Compliance requirements are subject to change as your business grows. Often, in the course of this growth, compliance may be inadvertently overlooked as business owners work to cope with a range of adjustments. In such situations, Brown Auditing Services is the detail-oriented assurance and auditing firm you need by your side, to help you stay ahead of the game. Here are some compliance factors to consider as you look to consolidate the growth of your business.
Are You Outsourcing to the Right People?
Companies often make the mistake of trusting their compliance programs to outdated or legacy technologies that are designed in-house or contracted to other vendors. It is not uncommon to find these technologies outdated due to budget constraints, or divided between activity-specific vendors.
During a growth phase, it is critical to involve experts who can consolidate your accounting and tax compliance activities into a system which can minimize costs and streamline data, thereby allowing you faster access to data.
Lack of Due Diligence with Vendors
With the expansion of your business, it is likely that you now work with a greater number of new third-party vendors. Conscientious owners go to great lengths to ensure they are operating above board and according to local and national regulations, but may overlook the proper vetting of third-party vendors.
While it may appear that vendors are unconnected to your organisation, poorly vetted vendors and partners can prove to be a costly error, as violations committed by them could very easily leave your company exposed. Thorough due diligence carried out by a team of compliance experts will keep you protected from untimely surprises.
Payroll Compliance Errors
Australia’s award rates pay system can be notoriously complex. While gradual improvements make their way into the current system, Australian employers must be able to stay on top of a host of regulations that are required by law.
Unlike many other developed economies which use a single minimum wage threshold, determining wages in Australia requires thorough understanding of a list of factors. Education, location, responsibilities, age, even time of day and equipment used by an employee play a role.
Siloed Teams and Technologies
Businesses will often keep their compliance responsibilities contained across different work groups to establish clear boundaries of responsibility. While this system of silos may appear more organised, it often leads to overall risks going unchecked. Because risk is being monitored in self-contained individual departments, the larger picture is overlooked due to data gaps or overlap of responsibilities.
Compliance Impacts Public Relations
The current economic and regulatory environment can be ruthless. Staying fully compliant within wide-ranging regulations signals intent and transparency to stakeholders, industry peers and potential investors. By bringing in a professional team of auditors who ensure compliance in every aspect, your business sends a positive public relations message. Be proud of your compliance certifications.
Assurance and Auditing Services for The Big Picture
Business owners across the country know that local and national regulations change with growth. At Brown Auditing Services, we firmly believe that the growth phase of a business requires creativity. Our team will assist your growth needs through compliance and upgrading your systems so you can focus on your business goals.