The intensity of oversight from regulators is increasing day by day, thanks to the financial frauds that comes up everynow and then in news involving Business Houses, Banks etc.
Any transaction of financial implication in nature is therefore always in limelight especially if the amount as a single transaction or in aggregate is of very high value.
In today's world the cost of compliance is high, meaning , if there is a default , you need to pay heavy price. And sometimes the price you need to pay will derail your business growth.
I am keeping the image of small and medium business while I write this. And for such businesses the room to deviate is very much less and very risky.
Small and medium businesses should therefore invest wisely in technology and be smarter in the way they run the business.
There are various productivity tools one can invest available in the market, but the universal tool that is affordable and resilient is Microsoft Excel and one can make's one life much more simpler and error free , if you can use the potential of Excel to its fullest.
Having worked in this tool for years, I am pretty much aware and have experienced how it can remarkably change the work environment.
But one should understand the business processes to ensure that one's efforts are always targeted to the right areas.
Thinking about new technologies, there are accounting tools like QuickBooks , Zoho which are cloud based and much more user friendly by which your accounting can be done on time and reports made available at a click of a button. Such tools saves considerable amount of time spent in tallying and validating the financial information
SMB's cannot afford to turn a blind's eye to the compliance requirements, and push for mere customer acquisition.
They should therefore streamline and redesgin the internal processes to ensure that the cost of compliance is minimal and ensure 100% compliance record.
And we all know that ignore of law is not an excuse.
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