Whether or not you keep up with regulatory news, it can be hard to stay updated with policies that affect your business. However, it is critical to remain compliant, as this can help you avoid hefty fees. From attending industry events to outsourcing, there are several ways to stay up-to-date with these regulations.
Consider Fleet Compliance
It's easy to overlook your fleet when you are considering how to best stay compliant in your industry. However, there are many things you need to stay on top of in order to remain compliant, including Hours of Service rules. HOS rules cover everything from rests to how much an employee can drive at once. They're also constantly changing, so if you want to keep up with them, you can learn more about how to use electronic logging devices to stay on top of DOT hours of service going forward.
Look into Industry Resources
One resource to consider is regulatory agencies in your industry. Give someone in your company the task of making sure your organization stays compliant and updated with news from the regularly agency. They can review law changes on a quarterly basis and go to webinars. Then they can compile the information and share it with key stakeholders in the business. Consider joining industry associations as well. They can help you stay updated with both emerging and existing regulations for your organization. They may offer newsletters, regular events, and webinars to help you keep up with details. A compliance officer can help you manage key issues that may affect your organization.
Get Outside Help
If you wanted to do something as big as organize your finances for retirement, you would reach out to a pro, this should not be any different. Having a compliance officer can be helpful, but that does not guarantee you will always get the assistance you need. Don't be afraid to pull someone else in to help, such as legal aid. If you do business globally, it is almost required to have legal help because the climate change so quickly. Legal aid can help you filter out the most important information and give you information that is easy to digest. You can also outsource compliance work to others.
Hiring or contracting skilled individuals can help you watch the changes, so you don’t have to try to do it all. Even if you can’t afford hiring help, you may be able to work with independent contractors or an agency who can help you on an as-needed basis. Another type of outside help can be obtained through IT providers. They can help you keep up with compliance around cybersecurity. Audits and internal monitoring can help you find errors if they happen. Working with an IT provider can also help you reduce security risks to your own infrastructure.
Pay Attention to Economic Compliance
You will need to check with state laws, as they can differ by region. Keeping an eye on your economic threshold can help you make sure you are staying on top of sales tax. You will need to follow a tax calendar and post notices about collecting this sales tax. You can work with someone who specializes in sales tax if you are not sure how to go about the process.