Report

According to a recent survey known as The Grant Thornton Survey, regulatory and/or compliance burdens are at the top the list of worries for chief financial officers (CFO). Accordingly, about 45 percent of CFOs state that increasing costs of compliance present challenges to their company’s growth, while about one third of them (31 percent) said that their biggest challenge is to keep up with the complexity of regulations.

The survey highlights recent regulatory changes and increases, specifically at the state corporate income tax level. While Federal corporate income tax reform appears to be at a standstill, state income tax reform is thriving. For 50 percent of those surveyed, analyzing all the tax regulations and then calculating the corresponding tax liabilities ranked as a key compliance challenge.

It is not altogether surprising that old legacy spreadsheets are still being used by over 80 percent of companies to manage state tax planning and provision. Plus over one-third (34 percent) percent spend four or more weeks on spreadsheet maintenance each year.

Regulatory compliance – no matter whether for environmental issues, or tax reform, usually means there is a need for additional operational resources to remain in compliance.

ProComplianceWare^TM (PCW) is a cost-effective, easy-to-use, Web-based regulatory compliance management system that helps you reduce the risk of penalties and fines from expanding government regulations for environment, health, safety, and security (EHSS). It ultimately helps reduce the risk of compliance penalties and fines.

PCW can replace the volumes of paper typically required to meet regulations and permits for regulatory compliance. The system electronically tracks compliance deadlines for inspection, reporting, training and sampling activities imposed by environmental regulations.

PCW automatically sends alert emails for any required action or filing in advance of the date plus it also can automatically archive inspection forms, reports and other compliance documents online for easy sorting and retrieval.

Why risk fines which can cost hundreds of thousands of dollars. With nothing to install and priced at just $250 per month, ProComplianceWare is an affordable regulatory compliance solution. It is an indispensable tool for any company in need of monitoring its regulatory impact and helps them maximize profits.

Sources: Grant Thornton Survey, 2014.