How to Simplify Accounting Compliance: 3 Easy Strategies for Businesses

Regulatory and accounting compliance are becoming more complex each year with frequent changes in industry, government policies and technological landscapes. Practices are required to adapt with continuously changing national and international regulations, client expectations and technological requirements.

Fortunately, software such as FigsFlow can streamline the regulatory compliance process when it comes to proposals and engagement letters and free up valuable time for accountants. Here are the top three ways you can simplify accounting compliance for your businesses.

Automating Professional Accounting Compliance

One of the biggest challenges for accountants and accountancy firms is keeping up with frequent policy and regulatory changes. But don’t worry. With the right accounting software, all these compliance tasks can be automated while also ensuring 100% accuracy and alignment with UK and international standards like UK GAAP, IFRS, ICAEW and CCAB.

Software tools also track updates in policies and provide predictions for future changes which would ensure you stay ahead of changes without the hassle of extensive research.

Guide Clients to Better Accounting

Educating and raising awareness regarding the standard accounting and industry practices is the best way to retain clients. The best way accountants can do this is by providing systematic and professional services, informing clients of their legal responsibilities, explaining the importance of financial records, teaching them the process to identify the red flags in transactions and regularly reviewing their processes.

However, many accountants are already juggling between multiple responsibilities and lack the time and resources for all these processes. That is where FigsFlow comes into the equation. With customisable proposal and engagement letter templates for accountants, you can personalise your communications with client while maintaining professionalism.  Also, it lets you clearly define expectations and standardise client processes.

With reduced manual tasks, zero errors and smoother and efficient workflow, you can set the new standard for service for your clients.

Ensure Data Security with Cloud Solutions

With the introduction of several acts such as Data Protection Act 2018, General Data Protection Regulation, Privacy and Electronic Communications Regulations (PECR), protecting data is not just important but a regulatory requirement. Failure to comply could result in costly penalties and damage of reputation.

Accountants can no longer store clients’ documents on desktop systems or run-of-the-mill online storage platforms. Also, this old approach is quite complicated when it comes to granting access.

So, what can accountants do to ensure data security?

Well, switch to cloud-based letter of engagement and proposal software for accountants, which is more reliable, secure and most often cost effective as well. With cloud storage, you can access your needed data and documents from any device with an internet connection and ensure security through controlled permissions.

Conclusion: Make Compliance Easy with FigsFlow

Simplifying compliance was and is never about making the accounting compliance process easier. Rather, it is about saving time and enhancing the workflow in everything an accountancy firm does.

To do this, you need a reliable software: a software that addresses the hassles and pain points of every accountant, bookkeeper and tax adviser. A software that is developed by the accountants and for the accountants. That software is FigsFlow.

With FigsFlow, you can download free and easy-to-use templates for engagement letters – templates fully compliant with ICAEW, CCAB and UK GAAP standards. Also, you can get a host of additional benefits if you sign up for the app at just £8 a month (Lite Package). A free 30-day trial is also available.