Share
Twitter
Facebook
LinkedIn
WhatsApp
Mail
Copy linkStay and Become Compliant with a Document Management Solution
Basic document management solutions do exactly what their title says, they manage your documents. The problem with this is that it doesn’t take into account the multiple legislations and guidelines that your accounting firm has to follow to become compliant.
IRIS Document Management goes beyond organizing your accounting firm’s documents and helps you become compliant with the most common regulations that affect your firm. Find out what it means to be compliant and how IRIS can help you avoid unwanted fees and legal action.
What Does It Mean to be Compliant?
For an accountant or accounting firm to be compliant they follow all of the relevant laws, regulations, and standards that apply to them. Being compliant is more than a good idea or an industry best practice, compliance is mandatory to ensure you are not breaking the law.
What Does an Accounting Firm Need to Do to Be Compliant?
There is no universal compliance that covers all accounting firms. Instead, there is a series of various regulations that apply to select firms. This allows firms to be compliant with the regulations that apply to them, and not have to worry about the additional standards of legislation that aren’t applicable. For example, GAAP compliance must be followed by US companies that are traded on public exchanges. Public companies must be GAAP compliant, but private companies do not.
Here are a few of the most common compliances that accounting firms should be aware of.
Securities and Exchange Commission (SEC)
Financial Accounting Standards Board (FASB)
Generally Accepted Accounting Principles (GAAP)
International Finance Reporting Standards (IFRS)
This list is only a starting point for which regulations could apply to you and your firm. You should always do your own due diligence and research which standards apply to you at the federal, state, and local levels.
Compliance Is the Minimum Standard
Compliance regulations dictate the minimum standard of how accountants and CPAs should manage their business, their documents, and internal processes. These regulations are not like speed limits that cap how far you can go, but instead function as a foundational minimum that you can build from and do more.
Being non-compliant and choosing not to meet regulatory standards can lead to fines, fees, and legal action, but there is never a negative consequence for choosing to go above the regulated standards.
IRIS Document Management Helps You Maintain Compliance
Accounting practices, accounting firms, and CPA practices are entrusted with their client’s most sensitive financial and personal information. Because of this, there are significant legislation and regulations around how those documents should be managed and protected. IRIS’s Document Management Solution helps organize and structure your documents and folders into a bespoke digitized database, but it also helps protect and secure that information, helping you become compliant with all relevant document retention and security regulations.
Discover how IRIS Document Management Solutions can help you become and stay compliant, while also helping you streamline your workflow and revolutionize your firm.
