Brief Overview of Compliance

Posted by Brittany Eppich on June 2, 2015

accounting guy

Compliance is one of the most important parts of any company because it deals with government rules. Compliance is something that EVERY company has to go through and it is so important because of the intense problems that can happen if compliance is not met. In this month, we will touch upon issues not only of our usual Talent Management topics, but give a better understanding of compliance issues that are sometimes ignored.

One compliance issue that everyone knows about is tax day! April 15th is not only for your private taxes but also for your organization's taxes. This is one compliance rule that will be easy to remember. And since it is something that everyone does each year, this is one task that should be easy to find yourself non-compliant.

After filing your organization's taxes in order to stay compliant, you're trying to think of ways to lower the cost of spending and wanting to save more. But in this info graphic by Thomson Reuters, they are here to tell you that if anything compliance is on the rise.

Brief Overview of Compliance

Another issue to make sure that you are Compliant with is policies. When it comes to policies, even the policies should have a policy to make sure that you are being compliant. The more structured, detailed, and thorough the policy is for the company, the less stress and less vulnerable you should be when it comes to legal issues with the government. Make policies for travel, delegation of authority, accounting, estimating, billing, labor, and timekeeping. The more meticulous the better. Creating these well thought out policies should also be well regulated to ensure compliance but also a better company environment.

This brief overview of compliance is to help companies develop key points to be able to demonstrate consistent staff behavior, and to lower your risk of exposure. Stay tuned for more Compliance topics to come!