Services
Professional employer organizations do many things that PSPs do and more. Besides handling every aspect of payroll and tax administration, PEOs also take care of all aspects of human resources including:
- Recruiting and hiring
- Employee benefits administration,
- Regulatory and government compliance
PEO companies also handle functions such as onboarding and employment verifications. But PEOs do more than provide a suite of payroll and HR services. The PEO actually takes on the liability and all human resources-related risks of employees, including the handling of unemployment claims.
Furthermore, PEOs provide professional advice and ensure that you’re in compliance with federal and state employment laws. And PEOs will help you save money on workers’ compensation and health insurance.
What Services Does A PSP – Payroll Service Provider Offer?
Because payroll processing can be complicated and time consuming businesses, use a payroll service provider (PSP) to handle their payroll processing. Everything from direct deposit to related tax services.
An excellent PSP does everything a PEO does without co-employment, as well as:
- Calculates employee’s gross wages,
- Subtracts all pertinent withholdings and deductions,
- Makes direct deposits and prepares all employment tax filings