Every small business owner knows that federal and state regulations are terribly burdensome. Even those of us here at BenefitMall understand the problems that regulations cause. But we also know that regulatory compliance is made easier when you enlist professional help. That is one of the reasons we offer the comprehensive online payroll and benefits administration services we are known for.
BenefitMall cannot handle every regulatory compliance issue on the books, but we are specialists in things such as payroll taxes, ACA compliance, workers’ compensation for small business, and affordable 401(k) solutions. Moving your payroll processing out of the back office and onto our cloud-based platform will both streamline your payroll processing and ensure regulatory compliance in key areas.
Regulations a Growing Problem
Whenever we speak with potential new clients about outsourcing their payroll and benefits administration, we attempt to show them how much regulation is growing. Suffice it to say that federal and state regulations never seem to diminish over time. They only grow larger and more burdensome.
In their 2017 Small Business Regulations Survey, the National Small Business Association (NSBA) encapsulates what small businesses are going through in terms of regulation. Some of the numbers in this year's survey are surprising; others reflect things we have known for a while. Below is a sampling of some of those numbers:
• 58% of small businesses say federal regulations are the most burdensome
• 75% say that federal tax code regulations are 'very' or 'somewhat' burdensome
• more than 60% say ACA regulations are 'very' or 'somewhat' burdensome
• 12% don't even know the source of the regulations that impact their businesses the most.
Of the four statistics listed above, the last one is perhaps the most alarming. The burdens posed by regulations have become so profoundly overwhelming that business owners don't even know who is regulating what. How are they supposed to keep up?
Payroll and Taxes the Biggest Burdens
The list of regulations small businesses are subject to increase by volumes every year. We found it rather interesting to learn what the NSBA says constitutes the lion’s share of such regulations. According to their survey, the top three areas of regulatory burden for small business are:
• healthcare and health insurance
• payroll and employee compensation.
This should be no surprise given the fact that the cost of labor is usually the single biggest expense of the small business. All three of the top regulatory areas are in some way related to the cost of employment. When you consider things like ACA compliance, it is no wonder small businesses are overwhelmed. This is where professional help comes in.
We Guarantee You Regulatory Compliance
There's nothing BenefitMall can do to eliminate the regulations our clients are subject to. They are what they are. Our goal is to guarantee that our clients remain in compliance at all times. The professional assistance we provide ensures that taxes are withheld and paid, reports are filed, employees have access to qualifying health insurance under the ACA, and so forth.
We are experts in regulatory compliance for payroll processing and benefits administration because it is our job. Just as your company is the expert in whatever products or services you offer clients. It would make sense for us to come to you if we had need of those products and services. Likewise, it makes sense for you to come to BenefitMall for expert services in the area of payroll and benefits administration. We offer the kind of professional help you need to maintain regulatory compliance in the payroll department.