- September 27, 2021
- Posted by: principlegroup
- Categories:
The Principle Group offers comprehensive payrolling. This allows you to focus on your core business, reduce costs, and mitigate risk associated with engaging self-identified W2 workers, 1099 independent contractors, and Corp-to-Corp contractors.Our payroll services help our clients stay complia nt with state and Federal tax regulations in the use of temporary professional contractors. When it comes to our client’s success, we are committed to understanding your goals and delivering the necessary services to meet them.We can act as the Employer of Record or as the Agency of Record. Our payrolling services can be customized to meet your company’s specific needs.
Employer of Record
As the Employer of Record, The Principle Group will hire your pre-identified contingent workers as our own W-2 employees and administer payroll and benefits, assume all taxes, and conduct pre-employment screenings. We will administer all new hire paperwork, including employment agreements, worker eligibility, and statutory enrollment documents. All employees are covered by our statutory and commercial insurances, which includes workers compensation, commercial liability, error, and omissions.
- Additional Employer of Record services include:
- Employment taxes withheld on a W-2 basis
- Employee expense reimbursement Bi-Weekly invoices (electronic invoicing available)
- Comprehensive Employee benefits, reducing co-employment exposure
- Worker’s Compensation Insurance
- Unemployment Insurance
- Risk Management
- General and Professional Liability Insurance
- Employee Relations
- Employment Eligibility Verification (I-9)
- Background Screening Verification (optional)
- Drug Testing (optional)
Agency of Record :
As the Agency of Record, we manage independent contractors, 1099 workers, and sub-vendors. This reduces administrative costs and ensures protection against potential contractor mis-classifications. Part of our Agency of Record services include gathering facts on the contractor’s assignment and making a recommendation on how the contractor should engage based on state and federal regulations. Contractors who do not qualify to be paid as an independent contractor are paid W-2 via our Employer of Record service.
Additional Agency of Record services include:
- Master Agreements are in place
- Contractor Authorizations are in place
- Bill rates match Authorizations
- Accurate remittance statement matches time-card hours with invoice hours
- Accurate billing of overtime for non-exempt employees
- Document for tax compliance
- Eliminate the problems of multiple contractors contacting AP to follow up on payment of their Invoices
- Compliance – Help to Protect our clients from potentially expensive IRS and EDD penalties, interest, and fines.