“Small businesses that work with a PEO grow 7 to 9 percent faster, have employee turnover that is 10 to 14 percent lower, and are 50% less likely to go out of business.” – National Association of Professional Employment Organizations (NAPEO)
With stats like that, it’s no wonder small businesses are flocking to PEOs. In fact, the PEO industry has grown at a rate 14 times faster than that of the U.S. economy between 2008 and 2017. But with more clients comes more time needed to maintain payroll, HR and tax compliance.
If you’re looking for a third-party system that offers the best of both worlds – control over all your money and processes with additional sets of eyes to manage compliance – you’ve come to the right place. Our FlexTax software offers solutions to the common obstacles facing PEOs everywhere.
For example, to prevent the situation where only one person on your staff knows how to handle the processing of payroll taxes, cloud-based payroll tax management software makes it so easy that multiple people on your staff can be trained how to use it, giving you the confidence that it will be processed properly.
However, many PEOs – especially certified PEOs (CPEOs) – would rather have their payroll taxes flow through their own bank instead of through the bank of their payroll tax management partner.
That's why we added a "Direct Bank" option for our FlexTax® cloud payroll tax software. This is our way of serving the over 900 PEOs across the U.S. that employ 3.7 million employees for 175,000 businesses with annual wages of $176 billion, according to NAPEO.
With FlexTax Direct Bank, we never touch the payroll taxes of our clients, PEOs, CPEOs or otherwise. You can still guarantee compliance and offload cumbersome, manual, or labor-intensive tasks to us, but without losing control over functions and materials that you need, including your tax account.
More specifically, we ensure payroll tax compliance by managing all tax payment scheduling, tax return preparation and filing. You just need to submit your payroll tax data files, impound tax funds, and submit the payroll taxes.
Learn More about FlexTax Direct Bank
Visit us at one of our events to learn everything you need to know about FlexTax Direct Bank, including why we are the only payroll tax management company to offer this option. You can also learn more about our other payroll tax management offerings as well as ACH payroll processing and time and attendance best practices from our sister companies, Cachet Financial Services and Time Rack.
Lastly, here is a side-by-side comparison of our FlexTax options: FlexTax, FlexTax Direct Bank, and FlexTax Hosted for PEOs and ASOs, which provides additional details on the differences between them. Or download our Buyer’s Guide for a complete breakdown of our software solutions.