO does business may have certain laws requiring PEOs to provide audited financial statements.
The PEO industry recommends that PEOs routinely provide audited financial statements so that the industry has a more accurate record of the internal workings of each PEO. These audited statements can’t prevent a PEO from engaging in fraud, and they can’t tell you whether a PEO is in danger of failing. However, the fact that they agree to the audit gives management a better idea of who has nothing to hide and who fairly presents their data in compliance with the Generally Accepted Accounting Principles (GAAP).
That said, while a PEO’s financial statements may not be readily available to the public, you can still find out what you need to know about a particular PEO by doing some independent research. You can learn about the PEO’s interaction with current and former clients. You should also be able to find some record of their financial history online.
It may seem like a lot of time spent, but it’s worth it. A PEO can literally change your life. Your business will never run smoother, and you’ll wonder how you made it this far without one. Call our team at NetPEO today at (678) 376-1212 to learn more and for a free analysis.
The Importance of Audited Statements
Depending on the state in which a PEO does business, there may be laws on the books in that state that require PEOs to keep copies of their financial audits on file. If a PEO can’t follow this simple rule, how can you possibly trust them with your finances?
Not only that, but if they can’t follow the laws in their state, how are they going to help you comply with your state and federal labor laws? If they’re not keeping accurate records for themselves, then they won’t keep accurate records for you either. This is an absolute no-no when you’re dealing with things like HR claims and payroll.
We know how important it is to double- and triple-check that a PEO is doing the right thing. We would never steer you toward a PEO who wasn’t.
Finding an Upstanding PEO
If you don’t have time to put into researching PEOs, don’t worry. That’s what we’re here for!
At NetPEO, screening PEOs is what we do. And since there are so many of them out there, we know how overwhelming it can feel to try to find the right one. That’s why we’re here, to help save you time and energy by selecting a PEO for you. We won’t even suggest a PEO to you unless we’re sure their finances are valid and that their services are a perfect match for your needs.
One of the first things we check when we start our search is whether a PEO has their license and registration. That’s a good start! From there, we check their financial history. This helps ensure they have a good track record of handling their clients’ finances appropriately.
Many PEOs can and do give their clients certification from their accountant. This proves their accountant has checked, audited, and verified their financial statements. We make sure the PEO we have in mind for you is able to do the same.
The Benefits of a PEO
Once we’ve vetted a PEO and we’re satisfied with what we’ve seen, we’ll send them your way. So what does this mean for you exactly? Well, it means that you’re about to see your life and business change for the better in ways you never thought possible.
You decide how much responsibility to entrust to your PEO. You can have them do everything administrative or only handle HR. You can enlist them to help with your hiring and training process, or just trust them with your taxes. You tell us what you need, and we’ll get you a PEO who can do it.
Here are some of the many benefits a PEO can provide your company.
Hold On to Your Employees
A PEO can help you retain employees or even attract new ones by beefing up your company’s benefits package. If you never had a benefits plan before, or if the one you offer is bare-bones, a PEO can group you together with other companies under its umbrella to get you a competitive soup-to-nuts plan that no one would want to give up.
Small businesses tend to suffer the most when it comes to benefits because plans are usually unaffordable. Not with a PEO. Call NetPEO today at (678) 376-1212, and take that first step to improving the educational, retirement, and insurance benefits for you and your staff.
Help with Human Resources
A PEO can handle as many or as few HR-related tasks as you need help with. Take all the stress out of getting your taxes and payroll done on time by not doing them at all (and trusting them to your PEO)! Put that time you would have otherwise spent on paperwork into growing your business.
PEOs also serve as a kind of insurance plan themselves. They can handle your worker’s compensation claims and can even help you find an insurance plan that will cover you in the event of an employee lawsuit. The last thing you need is to go bankrupt over a disgruntled former employee.
Let NetPEO Help You Find a Good PEO
When you find the right PEO, you’ll wonder how you were able to stay in business this long without the help. A PEO is a lifesaver in that they are glad to take away your stress so you can focus on what matters most: growing your business and keeping your employees happy.
Call NetPEO for a free analysis at (678) 376-1212, or send us a message on our website. There are nearly 1,000 PEOs out there, so a busy business person like yourself could certainly use the help in finding the right one. Let us help you save time, money, and heartache, and call NetPEO today!