According to business outsourcing firm ADP, the past year has brought more than 21,000 proposed changes across the country to business tax rules alone.
Michael Houston is VP of Sales for ADP’s Southwest Division. Houston says the more resources small and midsize companies spend on keeping on top of legal and regulatory changes, the fewer resources they can devote to the day-to-day challenges of growing their business.
“It’s daunting for any small or medium-size business, to conform, comply, much less keep up with the new.”
A recent survey by ADP found that roughly half of small and midsize business owners expect their compliance costs for hiring, employee relations and risk and safety to go up. That’s leading more companies to consider outsourcing back office functions, such as payroll.