3 Ways to Ensure Compliance with Your Financial Processes
Once reserved for a select few large corporations, compliance measures are now an integral responsibility for small and large businesses alike. Failure to comply can bring disastrous results, including severe civil and monetary penalties, not to mention the damage to an organization’s reputation.
Even if your company currently has compliance measures in place for your financial processes, there is a very good chance that those measures are subpar, difficult to manage, or both. Following are 3 ways to ensure your business meets compliance standards as efficiently as possible.
When business processes have to funnel through several departments and come out the other side achieving compliance, it is crucial that those departments work as a team to ensure the process is as seamless as possible. This task should never be delegated to any individual department; rather, allowing departments to coordinate easily is the key. One powerful financial management tool that can help an organization achieve coordinated collaboration is workflow automation software.
With workflow automation software such as those provided by PerfectForms, companies can integrate enterprise-wide compliance measures, doing away with the chaos and confusion of resorting to separate measures for each department. With a full suite of reporting tools, templates, and electronic forms, user-friendly workflow automation software is easily the simplest and most effective method of meeting compliance requirements with your financial processes.
Focus on Safety & Privacy Measures
Do you know what company information can be compromised and the ways in which it could happen? Being hyper aware of potential security breaches is an admirable quality and one that will shine a spotlight on ensuring compliance. Playing devil’s advocate is not often advised, but in the case of brainstorming about potential flaws in your organization’s security measures it’s a great idea.
If your business still relies on paper-based transactions, now is a good time to look closely at security and privacy measures. Ascertain exactly who has access to which files, and consider utilizing technology and software to ease the burden of paper files by relying more heavily on more easily controlled electronic files.
Take Control of Your Information
No matter where a potential security breach could occur or how streamlined your compliance processes are, ultimately the management is responsible for missing or corrupt documentation. An adequate reporting and filing system, wherein information is fully transparent to auditors, is the key to controlling the information your business works so hard to protect. This is where electronic files, workflow automation and reporting software have a significant advantage over paper files.
Whether you choose to use paper-based or electronic systems in your compliance measures, take a good look at how automated workflow processes can help you gain control of your enterprise as a whole instead of in isolated pieces.
From gathering data and presenting it in a clear manner to defining who signs what document and when, workflow automation software can help you achieve solid compliance measures in your financial processes both now and into the future.
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