For approximately 80% of small businesses, the owner is primarily responsible for regulatory issues. But in a recent survey, 60% had some level of difficulty understanding and managing through regulations and laws that affect their business.
These stats shouldn’t surprise. Running a business today is not without its challenges. But, here’s the thing: non-compliance can be a real business killer. Or at least one of the reasons business dreams fail to reach their full potential. Since 2000, Fair Labor Standards Act (FLSA) violations alone have skyrocketed 438%, resulting in billions of dollars paid in penalties and owed wages.
Our CEO David Sacks speaks of compliance like oxygen: businesses need it to breathe, to survive. At the same time, we fully understand that strategic priorities shouldn’t need to take a backseat to an overwhelming administrative workload. You’ve got product-market fit, talent acquisition and retention, and recurring revenue to worry about. Who has time to keep abreast of new laws and file paperwork?
We get it, and we want to help you keep the focus on driving that profitable business you know you can grow. So, to help, we’ve put together this list of resources for navigating the compliance waters.
|Note: Tides change, and new regulations — from minimum wage to paid time off legislation — are sure to surface in the coming months and years. Be sure to stay abreast by subscribing to our weekly newsletter, curated with tips to help you better manage your team and your business.|
Adding your first employee or your 15th? Federal employment laws change as you reach these employee count thresholds, and several others. Here’s a handy checklist to quickly see what laws apply to you and when.
Congrats on reaching this milestone! Hiring your 50th employee can feel incredibly rewarding, but don’t let regulation changes catch you off guard. From ACA to FLMA, here’s what you need to know.
From weed to Obamacare, compliance concerns are ever-expanding. The good news? You’re not alone. This list breaks down some of the top challenges employers are facing in the workplace — and even more resources to tackle them.
In the above “top issues” article, impending changes to overtime eligibility are referenced. In May 2016, these changes were signed into law — and they affect more than 4.2 million workers. Get the download on what this means for your business.
Not sure how to classify your workers, or what to pay them? This is one of the most common areas of non-compliance, and it costs employers millions each year. Our guide can help you build an easy 10-step action plan to avoid those hefty fines.
Hiring contractors for the first time? The forms and tax documents required by the IRS are different than documents used for employees. Make sure you’re properly classifying your workers, then consult this list to make sure you’re filing the right paperwork.
As an employer, you’re required to keep certain employee files on record for certain lengths of time. For example, I-9s must be kept for 3 years after termination, and benefits documents must be kept for 6 years after the plan date. But don’t worry: We’ve got a way around the paperwork paralysis.
When the government passed the Affordable Care Act in 2010, it established minimum standards for health insurance in the U.S. By the end of 2017, all small business insurance plans will have to meet the new government standards. The time to start planning for the change? Now.
The PACE act was signed in October 2015, giving states the ability to choose a “small group employer” definition of either 2-50 or 2-100 employees. Growing above 50 employees? You’ll want to know how your state defines “small group” as it will impact health insurance rates.
As of June 2015, same-sex marriage has been legally recognized across all 50 states, impacting not only marriage but also requirements for employers who offer insurance benefits to spouses. This guide can help you ensure compliance.
Complying with the Federal Department of Labor and their regulations is required, but so is compliance with state laws — and these are often more rigorous requirements than their federal counterparts. The U.S. DoL site can be a good resource to stay on top of what’s required in your state.
With the help of modern HR software and trusted advisors, small businesses in 2016 are tackling their compliance challenges in record time — and even having delightful experiences with compliance automation tools (yes, delightful). We’d be happy to help bring your business into the modern age of HR management. Simply reach out to one of our advisors to get started.