Small business owners and department heads are often guilty of spreading themselves too thin in the name of productivity, but this can have a negative impact on your bottom line.
The saying “if you want something done right, do it yourself” has put many a small business owner on the verge of breakdown. Trying to be in too many places at once, not to mention the dangers of producing sub-par results due to lack of skills, experience or knowledge can add extreme levels of pressure to an often already stressful situation.
While turning crucial aspects of your business over to someone else might seem like a terrifying prospect, it is the smart choice for many SMBs who would should direct their manpower to areas of the business which increase profitability and growth, leaving elements such as finance and Human Resources to specialist providers.
But how do services differ, and which is right for your business? We give you a breakdown of two main service models, PEO (Professional Employer Organisation) and BOS (Back Office Support).
Commonly utilised by employment agencies, a PEO typically provides HR services such as payroll and employee admin, benefits, and records.
With this model, the PEO and the company itself become co-employers, with the PEO taking on payroll tasks and the employer retaining control of daily duties of staff. This means that the PEO shares the burden, and therefore the risk, of managing a workforce with the employer, and helps ensure consistent employment benefits and pay compliance.
The PEO model can also reduce your VAT. With a PEO, VAT is only payable on non-disbursements. This reduces your payroll finance and increases your cash flow.
While the model is still relatively new to the UK, PEO has been used to great effect in the USA for many years, allowing smaller companies to offer employment benefits previously only found in large corporates. With the changing labour market, it is essential that even the smallest firms have the means to compete for top talent.
JMK are the leading PEO suppliers in the UK, offering specialist support to essential workers such as the NHS.
Using outsourcing for specialist business support and expertise has been common since the 1950s, and by the 1980s encouraging business managers to “focus on core competency” became one of the most common phrases in business strategy.
Outsourcing is the foundation on which many large companies are built, and the startup culture that now fuels almost all industries and sectors is dependent on specialist back-office support providers of accounting, payment processing, IT services, HR, compliance and quality assurance services.
But not all back-office support companies are created equal.
A good specialist back office support provider will support your departments, not replace them, and provide bespoke services tailored to your needs as a company, as well as help ensure your company grows, increases profits, and maintains compliance. JMK are established providers of back office support with a proven record of superior service.
Since 2002, JMK have been compliantly consolidating back-office, accountancy and payroll functions.
We have evolved to provide a range of expert services; such as Professional Employer Organisation (PEO), or Back Office Support (BOS) or Funding, becoming a leading provider to the contracting industry.
We know every agency is different in some shape or form, even if only by a little, but important bit. Combining our knowledge and experience of multiple sectors enables JMK to support you all from recruiters and payroll, through to finance, compliance and management.
With JMK as your trusted partner, even the smallest team can process the largest payroll, regardless of payroll type.
Have a look at the wide range of services our Professional Employer Organisation (PEO) or Back Office Support (BOS) can provide to you and your business, it is far more than just payroll and finance.