Good News, Bad News – Compliance Required

Compliance keeps us accountable, makes us all play by the same rules, and gives us the same headaches. Whether it’s SOX, EEOC, Grant Reporting or Monthly Sales Tax Filing, every company has more than one compliance horror story they can remember.

Compliance reporting proves we are following the rules. But so often tracking the appropriate information is a challenge. What starts as a file-folder system or Excel report often balloons into an unmanageable mess.

Your business software should support your compliance needs, including data entry into one system (ditch the file folder), flexible query and reporting capabilities, and audit trails to name a few.

Get Your Tracking on Track

Functionality in HRIS packages should allow for proper EEOC tracking and reporting. Project Accounting or Grant Management modules that integrate with purchasing/payables provide a means for tracking expenses against your grant awards without duplicate entry.

Utilizing available user-defined fields to characterize vendors for reporting classes can also be a simple step to getting compliance data out of your system.

Maintain Control

In addition to reporting of information, compliance requirements often focus on maintaining an effective internal control environment. Included in this control environment is your business system. You need to utilize a business system with the capabilities to meet the control requirements as defined by the compliance standards.

Typically, these controls focus on maintaining data integrity. Security should be set up on a user-by-user basis to allow for appropriate segregation of duties and to limit access to data to the appropriate individuals within the organization.

The system will need to maintain an audit trail that captures when data and/or transactions are modified, including who made the change and the date the change was made. The ability to create and modify financial reports should be limited to select individuals within the organization.

Headache-Free Compliance: It IS Possible

Do not let compliance slow your organization down. By properly setting up and utilizing a business system that provides you with the right combination of controls and reporting capabilities, you can make compliance headaches a thing of the past.

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