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Compliance Continuum: Organized [Infographic]

Many businesses recognize that compliance with state and federal laws is a must. Rather than avoiding the issue, companies at this point on the “Compliance Continuum”  Compliance Continuum Organized Imagehave taken some steps to get organized and deal with employment-related tax and payment compliance, but have done just enough to keep their heads above water.

A new survey released by ADP, in collaboration with CFO Research, found that 33 percent of senior finance and HR executives surveyed give their company a “C” grade for the way it handles employment-related tax and payment compliance. For companies just scraping by with a passing grade, it’s no wonder that a similar survey found that senior finance executives point to avoidance of penalties or fines as one of the primary potential benefits of improving compliance management.

 If avoiding fines is the only end goal, then simply managing compliance may be enough. But effective compliance management can do much more. The survey results show that business leaders who help ensure that employment-related tax and payment compliance stays top of mind will not only help avoid penalties, but help bolster their bottom line and create a more engaged workforce.

Why be content with scraping by when you could be passing with flying colors? As a best practice, finance executives should consider working proactively across business units to help ensure that employment-related tax and payment compliance is a priority. Stay tuned for our next post, which will explore the unexpected benefits gained from a strong compliance program.

See the Compliance Continuum

Compliance Continuum image

See our previous infographic the Compliance Conundrum

Compliance Conundrum Image

ADP SmartComplianceSM is a cloud-based unified platform that helps ease the burden of key employment-related tax and payment compliance activities, virtually agnostic to your ERP, human resources or financial systems of record. For more insights and data, or to learn about ADP SmartCompliance, visit www.adp.com/smartcompliance.



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