New ADP SmartCompliance(SM) Platform Helps Organizations With Compliance And Business Intelligence
New study reveals 81% of senior finance executives say monitoring tax, employment, and payment-related rule changes has become more time-consuming over the past 2 years; 76% do not have access to real-time, consolidated compliance data
New ADP SmartCompliance helps organizations streamline tax, employment, and payroll compliance activities by bringing together 7 key compliance capabilities under a single, unified platform
New Approach to Tax, Employment, & Payroll Compliance
However, managing compliance is becoming increasingly difficult – 73% expect the complexity of new regulations to make the task more resource-intensive over the next 2 years.
This outsourced platform of services can help save time and money by consolidating processes that are disparate and largely manual, and by working with an organization’s existing enterprise resource planning (ERP), financial or human resources system of record.
The CFO Research and ADP survey shows that despite increasing complexity, nearly 60% of senior finance executives say their compliance budget will remain stagnant or decrease in the next year.
“According to our research, those who manage finances for large companies are challenged to keep up with the ever-changing landscape of regulatory and legislative rule changes,” said Josh Hyatt, Associate Director, CFO Research Services, a division of CFO Publishing.
“With budgets expected to stagnate for most, finance executives will likely need to look for ways to boost efficiency.”
7 Key Capabilities Ease Compliance Management Burden
The platform provides enhanced accessibility and visibility into compliance across the organization to assist with freeing up time and resources, allowing them to focus on growth and ROI.
These views provide a single, visual snapshot to quickly and easily assess the status of multiple business areas, including the 7 capabilities offered through ADP SmartCompliance…
The platform simplifies payroll tax compliance by keeping up with regulatory changes and compliance rules across the more than 10,000 U.S. federal, state and local jurisdictions.
Backed by ADP’s team of tax, government relations and compliance specialists, ADP SmartCompliance manages nearly every aspect of tax filing and remittance to help minimize the risks associated with tax management.
By helping companies identify and claim all of the tax credits available to them, ADP SmartCompliance not only helps companies lower their effective tax rate, but reduces staff time spent searching and determining eligibility for potential tax credits.
ADP SmartCompliance offers flexible payment solutions that support 100 percent electronic pay – direct deposit, the ALINE Card by ADP® pay card, check options and a mobile access point for employees.
These payment solutions help companies increase electronic pay adoption, reduce the complexity of pay distribution and cut costs – all while increasing employee satisfaction with wage distribution.
ADP SmartCompliance helps manage the wage garnishment process for employers who are required by law to process employee pay garnishments, enabling companies to balance the risk, compliance, cost and efficiencies of garnishments processing.
With phone and online verification options, ADP SmartCompliance eases the burden of employment verification and enables clients to respond automatically to requests for income and employment verification.
Outsourcing employment verification through the platform helps ensure safer disclosure processes and faster response times for employees.
ADP SmartCompliance helps companies manage one of the few controllable business taxes by providing the resources, experience and expertise to quickly and easily verify claims for unemployment pay, helping companies reduce time and costs associated with this time-consuming process.
Automated W2 distribution and management gives employers and employees more efficiency in annual income reporting.
Business Intelligence and Data Analytics Provide New Compliance Insights
“We heard from our clients that the flexibility to complement existing systems was essential.
“One of the strongest components of this new platform is its ability to work with virtually any ERP, and we’ve developed partnerships in the industry to make that happen,” said Doug Politi, President, ADP Added Value Services.
“Our clients have also told us that business intelligence and data analytics are critical to streamlining day-to-day activities and achieving a truly strategic view, so our focus on these areas will drive future enhancements to ADP SmartCompliance.”
What Are Your Thoughts??
✔ With a reduced workforce coming as well as more regulations to follow, how could the ADP SmartCompliance change your game?
✔ How can we help you — what unanswered questions do you have about the ADP SmartCompliance?
✔ What other compliance issues not noted here do you have that could possibly be addressed with this system?
Please share your thoughts with us and our audience in the comments section below! Or you can reach us directly from our contact page.
ADP® (NASDAQ: ADP), with more than $10 billion in revenues and approximately 600,000 clients, is one of the world’s largest providers of business outsourcing and human capital management solutions. Leveraging over 60 years of experience and a global footprint spanning more than 40 countries, ADP offers a wide range of human resource, payroll, talent management, tax and benefits administration solutions from a single source, and helps clients comply with regulatory and legislative changes, such as the U.S. Affordable Care Act. ADP’s easy-to-use solutions for employers provide superior value to companies of all types and sizes. ADP is also a leading provider of integrated computing solutions to auto, truck, motorcycle, marine, recreational vehicle, and heavy equipment dealers throughout the world. For more information about ADP or to contact a local ADP sales office, reach us at 1.800.225.5237 or visit the company’s Web site at http://www.adp.com
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