For small and mid-sized business leaders and their organizations, regulatory compliance and adherence have become increasingly important considerations. As industries change, so do their regulations and the governing bodies that serve as authorities in various sectors. It’s often crucial that businesses seek ways to ensure compliance, even in a rapidly shifting landscape.
To meet these challenges, many businesses rely on the aid of specialized robust tools designed to help carry out enterprise resource planning and compliance every step of the way. In doing so, many organizations can gain a more holistic view of their businesses. One tool that offers robust features and capabilities is Acumatica. Acumatica is the fastest-growing cloud ERP and offers features that make it an effective solution for compliance needs.
Acumatica is a cloud business management software and enterprise resource planning solution. Acumatica gives mid-sized companies and small businesses a way to keep on top of everything from payables, receivables, and projects to regulatory compliance and policy adherence.
The key to Acumatica is not only its myriad features and capabilities, but also its cloud-deployable and customizable nature. This makes it quickly scalable and a highly flexible solution to help businesses meet growing challenges.
Understanding Compliance Challenges for SMBs
Compliance is an enormous challenge for businesses of any size, but especially SMBs operating in heavily regulated industries. When a company expands its operations, compliance becomes a crucial aspect to consider.
Further complicating the matter is that regulations and laws can change anytime, anywhere, and significantly. These changes are also more common as technology develops. As new products and technologies become available, the regulators who oversee the industry may expand their oversight or apply additional safeguards to protect consumers. When they do, businesses must stay in lockstep to avoid noncompliance.
The risks of noncompliance are far-ranging and can be far-reaching. These risks include everything from employee injuries and deaths to regulatory scrutiny, loss of profits, loss of reputation, fines, and even criminal charges. Depending on the industry and laws in question, noncompliance can cause consequences that, at best, represent financial losses and, at worst, result in tragedy. Construction compliance, for example, can be crucial for worker safety. Adhering carefully to industry laws and regulations is important for businesses of any size, and finding effective means to manage compliance that offers a complete real-time view can also be important.
Acumatica’s Compliance-Ready Features
Compliance software can be quite helpful in managing compliance efforts. Fortunately, for users of Acumatica Cloud ERP, the solution offers a range of compliance-ready features, designed to help businesses stay on top of what’s important. Among these, some of the notable Acumatica compliance features include:
- Accuracy tools: Such as embedded barcode scanning, mobile data collection, and quality management tools.
- Process controls: These enable organizations to ensure that workers carry critical processes out in compliance with applicable laws and regulations.
- Training tools: Besides Acumatica’s Open University, which offers users a range of free training modules covering important topics in business, Acumatica Cloud ERP offers CRM tools to help oversee training, extensions for skills and certifications, and connected human capital management functionality.
- Documentation: Acumatica provides extensive documentation so that not only can users determine how to make the best use of this solution, but also assists users in compliance matters.
- Robust security features: These include audit logging, native cybersecurity features, and configurable security roles.
- Reporting capabilities: Dashboards, Business Intelligence tools, events, AI-powered reporting tools, and real-time data make reporting simple.
Data Security and Auditing Capabilities
Security and auditing features make Acumatica Cloud ERP a strong solution for businesses looking to enhance the way they approach regulatory and legal compliance.
For one, Acumatica Cloud ERP is designed with security in mind at every level. Secure logins enable account holders to safeguard their sensitive data, and multiple security levels and roles, as well as secure auditing capabilities, can enable organizations to track who is accessing which information at what time. This can enhance data traceability and the creation of robust audit trails.
Staying Agile Amid Changing Regulations
As businesses contend with sometimes rapidly shifting regulatory landscapes, it’s essential for leaders to stay on top of compliance. Fortunately, Acumatica Cloud ERP enables organizations to do just that through its suite of robust tools. As regulations shift, Acumatica’s customizable workflows and dashboards can help SMBs adapt quickly.
Conclusion
Throughout many industries, compliance plays a vital role in everything from operations to marketing. Complying with applicable laws and regulations is important for several reasons—ranging in severity of consequences from financial woes or loss of reputation to human tragedy.
Acumatica is the leading provider of Cloud ERP. Acumatica can assist organizations in a wide range of compliance tasks and help them create systems that are resilient and mitigate noncompliance risks effectively. This is because of its highly customizable nature and the robust features it offers. Businesses can securely manage how they approach compliance requirements and remain in compliance as they grow. To learn more, don’t hesitate to get in touch. At Intelligent Technologies, we have over 30 years of experience helping support companies in finding the best ways to leverage their digital systems. Find out if Acumatica is right for you.
