ROSELAND, N.J., March 11, 2013 /PRNewswire/ -- ADP®, a leading
provider of human capital management services, today announced the
results of a new research study conducted by CFO Research, in
collaboration with ADP, that shows 89 percent of senior finance
executives rank compliance as a priority. However, managing
compliance is becoming increasingly difficult – 73 percent expect
the complexity of new regulations to make the task more
resource-intensive over the next two years.
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Today, ADP also announced a new approach to tax, employment
and payroll compliance. ADP SmartComplianceSM
is a cloud-based unified platform of outsourced services that helps
medium and large companies better manage key tax, employment and
payroll compliance capabilities. 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 percent 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."
Seven Key Capabilities Ease Compliance Management
Burden
ADP SmartCompliance helps organizations to streamline
employment-related compliance activities by bringing together seven
key compliance capabilities under a single, unified platform. 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.
The unified ADP SmartCompliance platform puts actionable data in
the hands of CFOs, financial managers and human resources
executives through comprehensive cross-service displays. These
views provide a single, visual snapshot to quickly and easily
assess the status of multiple business areas, including the seven
capabilities offered through ADP SmartCompliance:
- Employment tax – 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.
- Tax credits – 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.
- Wage payments – 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.
- Wage garnishments – 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.
- Employment verification – 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.
- Unemployment claims – 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.
- W2 management – Automated W2 distribution and management
gives employers and employees more efficiency in annual income
reporting.
Business Intelligence and Data Analytics Provide New
Compliance Insights
ADP SmartCompliance will continue to evolve to meet market needs
and demand for new capabilities, insights and information – such as
business intelligence, data analytics and new compliance services –
and will continue to supplement existing financial and human
resources systems of record. With the ability to gather, digest and
act on real-time, holistic business data opening new frontiers for
finance executives, ADP SmartCompliance will help companies gain
access to the information and data needed to make more informed
business decisions.
"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."
For more information about ADP SmartCompliance, visit
http://www.adp.com/smartcompliance.
About ADP
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
For more information, contact:
ADP Public
Relations
(973) 974-7612
public_relations@adp.com
Jessi Newman, Weber Shandwick for
ADP
(952) 346-6026
jnewman@webershandwick.com
SOURCE ADP