When you start a business, the first thing you will have to decide is whether you are going to hire an accountant or do it on your own? Accountants are experts in financial matters. They can help you understand the importance of compliance and the penalties that can be incurred if you are not compliant with the various laws that are put in place to protect the public’s interests. They can also give you advice about your tax situation. And although they don’t provide ongoing accounting services, most accountants can provide valuable advice that will allow you to stay within compliance regulations.
While accountants can be expensive, in many cases they are invaluable. By hiring an accountant to help you understand your compliance requirements, you will not only ensure that you are in compliance with the various laws, you will also save money and provide your business with peace of mind. When you factor in the time saved by not having to do the paperwork and the fees associated with them, hiring accountants is a cost effective way to stay on track.
But just because accountants provide you with expert advice, it doesn’t mean that you have to let them handle all of your IT compliance needs. In fact, an accountant can actually play a significant role in managing your compliance efforts. If you are running an online business, then you need to know what types of information are being sent over the internet. You need to be aware of any potential security risks. In order to know this, an accountant can perform an analysis that includes looking at how likely hackers are to infiltrate your system, how vulnerable your servers are, and what types of systems you currently use. This will help your business stay compliant and secure.
If you have a physical presence in the office or onsite, you want to know if there is a security gap in your company. To know whether or not your company is lacking in compliance, you need to look at the activity level of employees and what threats they may pose. An accountant can look at the risk assessment and determine what actions your business should take to remedy the risk. Accountants can help your compliance department to develop policies and procedures that address the risks to your business. This can go a long way towards maintaining compliance.
Many businesses are already taking proactive steps to address threats to their systems and are working hard to mitigate the risk of a security gap. But an accountant can play a key role in ensuring that you and your company remain compliant. He or she can help identify areas of improvement and can work with you to ensure that your current practices are still in compliance. A qualified accountant is a great resource for a compliance manager in making sure that your business is working to its fullest capacity in addressing any and all threats.
An accountant can also help your company assess its own compliance posture. After all, your company needs to know its own strengths and weaknesses to stay on track and achieve the goals that it sets out to accomplish. While an accountant can’t personally assess compliance, he or she can help you work through the problems and draw out strategies that will help you meet all of your legal obligations. With the guidance of a qualified professional, you can develop and implement strategies that will both meet the current objectives of your business and prevent future erosion of your current protection levels.
An accountant can also help you build and maintain effective internal controls. Internal controls are a key component of your entire compliance suite, and an experienced compliance officer can walk you through the process and help you define the various controls you have in place today and how each can be strengthened. Internal controls can include processes such as reviewing financial statements and analyzing your cash management procedures. You might also want to consider the various controls you have in place to protect your business interests in the foreign markets. While your compliance officer can offer information about these controls, you may be best served to hire a consultant to provide you with a more complete picture of your company’s compliance posture.
Beyond basic advice on how your accountant can help your business, a professional is often invaluable in helping you develop a comprehensive business plan. This plan covers every area of your company, from your financial perspective to your strategic priorities. A well-designed plan can serve as the backbone of your company, but if you do not have a plan, you will likely fail to achieve the goals you have set out to achieve.