Save content
Have you found this content useful? Use the button above to save it to your profile.

Playing it smart when it comes to compliance

22nd Apr 2013
Save content
Have you found this content useful? Use the button above to save it to your profile.

It’s not easy dealing with the seemingly never-ending challenges of compliance and regulation. This rings true particularly for the financial industry, with the requirement to provide highly detailed information in a timely fashion to the appropriate authorities. For an accounting firm, something as simple as an error on a spreadsheet can easily become the weak link of the compliance process. This in turn will result in significant time and resources being invested in identifying and rectifying the problem.

An effective ERP system is critical to ensuring that an accounting firm remains compliant. The ERP system provides a common database and standardisation across the firm, thereby providing real time visibility and insight into the firm’s books. It is also a convenient and efficient way to gather and monitor the relevant information, saving the firm the headache of trying to figure out which numbers don't add up and why. In addition to the compliance benefits, automating these processes through ERP enables accountants to easily track and bill for completed work, saving time-consuming back office work and leaving more time to grow the client base. 

This process is particularly relevant for mid-market firms with a global reach. Standardisation of the reporting process across employees in different departments and in different offices, on the same ERP platform ensures that the firm is compliant with both internal and external regulations. 

Tags:

You might also be interested in

Replies (0)

Please login or register to join the discussion.

There are currently no replies, be the first to post a reply.