27 Jul Reduce Compliance Costs with Technology
While more regulations are coming down the pipeline all the time, small businesses and enterprises see increasing costs associated with compliance. From non-compliance fines, to internal auditing expense, to the hours and hours spent on paperwork, it can be very costly to keep up with regulations. Businesses who can reduce compliance costs stand to gain an advantage.
“Government regulations and red tape are one of the top concerns of our members,” said Karen Harned, Executive Director of the NFIB Small Business Legal Center in a recent statement. “Most small business owners can’t count on regulatory compliance specialists and lawyers to help them keep up with all of the new federal regulations they must follow. With an average of 10 new regulations a day, small business owners are spending more time on paperwork and less time focusing on their business. That’s bad for their bottom line and for job growth nationwide.”
Keeping up with regulations is tricky and expensive but it is possible to reduce compliance costs with technology.
These days most technology conversations for business tend to point toward the cloud and its ability to streamline, scale and save money. Many publicly traded enterprises and heavily regulated industries hesitate before launching a mission critical financial application such as Microsoft Dynamics ERP in the cloud. This is because they can’t afford to blow it when it comes to compliance and governance.
Because Dynamics ERP software is equipped with audit traceability, user access restrictions, simple automation and easy to setup workflows, it is uniquely qualified to help businesses avoid non-compliance fines and reduce paperwork and other manual workloads. But will ERP work in the cloud for public companies and the like?
Public cloud offerings like Microsoft Azure are great platforms, but when compliance is a major concern for financial applications a hosting environment is the better option over cloud. This is because they are able to offer more robust services around compliance to reduce the risk of non-compliance and reduce the time spent on documentation and paper work through automated workflows and system alerts.
Whats’s more the hardware (servers) in a public cloud are not designed to keep up with the ever changing compliance landscape.
However, hosting providers with a compliance focus will make compliance a priority with its people, its applications and its hardware. RoseASP’s compliance certified hosting environments are designed specifically for Microsoft Dynamics with an emphasis on security and compliance. What’s more, the team at RoseASP is certified in a number of compliance rules and they are able to quickly assist auditors with all the necessary documentation to ensure that an audit will go smoothly.
So how does this reduce compliance costs?
With a Hosted Microsoft Dynamics ERP system that is secured and maintained in SSAE 16 Type II certified data centers, and with the services and support around compliance provided by RoseASP, customers will be able to rest easier knowing they are compliant. And because the RoseASP team maintains the system and can quickly provide documentation, businesses can spend less time worrying about audits and more time focusing on innovation and closing sales.
If you are a current Dynamics ERP customer with an on premise solution, you may be able to shrink the resources and time you spend on compliance by moving to a cloud or hosted environment through a dedicated compliant hosting provider. To learn more about upgrading you Microsoft Dynamics ERP system to the cloud you can contact us and have a chat with one of our ERP cloud experts.