Regulatory compliance usually requires extensive data collection and reporting of multiple forms. Companies’ failure to comply may result in hefty fines. But with robotic process automation (RPA), this may not be an issue.
Whether a business operates at a local or national level, it needs to comply with the rules set by authorities.
Establishing and maintaining a corporation, for example, will be met with continuous monitoring from the Securities and Exchange Commission (SEC) of the Philippines. Municipal and city governments as well as the Bureau of Internal Revenue (BIR) also require businesses to secure certificates and licenses.
SEC earlier warned that non-filing, late filing and failure to comply with its requirements would be slapped against entrepreneurs.
Here are just some of the common business compliance requirements:
1. Business permit renewal
2. Annual registration fee
3. Annual board meeting
4. Submission of accounting books
5. Certification of compensation payment
6. Annual income tax returns and audited financial statements
7. Inventory list
8. Other reportorial requirements, including HR requirements, like mandatory employee benefits
With these mounting requirements, business owners and their accountants should be aware of the processes.
According to Finance Magnets, a multi-asset online trading hub, compliance has been “reimagined” amid the existence of RPA in the market.
In a previous report, it said that organizations around the world have been facing “increasing hurdles in conforming to compliance standards,” while making sure their operations run smoothly.
“RPA has emerged as a valuable tool for streamlining and automating regulatory compliance activities,” Finance Magnets said.
“Regulatory compliance frequently necessitates repetitive manual operations including data collection, verification, and reporting. RPA technology may automate these time-consuming and mundane operations, freeing up valuable human resources for more strategic activity,” it added.
As software robots are tasked to collect and analyze data, as well as provide reports, human errors can be avoided and timely compliance can be assured.
Monstarlab Philippines’ RAX, a technology leader that has been guiding enterprises and organizations in their digital transformation, can also provide solutions suited to support every company’s regulatory compliance.
Contact the RAX team now and know the role of RPA in improving your regulatory compliance activities.