How to Bring Compliance Into Line
At Madison Resources, one of our favorite passions is helping staffing firms grow. This can mean growing in your own market, or expanding your niche. Or it can mean moving into a new state, or region. In any case, there are exciting opportunities to be had, and also challenges that need to be understood.
One of the main challenges is compliance. It’s important as an owner or manager to educate yourself on compliance issues. Basically, you’re looking at three priorities: the health of your business, your clients, and your workers seeking jobs.
Misclassification of employees is a major concern here. This is where you should be looking at IRS directives about how to appropriately place your workers.
Another key issue, especially if you are expanding into another state or region, is to be aware of all state laws. For example, worker’s compensation laws vary from state to state.
Employment laws are always changing and evolving. Regulations and your responsibility for them are a constant concern.
As a growing company, a small business in particular faces unique difficulties. In a recent survey, the U.S. Small Business Administration found that small companies spend up to 80 percent more per employee on federal regulatory compliance than large companies.
If this sounds daunting, it shouldn’t stop you from thinking big and looking at new opportunities.
And this brings us to headaches, and how to avoid them. Your focus as an owner or manager is naturally on sales and revenue. This doesn’t mean you should avoid compliance issues, as they can stunt your growth or, literally, in a worst case scenario, wreck your company. But it does mean you are free to look at experts to help you navigate the sometimes troubling waters of compliance.
We’re very proud of testimonials from grateful clients, such as this one from staffing pro, Melinda D.:
“ My staff was becoming overwhelmed keeping up with the state and local tax climate as we expanded into new markets. Not only did Madison help us grow and expand by providing the funding we needed, but their team of professionals took the payroll tax compliance off of our desks and into the hands of their tax experts. On top of that, the headache of ACA tracking and mandatory sick pay accruals are taken care of too. Now we can focus on what we’re good at – staffing!”
Well said and we couldn’t agree more.
Are you looking for a strategic partner to help you manage your compliance?
Compliance is a necessary concern, good for your company and good for your workforce. Contact us today to see how we can help you.