Tag Archive | Business taxes

How To Keep Your Company Safe and Compliant

A lot of people work hard to build their business, they put a lot of blood, sweat, and tears into the process of starting out, yet it doesn’t take much for all that hard work to fall apart if you were to take your eye off the ball and not keep your business safe and compliant.  

When you have worked so hard to build a business the last thing you want is for it to go down the pan due to a safety, security or compliance issue as these risks can easily be foreseen and avoided.teamwork

Unfortunately, hindsight is a great yet somewhat redundant tool when it comes to these matters and it’s only usually in hindsight that business owners look back and wish they had done something differently.

When it comes to issues around data loss – you’ll often hear about entrepreneurs kicking themselves due to not backing up their data, for instance, as this one thing could save so much heartache, money, time, and hard work.

This article therefore looks at a number of ways to proactively keep your business safe and compliant.

  1. Employees

From a security perspective, your employees should be taking care of your business rather than be viewed as a potential threat to the safety and security of your business, but unfortunately, a lot of times within retail, for instance, it is the staff that account for a large proportion of theft.

It’s therefore important to have measures in place to protect yourself from your staff, which sounds like a very grim reality, but it’s better to be safe than sorry – and it’s better you are alert so that you can take action, rather than blindly keep your head in the sand, as a corrupt employee is as damaging to your organisation as cancer within your body.

  1. Keep Your Taxes In Order

This might seem like an obvious point, but if you’re not keeping up to date with your taxes or there are accuracy issues, this could land you in serious trouble.

Whether you’re intentionally cooking the books or are just being careless, or inaccurate due to a genuine mistake, taxes are a big deal as tax departments in most countries have extensive powers to investigate into your affairs.  

Interestingly, a popular search term within Google is “where to find my company tax number?” suggesting many people aren’t up to speed with basic company administration. They are so busy running their business and they feel they don’t have time for such trivial matters. Failure to file your taxes in time can negatively affect your business due to high fines that comes with non-compliance.

  1. Get Good Insurance

A decent business insurance policy is worth the cost as in the case of an emergency having this safety net has an incredible amount of value; particularly if you are running a small business.  

Just make sure your insurance policy actually covers you, as the last thing you want after a disaster is to be debating with the insurance company as they try to wriggle out of paying.

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