Entrepreneurs are good at what they do. Accounting and payroll, however important, are often not their top priorities and may not be an area of expertise. Instead, accounting and payroll work has to wait until the day is over and handled on a best-effort basis.
As the company grows, staff are hired to care for the accounting activities of the company, freeing up the owner(s) to focus on the business. However, taking a step back from directly managing the accounting can leave the owner in a potentially precarious position of trusting that all will be taken care of as he or she would want.
Safeguard Your Company
Accounting and business software that helps safeguard a growing company might be very helpful to a busy owner. Accounting software that supports GAAP-standard practices can help protect a company.
For Applicable Large Employers, accounting software that includes ACA software can streamline data management for better accuracy to help ensure compliance.
One important aspect of GAAP-compliant accounting is the creation of audit trails. Audit trails provide records of transactions within the accounting software that cannot be altered. Journal reports and history files document the flow of money into and out of the company.
Audit trails also act to support fraud prevention measures which becomes vital as the company grows, makes more money, and personnel are added.
Having comprehensive IRS-approved ACA software included in your accounting system can help an ALE manage compliance throughout the year.
For payroll software in particular, tracking employee record changes in a “change log” which can be printed to see what and when employee data was changed and by whom helps monitor for errors and fraud. Additional protective provisions are the use of Direct Deposit and emailed payroll remittance stubs that are encrypted.
Software settings that limit access helps protect sensitive employee and payroll information. Granting access (or not) at the software user level reduces the opportunity to accidentally or deliberately view or make changes. If someone is not involved directly with payroll, payroll would not even display as an option.
Positive Pay for AP checks is another powerful accounting software fraud prevention measure that guides the bank to pay only the checks specified and no others.
Passport Software’s optional payroll software is part of the PBS™ Accounting suite and includes an optional ACA software module to streamline ACA-related data.
Compliance management is crucial for protecting an entrepreneur from vulnerabilities to potentially steep penalties and fines.
Managing the growing business and staying abreast of regulatory changes is a difficult combination for even the hardest working business person. Failures in compliance can carry heavy financial consequences. Depending entirely on hired professionals can also be expensive.
Accounting software that is routinely maintained to stay in compliance with changing federal and state legislation can save money on the costs of professional services and can reduce compliance liabilities.
Effective ACA compliance management is necessary for ALEs in order to avoid potentially steep penalties. Manual tracking of ACA-related data can be overwhelming and prone to error.
Comprehensive ACA software streamlines compliance throughout the year in order to help avoid penalties. Our IRS-approved ACA software is affordable and easy-to-use. And, our customer support is friendly and knowledgeable.
Professional level accounting software helps protect a growing company by offering support for fraud prevention measures and GAAP-compliant practices.
Passport Software’s accounting software includes optional ACA software for year-round compliance and can turn out to be a great investment.
Call 800-969-7900 to learn more. Or contact us – we are here to help.