4 Ways a Business Can Ensure Compliance

Anne Davis

September 25, 2018

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Owning a business can be difficult, but knowing the law and following it will make it easier. There are many ways a business can ensure that they are on the right side of the law and are not a target for litigation. Here are four powerful methods to keep a corporation afloat amongst legal regulations to ensure business compliance.

Transcription Services

Almost everyone has heard the warning message that plays whenever a corporation is called. The words “this call may be monitored” actually cues an important response to those who are on the business side of the line. They must act carefully in following the law to keep themselves out of legal trouble. By routinely transcribing such calls and reviewing them for areas of concern, a business can ensure that their customer service department is operating legally. If transcription services for a business are expanded to other areas of the operation, the CEO will have more reassurance that their company is operating without risk of lawsuits.

Accounting

Accountants are incredibly useful in keeping an organization's negotiations compliant with local and federal laws. They have an array of tools to look at a business with multiple angles to keep it operating legally. It would be beneficial to keep them over every department to keep control of the financial figures. Tax laws are complex, so an accountant will minimize the risk that a business can get shut down. Good intentions are not enough, for corporations can get heavily fined for negligently breaking the law. An accountant can prevent this from happening by accurately preparing taxes, providing knowledge of tax codes and providing tips that could save the business money.

Hire an HR Firm

Many stories are popping up about lawsuits over the hiring process. It can be better to have an established HR firm handle the recruitment process to avoid any legal troubles. An HR firm would begin their work before an employee begins their first day on the job. They would ensure that the candidate is not selected amongst the criteria forbidden to be reviewed by employers. An HR firm would have specialized themselves in this department, so a hiring manager would only need to focus on determining a candidate's worthiness. By following the laws in the hiring process, an employee will feel more confident in working for a corporation that does good business.

Have a Business Lawyer

Taxes and hiring interviews are not the only things a CEO has to worry about. Zoning laws, copyright infringements and proper licensing are all things one can lose sleep over. Doing business with a lawyer before there is legal trouble will save money. One can either minimize the damage already done or prevent it from happening; by hiring an experienced business attorney with useful contacts, a business can ensure that they will not fall into an expensive lawsuit. An experienced attorney will probably not know all aspects of the law relating to the business. Yet, they should be able to point your establishment in the right direction in areas of the law they do not practice. They can also offer your business credibility by being a good reference.

Although the law can make it difficult for a business to run, it keeps the general public safe. Taking measures in making sure one's business follows all compliances will keep people safe and the business from suffering setbacks. Setbacks can come from lawsuits, injuries in reputation or inventory losses. Transcription services, accountants, HR departments and lawyers can work together in helping one keep their business profitable and safe from potential trouble.