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Survey Finds Improving Compliance Management is Top-of-Mind for Many CFOs

According to Deloitte’s CFO SignalsTM survey for the first quarter of 2014, in the coming year, one-third of companies responding to the survey indicated that they will significantly improve their approaches to compliance and focus more on limiting risk than they have in the past

About 30 percent of the CFOs surveyed by Deloitte say they will significantly improve their approach to compliance in the coming year. Not surprisi

Compliance Dial

ngly given that finding, regulation at the state, federal and industry levels was one of the most consistently voiced concerns from CFOs.

A survey of senior human resources, finance and accounting executives that ADP conducted in collaboration with CFO Research late last year found that robust employment-related tax and payment compliance programs often provide both tangible and intangible benefits to comp

Overall, the Deloitte survey found CFOs are more focused on pursuing growth opportunities than they are with limiting risk, but there was a stronger focus on risk management in the first quarter of 2014 than there was a year ago, a trend even more pronounced in the retail/wholesale and energy/resources sectors. About 30 percent of CFOs responding to the Deloitte survey say their companies will make significant improvements in their approach to risk management in the coming year.anies. Nearly 60 percent of survey respondents said employment-related tax and payment compliance has a positive impact on their company’s operational efficiency and employee productivity, and about 67 percent of respondents said it has a positive impact on employee engagement.

Outsourcing and offshoring are also expected to increase this year, with about one-third of CFOs responding to the Deloitte survey expecting to outsource or offshore a shared service function, though only 7 percent or respondents expect to do so with a core business function.

The Deloitte survey also found that 2014 could hold large-scale changes for some businesses. Nearly one-quarter of CFOs responding say they expect a change to their fundamental business strategy, and 20 percent of respondents expect a major merger or acquisition.

 Click here for more information about how working with ADP can help companies improve their employment-related tax and payment compliance management.


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