What is the value of a CPA firm to my PEO?
PEO’s face regulations from certain States, the Department of Labor, the Internal Revenue Service, banks, and various other organizations. These regulations create certain requirements to maintain licensure and certification. Among these requirements are:
- An annual financial statement audit.
- Working capital level requirements.
- Quarterly or annual payroll tax payment assurance.
- Self-insured medical plan compliance.
- Self-insured workers’ compensation plan compliance.
- Quarterly reporting to maintain Certified Professional Employer Organization (CPEO).
- Accreditation from the Employer Services Assurance Corporation (ESAC).
- Service Organization Controls Report (SOC 1, SOC 2, or SOC 3).
- Compliance with terms of bank loans.
- Federal, State, and Local tax reporting.
For each of these items and more, the PEO will need to find the right CPA firm to meet their need.
What criteria should I use when selecting my PEO’s CPA firm?
When selecting your company’s audit firm, you will want to consider the level of audit experience and expertise of the firm based on their:
- Years of experience with PEOs.
- Types of services they provide to PEOs.
- Size and complexity of PEOs they’ve serviced.
- Knowledge and familiarity with the industry.
- Ability to deliver services timely.
You also want to evaluate your CPA firm based on their cultural fit with you and your PEO. You want to be able to like and trust your firm and believe that you can build a long-term relationship with them.
While no CPA firm is perfect, you’ll need to evaluate each CPA firm based on those criteria that are most important and will supply the best match for your firm.
With those criteria in mind, why would you choose our firm to perform these services?
- Firm staff members have PEO auditing experience since 1997.
- Firm staff members have over 25 years of experience working for PEOs as corporate controllers.
- We perform financial statement audits for over 75 companies annually.
- We perform over 20 multiple employer 401(k) audits.
- We perform quarterly payroll tax attestations for over 25 companies.
- Size of PEOs served range from single companies with 500 worksite employees to PEO group audits with over 20 combining entities and over 10,000 worksite employees.
- Services provided to PEOs headquartered in 15 different states, that operate in all 50 states.
- The services most commonly performed by our firm for our PEO clients include:
- Annual financial statement audits or reviews.
- Quarterly or annual payroll tax payment attestations and examinations for compliance with state licensing requirements, CPEO reporting requirements, and ESAC reporting requirements.
- Multiple employer 401(k) audits.
- Accounting and payroll system consulting.
- Federal and Multi-State Tax Preparation.
The PEO industry is facing new regulation and reporting requirements every year. The goal of the PEO audit and assurance practice of Jason F. Clausen, P.C. is to enable our clients to meet these requirements, while enhancing their accounting procedures and internal controls. Our philosophy is to assist our clients, as well as providing improvement to the PEO industry as a whole.
Why should we pay your standard rate for these services?
Given the depth of expertise required to conduct an efficient, productive and above all – quality enhancing service, you may find the value proposition quite attractive. We are a smaller firm that does not have the same level of overhead as larger firms. This allows us to pass along our savings to our clients.