Paperwork or progress? What is more important for you? Do you want to get stuck in compliance matters which take your attention away from business decisions?
Running a business is exciting to say the least. However, no one wants to be buried in paperwork when the clock strikes 5 and it’s time to go home! As a business leader, you definitely want those annual reports, tax filings, and corporate filings in order. Yet, it is natural to shy away from the tedious nature of that work.
Keep reading to learn more about how you can simplify corporate filings and redirect all that energy towards expanding your business.
The Power of a Compliance Calendar
One of the biggest flaws in management strategies created by even the best business leaders stem from waiting until the last minute to handle important corporate filings. This often leads to rushed work being submitted, penalties coming your way, and unneeded stress. The easiest solution to this is a compliance calendar.
A compliance calendar can help you track important deadlines for state filings, tax returns, as well as license renewals. If you structure that compliance calendar well you can see all those upcoming deadlines at a glance. You could assign responsibilities to your team members or an outsourced provider to ensure nothing slips between the cracks.
Automation and Delegation
Why drown yourself in all that paperwork when you have machine learning and artificially intelligent tools to do it for you? Automate your processes by relying on software solutions for corporate filings. Software like cloud-based compliance tools and business management AI can generate reports for you and remind you to submit your documents on time.
Be Proactive and Stay One Step Ahead
Ever had a deadline hit you, leaving your head spinning, wondering what just happened? You just have time to react and do damage control before moving on to a different task. What if it was the other way around? What if you saw the deadline well in advance?
Invest in a proactive mindset not just for yourself as a business leader but also for your company as a whole. Encourage your departments to pull their socks up and stay one step ahead of deadlines. Consultant time tracking applications are a great way to ensure deadlines are met. Conduct regular audits to ensure their documents are up to date and keep reviewing changes in local and federal regulations that may impact your filings.
Proactiveness should also result in standardization and centralization. Have company templates that are followed each time the filing is done. Set up efficient filing systems that align with those pre-existing templates and reduce the time wasted on generating a new template each time it is required. Standardization also greatly reduces human error!
Leaving it to the Experts
You could also consider delegating these tasks to experts and freeing up your valuable time. Research well, get multiple quotes, and bring on board a compliance service or a legal team which can ensure everything is filed correctly and on time. If you have the right compliance partners you can definitely focus on developing your business while they handle the legalities.
As your company grows and expands into different states, hires more employees, or raises capital, new layers of compliance must be introduced to avoid negative consequences in the future. The right partners save you time and are well-educated in the effects of different changes on your corporate compliance requirements. Their professional corporate filings are vetted as well as error-free leading to more gains in the future.
Final Thoughts
Want to shift your focus from corporate filing requirements to innovation, customer lifetime value, and strategic leadership? Seek expert assistance for corporate filings, make smarter filing decisions, and focus on what truly matters for your business!