Compliance Management Tips for Your Distribution Business
Hello again,
This post is for small to mid-sized distributors that are interested in ensuring effective compliance management for their operations. We hope you find it useful.
Unexpected business disruptions have required focused planning and adaptation on the part of small and mid-sized distributors in order to strategically manage operations.
As the country reopens, business owners can continue to protect their companies with effective regulatory compliance management to prevent potentially steep penalties.
Compliance Management Tips
Here are several important items to manage that can help protect the financial health of your company:
The 2018 Supreme Court Wayfair Ruling has the potential to encumber small businesses that sell outside of their home state by forcing them to track and comply with a different set of sales tax laws for each state.
Non-compliance can result in penalties and back taxes. Sales and use tax compliance is critical for remote sellers and can be burdensome to manage and track. Here is a helpful blog post about the Wayfair Ruling.
And, it’s always a good idea to keep an eye on fraud prevention, especially when staff roles may be shifting and trusted employees may no longer be in their traditional roles. Learn more about fraud prevention tips here.
Also during this time, due to fluctuating employee status, Affordable Care Act compliance tracking and management is critical for companies with 50+ full-time employees. Penalties can be steep for non-compliance errors.
ACA Compliance
Many distributors may be focused on managing business disruptions, and in addition to Sales and Use Tax compliance management, Affordable Care Act compliance should not be overlooked for companies with 50+ full-time employees (or full-time equivalents) during the “off-season.”
You may not be thinking about the ACA right now, but employee status may fluctuate during business disruptions, and year-round compliance management is crucial for those using a filing-only solution.
If you are tracking with spreadsheets or using a filing-only solution, now may the time to consider comprehensive ACA Software or a Full Service solution – for both ease and comprehensive data management throughout the year.
Using an outside payroll service for compliance management can be expensive so be sure to ensure your solution is priced competitively and offers excellent ACA support.
Call 800-969-7900 to learn more about our distribution solutions or contact us – we are here to help.