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Within the last week, small business owners have been delivered a nightmarish amount of new rules, laws, regulations and taxes. For those folks who were on vacation last week, you have my heartfelt sympathy as you get back into the swing of things and find that life just got a whole lot messier and confusing for you, the business owner.
In addition to the Supreme Court upholding Obamacare almost in its entirety via the June 28, 2012 ruling, there are other regulations that will impact businesses that offer 401(k) plans to their employees. These new regulations go into effect July 1, 2012 and affect how plan providers must disclose any and all fees to fiduciaries, or small businesses, and small business owners must then disclose those fees to their plan participants or employees.
The world seems to be getting more complex with each passing day. Complexity in and of itself is not a problem, certainly we are all savvy enough to understand complex situations and how they will impact us, our businesses, our families, our communities. A problem develops when there is no clarity around a complex issue or circumstance. The success goes to those capable of taking a seemingly complex issue or problem and providing a path that is simple in solving it. Consider this…
According to CCH, a leading provider of tax and business law information and software solutions, to fully document the 2012 U.S. Tax Code will require nearly 72,000 pages. Imagine the complexity of the details contained within this behemoth of a code…now enter TurboTax – a simple solution that enables one to successfully navigate this complexity and complete a very tedious and complex task through simplicity in a relative short time.
Still don’t think the complex can be made simple? Think of this…can you remember how you listened to your favorite music 10 years ago? How about the space required for all those albums, 8-tracks and cassettes. How did we ever manage our music, watch videos, schedule appointments and do presentations before iPods, iPads, iTunes and iPhones? Imagine the complexity of developing devices so small, portable, and easy to use to break down these formerly complex tasks of daily life.
In the absence of government sponsored simplicity to all these rules and regulations, what’s a small business owner to do? One path certainly is to go it alone. To try to decipher to the best of your ability what obligations you and your employees have relative to all of these changes. Another path is to partner with an HRO or Human Resources Outsourcer. HROs focus on having answers and solutions to these issues. They understand that their success is dependent upon providing clear and simple solutions to some of the most complex and comprehensive issues facing small business owners today and tomorrow.
Some things to consider when looking for an HRO partner include: experience and tenure of the HRO’s leadership team, depth and breadth of their solution offerings, SSAE 16 certification (formerly SAS 70), their client service model – dedicated or pooled resources, and their ability and willingness to provide testimonials and references.
A great HRO partner will provide simple solutions to complex problems while demonstrating a commitment to continuous improvement and innovation focused on making the life of a small business owner easier and more effective.