Compliance Management aka Certainty to Succeed

A meticulous corporate compliance plan brings in efficient operational governance, reduced costs and cut down the risk mitigation efforts. However, an inadequate plan can result in additional liabilities, unwanted publicity and tarnish the brand for good.

A Perfect Corporate Compliance Management Solution

The success concoction has to be a painstaking mix of few crucial aspects at all stages of the corporate compliance program which include:

1. Focal Point of Responsibility and Attributed Hierarchy

Understanding compliance laws is a scrupulous task and not everyone’s cup of tea so like other specialized functions say marketing, accounts, sales, compliance should also be one of the dedicated functions in your master plan with a dedicated Director or Head who is experienced and qualified to take control of the compliance plan, policies and building a dedicated team to execute.

2. Devoted Budget and Resources

Compliance budgets are the least preferred in any organization since it’s never considered as a profit center. However, if you do not have a devoted budget plan for the same, your non compliant activities are going to incur costs to the company since that bargain includes penalties, fines and disruption of licenses. Hence let the compliance wisdom prevail and have a dedicated compliance budget and allocation of required resources part of the master plan from the very beginning.

Top business tips for a happier new financial

Financial Year

EOFY is not nearly as much fun as having a night out, but arming yourself with knowledge to meet compliance obligations can put you on the path to prosperity.  We’re about to hit one of the most compliance-heavy periods in some years, and organising your EOFY business financials early can hold a greater benefit over the long term.

Budget Deficit

Now is an opportunity for business owners to reflect on the success of their growth strategy, review the current financial year and proactively approach the next.

MYOB CEO Tim Reed says, “Being slugged with a tax bill is a stress that business owners can do without. Those who take action now to review their systems, processes and software are ready to hit the ground running at 1 July. This can put a business strides ahead of its competition.

“For example, a business that pays building and construction contractors should start capturing those contractor payments as of next month. Otherwise they’ll be playing serious catch up when the first report is due next year.

“When viewed as an opportunity to give your finances, operations and strategy a tune-up, the end of a financial year can be a launch pad to a happy and prosperous new year. If a healthy bottom line and a positive pace of growth are at the top of your wish-list, simple steps today can make a big difference to tomorrow.”

MYOB’s top 10 tips for a happier new financial year:

1. Get professional help to know your business better
Don’t wait to get to know your business better. If cash flow, taxation and forecasting aren’t your areas of expertise, contact an accountant with experience in your industry to help. They can immediately identify potential EOFY issues, such as incorrect transaction dates, foreign exchange rates or inventory anomalies, and these aspects can be monitored throughout the year.