Businesses have to comply with a wide range of tax laws and regulations when preparing their accounts and financial reports. Compliance solutions for accounting and finance software ensure that the reports the users generate are not only accurate but also legally compliant and reliable. Some of the common compliance issues include sales tax and income tax. Anything related to compliance with accounting and finance laws falls under this subcategory. Read the full software guide...
It is necessary for businesses to comply with a wide range of laws, regulations, policies, and the standards of both consumers and business partners alike. In order to streamline this process, many businesses are increasingly turning to compliance software.
Compliance solutions can provide a range of different capabilities, depending on the industry they are focusing on. There are all-purpose solutions that can be used across industries, albeit with limited specializations, as well as industry-specific solutions for those in heavily regulated areas such as financial services, construction, or healthcare.
Regardless as to which type of compliance software you opt for, there is a range of common features that these solutions can offer. This includes policy management, tax management, audit management, fraud management, conflict management, change management, compliance monitoring, and compliance reporting. Advanced solutions may go further and provide compliance training and survey functionality for employees, as well as the capability to handle whatever industry-specific regulations their service is tailored towards.
|2-Factor Authentication||Adds an additional layer of security by requiring an extra step in the login process. Usually external devices are required for this or a text message with a verification code is sent to the user when trying to login.|
|API||Application Programming Interfaces (APIs) are programmatic intersections with external products or platforms that allow for custom integrations with your own solutions or other solutions you are using.|
|Balance Sheet||A common financial statement used as a snapshot of a business's assets, liabilities and capital at a particular point in time.|
|Billing/Invoicing||Issue bills and invoices to customers, often combined with tracking capabilities for outstanding payments.|
|Budgeting||Planning and tracking capabilities for financial budgets and plans often used to manage funds across different departments or for investor / shareholder oversight.|
|Calendar Management||Manage and update calendars for scheduling or consolidation of events across teams, departments or business functions.|
|CRM Integration||This indicates whether integrations with Customer Relationship Management (CRM) software are supported by a software application.|
|Dashboard||Dashboards are digital interfaces commonly used to visualise data or give quick access to important features and functions of online platforms. They often serve as an overview gateway in software applications.|
|Data Export||Exporting functionality can be used to streamline the migration of data sets and information across systems, platforms or applications.|
|Data Import||Importing functionality allows you to use data sets from other systems or platforms to cut down on data entry requirements or to more easily migrate records from similar applications you have used in the past.|
|Data Visualization||Data visualization features render a visual interpretation of data sets through the use of charts, infographics and other visual cues generally in form of a reporting dashboard.|
|Expense Tracking||Track employee travel and other expenses to stay on top of budgeting requirements and reimbursements.|
|External Integrations||Integrations with other software products or platforms to improve efficiency and compatibility across systems.|
|Forecasting||Forecast upcoming expenses, sales, revenue, user levels, etc. through the use of predictive methods and past data.|
|Multi-Currency||Support of different currencies for payments, accounting purposes, taxes, reports and more.|
|Multi-User||Supports more than just one user account and generally allows for collaboration with colleagues.|
|Notifications||Includes notification support and sends you alerts with information on important events and other time sensitive instances. For example through push notifications on mobile phones or email notifications.|
|P&L||Support for Profit & Loss statements in financial / accounting systems.|
|Scheduling||Schedule tasks, resources, appointments, payments, communications, etc.|
|Tax Management||Manage tax payments and reporting requirements to ensure compliance with local or national taxation regulations.|
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