Companies are under enormous pressure to comply with a growing number, range and complexity of regulatory requirements. In recent years, corporate scandals due to poor internal controls have led to new regulations as well as greater regulatory scrutiny.
In addition, the growing demands of doing business in a rapidly changing global environment, places greater emphasis on the need to provide relevant and timely information. Reporting accurately and regularly to authorities, partners, stakeholders, and shareholders, have created even more challenges for organisations – making compliance adoption more critical than ever.
While the regulatory requirements of each industry and each geography are unique, they all share a common theme: Change. Whether it’s health care mandates or industry-specific financial reporting requirements, every business has to balance rock-solid systems that deliver compliance today with the flexibility to adapt as their regulatory responsibilities change.
Companies operating in Australia are required to prepare and lodge regularly audited financial reports with ASIC while providing effective disclosure in operating, financial operations across various companies and trusts.
It’s not easy managing the challenges of compliance; however, best-in-class organisations are beginning to recognize the benefits of compliance and are turning it to their advantage – by bringing their operations under better control while driving down compliance costs.
By actively managing a balance between compliance requirements and agile business practices within the organisation, organisations can realize the benefits of reduced risk, increased operational efficiency, and the continued building of a foundation on which to grow.
The right software solution.
A strong set of financial management tools with adequate securities and controls will help you to meet your regulatory requirements. A solution that offers best practices for accounting and reporting, not only helps deliver accountability and insight, it also provides you with the ability to clearly separate duties around sensitive data and processes to reduce fraud and protect your company from internal risk
Microsoft Dynamics GP Compliance Management gives you a cost-effective way to simplify the challenges of compliance by helping your organisation improve internal controls and increase visibility into compliance-related processes and activities.
5 BENEFITS OF MANAGING COMPLIANCE WITH MICROSOFT DYNAMICS GP
- Empower more employees.Microsoft Dynamics GP is a familiar tool with an MS Outlook experience that is easy to learn and use, enabling more people in your organisation to use the system. The more people who use the system the better control you have over your business processes and corporate procedures.
- Take control of your processes. Standard operating procedures can help ensure that efficient and consistent actions are carried out in your organisation. Automating the processes associated with standard operating procedures help people focus on activities that add value to your business.
- Prepare your organisation to meet compliance requirements. Now you can enable your organisation to meet a variety of compliance requirements and customer mandates – including financial, legal, and environmental.
- See the whole picture. Microsoft Dynamics GP ensures transparency into corporate governance and compliance activities within, a single location for policies and procedures, process documents, database logs, reports, charts, and key risk indicators.
- Reduce costs. Microsoft Dynamics GP helps enable organisations to reduce the total cost of compliance out-of-the-box. It removes manual processes that reduce productivity and lead to higher costs by automating and streamlining standard methodologies for risk and compliance processes.
To learn more about compliance management contact us.
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