Paychex Snapshot: Roughly Half of Small Business Owners Understand, are Prepared for Changes Under the Affordable Care Act
Paychex, Inc., a leading provider of payroll, human resource, insurance, and benefits outsourcing solutions for small- to medium-sized businesses, today released its first Paychex Small Business Snapshot, a glimpse at how small business owners view the latest topics and issues affecting their business.
Signed into law four years ago by President Barack Obama, the Affordable Care Act (ACA) has transformed the nation's health care system, ushering in new regulations, requirements, and changes for business owners of varying sizes. This month's snapshot highlights the level of understanding and preparedness business owners have when it comes to health care reform.
In the recent Paychex Small Business Snap Poll of business owners with 100 or fewer employees, 54 percent of respondents said they understand what's expected of their business, while another 30 percent only have a partial understanding, and 16 percent do not understand at all what is expected of their business in order to comply with the requirements of the ACA.
In a separate Paychex survey of small business startups with 50 or fewer employees, fewer than half (48 percent) of business owners feel their business is totally prepared for the changes to our health care system; while only 16 percent feel somewhat prepared, but still need more help; and the other 36 percent are not prepared at all.
To view the Paychex Snapshot, click here (http://www.slideshare.net/Paychex/snapshot-hcr-33852056).
To learn more about health care reform and how Paychex can help, visit www.paychex.com/health-reform.
About the Paychex Small Business Snap PollThe Paychex snap poll was conducted between January 31, 2014 and February 3, 2014. The participants in the snap poll were 543 business owners in the United States who have 100 employees or less. The poll has a margin of error of +/- 5%.
About the Paychex Small Business Startup SurveyThe Paychex small business startup survey was conducted between December 12, 2013 and January 8, 2014. The survey was conducted online with 250 U.S.-based start-ups, defined as businesses started in 2010 or later with one to 50 employees.