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How to Help Overcome the Compliance Conundrum That May Plague Your Business

%, HOW TO HELP OVERCOME COMPLIANCE ÉCONUNDRUM THAT MAY PLAGUE YOUR BUSINESS There are many significant tax, payroll and employment compliance challenges facing businesses today. Check out the graphic below that illustrates the top challenges and what can be done to help overcome them. NEARLY 90% OF SENIOR FINANCE EXECUTIVES RANK COMPLIANCE AS A PRIORITY 1/3 But one-third report their approach is more reactive than proactive THE TOP 3 CONUNDRUMS Ш Ever-changing & complex government regulations Lack of business Fragmented systems create unnecessary risk intelligence hinders efficiency and limits growth FRAGMENTED SYSTEMS (X) 71% of senior finance executives rely on multiple, separate information systems for their compliance activities. 19% believe the number of vendors they use will increase in the next two years. SOLUTION Align Systems & Use Existing Technology More Effectively CURRENT SYSTEM of senior finance executives believe reducing the number of touch-points and handoffs in compliance processes could increase efficiency and productivity at their company. 65% cite improving existing compliance technology and systems as a top strategy for improving compliance management in the next two years. 47% COMPLEX GOVERNMENT REGULATIONS 81% 73% 60% expect that increasing compli- ance complexity will likely consume additional resources say there's increased pressure to respond faster to changing regulations. of senior finance executives say monitoring employment- related tax and pay- ment rule changes has become more over the next two years. time-consuming over the past two years. SOLUTION Take A Proactive Approach Being more proactive helps enable companies to... We help you stay compliant. Increase the efficiency of day-to-day compliance Avoid non-compliance penalties and fees. management. 43% agree their company would reali measurable benefits if it took a more proactive approach to compliance. LACK OF BUSINESS INTELLIGENCE 90% 76% 40% of senior don't have access agree that varying tax, employment and payment regulations have made it difficult for finance executives to real-time, agree contributing to organizational growth is a key function of their consolidated compliance data. their company to department. enter new geographic jurisdictions. SOLUTION Leverage Outside Tools And Expertise Finding a partner with the right level of compliance experience and expertise, as well as tools that put actionable data in the hands of business leaders, can help companies move forward confidently and with greater efficiency. Finance executives' top strategies 47% 31% 29% say improving the existing technology and systems they use for compliance. say improving their analysis of the impact of compli- ance requirements on business performance. say improving their company's ability to anticipate compliance changes. ÆP SmartCompliance" Source: Managing Compliance in a Changing Environment, a survey conducted in January 2013 by CFO Research, in collaboration with ADP, surveyed 150 senior finance executives from U.S. businesses about their companies greatest compliance-related challenges. %24

How to Help Overcome the Compliance Conundrum That May Plague Your Business

shared by jasonwalker on May 31
Info graphic describing the details regarding compliance regulations that exist in business.




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