By Mike Giles, Marketing Director, The FD Centre
Most business owner’s glaze over at the mention of the word ‘compliance’!
In order to mitigate risk and enable you to enjoy a certain level of peace of mind it is essential to keep a sharp eye on legal and compliance issues.
For most businesses the luxury of a Compliance Manager – whose overriding objective is to manage risk – is a thing of the past.
The role now encompasses a wider responsibility to reduce costs elsewhere in the business and create value by contributing directly to your company’s bottom line.
Naturally this shifts the focus away from the ‘pure compliance’ issues which has the knock-on effect of increasing risk.
In plain English, compliance has become much harder!
To exacerbate the problem, ever-changing regulations create uncertainty making it difficult to predict their scope and impact and may cause you to delay investment in new capital equipment or hiring of new employees.
Red-tape, paperwork and complex legislation can often impede your company’s growth plans and it can be very difficult to move forward without taking care of compliance issues.
When business owners arrive at the decision to outsource their compliance requirements an enormous burden is lifted leaving you free to focus on the core activities of your business.
There are many aspects to compliance, but we would advise that as a general checklist, you:
- Ensure that statutory accounts are completed correctly and filed on time
- Ensure that annual returns are completed and filed on time
- Ensure that P11Ds are completed and filed on time
- Use our national collaborative network to access information related to specific compliance issues for your industry
- Check thresholds relating to VAT registration, audit, cash accounting, intrastate
- Read and interpret bank/invoice finance covenants and ensure compliance
- Introduce HR checklist and sign off compliance
- Check insurance cover, relevance and make sure paperwork is complete
- Check the creditor situation with HMRC: are agreements in place and are they being adhered to?
- Ensure that all returns are accurate and up to date with HMRC
As your company grows in size and operations it will become increasingly clear that you want to focus on the core activities of your business without being sidetracked into time consuming compliance activities.
Our Financial Directors will manage your compliance requirements giving you peace of mind and leaving you free to concentrate on growing your business.
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