What's a PEO and How Can It Help My Business? Hint: It'll help out with all your business's HR needs.

Q: What's a PEO, and why should I use one?

A: Here's all you need to know: A Professional Employer Organization (PEO) is one of the best-kept secrets of many successful small businesses. Essentially, these bodies handle all your HR needs, including payroll and administration, employee health and retirement benefits, workers' compensation insurance, state and federal compliance issues and even worker training.

All you're left to do is hire, supervise and promote (or fire) your employees as needed. Of course there is a cost for contracting out your HR department, but consider this list of positives.