In 2018, Compliance emerged as the top HR trend due to several changes in regulatory guidelines. We discuss five differentiated compliance management software technologies which can help SMBs navigate this landscape without straining in-house teams or investing heavily in external support.
Compliance was among the top trends for HR last year, with several changes in the ACA minimum wage laws, and anti-harassment mandates changing the workplace. So, we as we progress deeper into 2019, companies of every size are proactively gearing up to reinforce their compliance capabilities. This could involve a wide set of parameters, from taxation and labor laws to case management and internal audits scenarios.
While there are several large-scale providers catering to enterprise customers, small businesses are often left in the lurch. With less than 1000 employees, SMBs often do not have a dedicated legal team or the capex required to invest in top-of-the-line compliance management suites. Now, this doesn’t mean that SMBs are in any way exempt from corporate compliance rules — with many small business owners performing audits manually or through individual consultants, the tech-market is ripe for the entry of SMB-specific compliance management software. We conducted a detailed market analysis and compiled five useful compliance management tools, which SMBs could look at, depending on the scenario at hand.
1. i-Sight Allows HR Teams to Address Workplace Incidents with Technology
Case resolution is a big part of running any business, and in the absence of a dedicated software tool, HR practitioners are must turn to outdated rulebooks and external guidance. i-Sight is an end-to-end case management software with use cases ranging from corporate security and complaints management to human resources. The best part is that pricing models are explicitly tailored to business requirements, ensuring SMBs don’t have to pay for more features than they actually need. i-Sight has worked with a variety of businesses, from insurance to healthcare and even governmental agencies.
2. Hetikus is a GRC Tool for SMBs
Mid-sized businesses often struggle to find Governance and Regulatory Compliance (GRC) management software to fit their team size. Hetikus’ base version is ideal for up to 10 users and comes with cloud hosting. The compliance management software itself is pretty detailed, with support for different branches, a range of company policies, and scalable GRC infrastructure. In fact, Hetikus aims to be the world’s first integrated Regulatory Management Platform, replacing outmoded on-premise systems.
3. Xero is an Accounting Software for Small Businesses
Keeping track of all the costs incurred and the different expenditures made across the month is a challenge for small businesses. Xero offers a powerful accounting and tax compliance management software solution at a highly competitive rate, starting at only five bills and 20 transactions for early stages of business growth. Xero also has a mobile app to make business operations even simpler.
4. iAuditor is a Unique Tool for Internal Audits
Often, SMBs require a solution that’s perfectly in sync with their needs. iAuditor lets users create their own audit checklists which can also be exported for future reference and retrieval. The biggest USP of the tool is that it includes timestamps and location information for every audit scenario, with digital signatures to ensure authentication. There are also detailed data dashboards to showcase exactly what’s working and what could be improved before the next audit cycle. Again, iAuditor is extremely cost-optimized, making it accessible across various stages of business maturity.
5. Avalara Brings World-class Tax Compliance to Small Businesses
Interestingly, Avalara has an established global presence but does not target only enterprise users. For SMBs with stores/units located in different geographies, this is an ideal compliance management software to ensure all taxation, returns documents, and documents management processes are up-to-date. The company also prices its solutions based on location, in addition to boasting a substantial SMB user base.
Managing compliance as a small or mid-sized business can be a hassle, distracting from value-adding initiatives. Compliance management tools, like the ones listed above, are extremely useful for reducing workloads and containing resource cost, without risking heavy fines. Undoubtedly, these technologies will prove critical as businesses look forward to accelerated growth and new opportunities.