Every business has to stay on top of its management. From licensure to certifications, it’s vital that every operation stays organized. Mismanagement or even a temporary lapse in attention can result in major liabilities that cost thousands of dollars down the line. In order to keep employees happy and finances in check, don’t overlook these three major compliance and certification considerations.
Employee Insurance
Depending on the size of your business, you may be legally obligated to offer your employees some form of healthcare coverage. The Affordable Care Act employer mandate requires any organization with 50 or more full-time (or full-time equivalent) employees to offer health insurance coverage.
Failure to offer coverage to 95-percent of full-time employees will result in a fine of $2,320 per employee, excluding the first 30. Even if you’re only left with 20 employees after the subtraction, you would still face a penalty of $46,600.
Full-time employees are considered anyone who works 30 hours per week or 130 hours each calendar month, including paid-time-off and vacation days. Teachers and other education employees are considered full-time even if they don’t work all year.
While healthcare is expensive, it’s more than just a liability for businesses. Offering health insurance demonstrates you care about your employees, and greater benefits will boost morale and increase loyalty.
Quality Assurance
Depending on your line of work, quality assurance may be more than just a form of risk management. There are different quality requirements across various industries including engineering and food servicing. Failure to meet these standards don’t just open the door for lawsuits but also jeopardizes your entire business’s reputation.
QA allows business owners to consistently gain insight into their products and improve their services and delivery. Quality assurance is more than just protection; it also provides valuable insight into your company’s day-to-day operations and ensures your customers never received anything less than what they’ve paid for.
Taxes and Finances
Even the most diligent business owner can slip up and miss some important figures come tax season. In order to ensure that your company doesn’t get audited or fined for a costly oversight, consider outsourcing your tax preparation and business financing to a professional accountant. Accountants adhere to proper standards and are able to fully commit to managing your business’s finances. Also, using software like this HCP aggregate spend reporting can also help significantly with organization and tracking.
Remember that business is all about improvement. Revisiting your foundation and making any adjustments to your current operations will ensure that your company is always capable of accommodating new changes and adapting to growth. Staying in compliance with business laws and ethical standards will help make your company a more effective, enjoyable and reliable establishment for everyone involved.
Dixie Somers is a freelance writer and blogger for business, home, and family niches. Dixie lives in Phoenix, Arizona, and is the proud mother of three beautiful girls and wife to a wonderful husband.
