Meeting Regulatory Compliance During the Tax Season

Meeting Regulatory Compliance During the Tax Season

As a small business owner, your day-to-day responsibilities probably span a broad spectrum of different roles and shoes to fill. When you don’t have the time or budget to hire people to keep your business running, sometimes you have to take charge and get the ball rolling on your own.

From managing your sales and marketing department to taking charge of your HR-related needs – you must always be on the lookout for ways to keep your business thriving.

Regulatory compliance is an aspect of your business that you may not have time to handle (or even think about). But the burden for small business owners to maintain compliance with governmental regulations is heavier than ever.

Between 2008 and 2013, regulatory compliance went from being the fourth most important problem for small businesses to the top biggest difficulty. With the busy tax season ahead of us, it’s important to take your regulatory compliance duties off the back burner and to the top of your priorities list.

Go Over Your Financial Statements on a Monthly Basis

You keep an eye on the money going in and out of your personal account, so you should do the same for your business bank account. By reviewing your monthly financial statements, you’ll be able to make sure your transactions are recorded accurately so your deductions aren’t skewed.

Offer Regulatory Compliance Training for Employees

Compliance training gives every person within your organization the knowledge needed to minimize legal problems and keep in line with company safety procedures.

That way, your small business can avoid unwanted fees and consequences resulting from non-compliance.

Don’t Overthink It

Although nearly 15 years has passed since the Sarbanes-Oxley Act was enacted into law, a new survey reveals companies have continued to increase spending in order to comply. But according to professional services firm Accume, a large portion of these expenditures are not necessary.

Rather than addressing every single process and system your business deals with, focus on the key elements within your IT infrastructure. With tax season upon us, the time to address compliance issues is now. Let’s talk about it.

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