Taking the complexity out of compliance
Meeting a raft of regulations is nothing new for the finance department, but the bureaucracy of compliance is still considered one of the biggest issues it faces.
But, for many finance teams and the wider business, rather than striking fear into their department, compliance is seen as something that simply gets in the way.
With regulations and compliance requirements constantly being tightened in response to developments in the economic landscape, accountability will become more crucial than ever, so it shouldn’t be ignored
Unless compliance requirements are tackled head on, the wrath of the regulator could impact heavily on departmental efforts and achievements in a single blow, with large fines imposed for non-compliance.
The key is to take the complexity out of compliance; making it an easy part of the job and as straightforward as possible.
Whilst this might sound an impossible thing to achieve, it is important to have the right support in place to meet today’s requirements and be ready for those of tomorrow. It will prove invaluable and take the strain off finance professionals so they can remain focussed on achieving business targets and fostering growth.
Technology can provide the answer and ammunition required to tackle compliance head-on.
We have already seen the huge role it played in helping businesses get to grips with their auto-enrolment obligations by helping them set up pension schemes quickly and hassle free, to meet the June 2015 deadline.
With new regulations and deadlines continually being set, the compliance landscape will continue to morph. It is therefore imperative organisations look to bring in technology which can adapt and grow with their business, so those tasked with ensuring compliance are armed with the best tools for the job.
IRIS can help
In order to make the transition easier, accountants can utilise software which provides full UK compliance for the new standards.
The latest release of our IRIS Accountancy Suite v11.8 enables users to remain compliant despite continued legislative changes, whilst delivering a number of productivity and efficiency gains.