4 / February / 2019
Posted 4 February 2019
Article by Andrew Bingley, SRJ Walker Wayland
‘It is estimated that the total cost of compliance to the Australian economy is in excess of 250 billion dollars annually.’
The team at SRJ Walker Wayland work with a diverse client base across numerous industries, all with differing compliance and reporting requirements.
They regularly see higher-than-necessary costs and inefficient processes that can be greatly improved.
So, what’s the best way to reduce compliance costs and raise efficiencies in your organisation?
Andrew Bingley from SRJ Walker Wayland shares some insights…
With a plethora of new software flooding the market, there are real opportunities for you to take advantage of it to reduce compliance costs and to improve efficiencies across your organisation.
For starters, well-chosen and correctly implemented cloud-based accounting software (such as Xero or MYOB) can dramatically improve efficiencies and therefore reduces costs.
There are also specific software solutions for heavily regulated industries, where compliance can be particularly challenging.
We’ve worked with clients that have implemented software specific for their particular industry. This is custom-designed to remain compliant with the relevant reporting bodies that these industries report to.
Industry-specific software packages are one of the best ways to reduce compliance costs, as they can greatly reduce the time taken to maintain required records and speed up the audit and reporting process.
In addition to packages designed for specific industries, software is available for making different processes within organisations more efficient.
Some of the software that we’ve experienced in this area includes:
The potential benefits of using software either specific to your industry or to manage a particular process within your organisation are:
While the improvements from this software can be extremely helpful, it needs to be implemented in a strategic way.
Consider the following points before moving forward with any software implementation:
It is important to note that, with advances in technology and software systems, software security must be front of mind.
Some of the key points to consider here are:
For more information about compliance or reporting requirements for your business, get in touch with the team at SRJ Walker Wayland.