If you are managing a small business, there are some things that you must know in order to successfully maneuver your business through challenges and toward growth. Many companies are mired in tedious day-to-day operations, taking on countless HR and compliance-related tasks, while serious penalties could befall them at any moment. Lack of knowledge regarding compliance can be very costly in the event you make a mistake. In the same way, errors, omissions, and cutting corners can be could threaten your business. So, have you considered outsourcing compliance?
Did you know?
- Over the past year penalties for W-2 reporting errors have increased
- The Affordable Care Act reporting is now officially required
- There are new litigation risks for non-qualified deferred compensation reporting errors
- The Supreme Court ruling on state marriage equality could translate to adjustments in income tax reporting
These are just a few changes in the constantly fluctuating landscape of business-related legal compliance. In addition to these changes, state unemployment insurance, workers compensation requirements, and employment practices liability are continuously making amendments and additions.
Mistakes as simple as payroll typos can result in costly financial consequences. In fact, about 33% of businesses are guilty of making costly payroll errors resulting in billions of dollars in penalties annually. Other preventable areas that can incur major expenses for the smallest mistakes area discrimination, wrongful termination, and other employee-related lawsuits.
So, how do you avoid these massive penalties? You would have to become an expert in all areas of employment law, tax compliance, human resources law and any business-related or industry-related legal requirements. But few employers have the time to add that to their busy schedules. Instead, you could elect to outsource your back office and compliance-related tasks altogether.
Here’s a small glimpse of what you can gain from outsourcing compliance:
- Expert unemployment insurance claims administration
- Workers’ compensation coverage and claims management
- Accurate payroll and tax management
- Affordable EPLI insurance rates
- Expert guidance from a team of dedicated professionals in HR, risk management, tax compliance, and benefits
Get Help Outsourcing Compliance
Lightsource HR provides management solutions for critical compliance, back-office functions like payroll, benefits, human resources and workers compensation, so business owners can focus on what’s really important – growing their business.