Being a small or medium-sized business, you might have been challenged by GDPR and tax regulations in the industry. There are lots of rules, and implementing Cloud ERP can help your team.
Collaborating with experts and consultants through this process will help your organisation ensure compliance with national and international regulations.
How does it help with GDPR (General Data Protection Regulation)?
As much as GDPR is complex, it is also a unique way to redefine your business. This set of laws affects data privacy practices all over Europe, and a Cloud ERP can help you meet your compliance needs and define new possible ways for your business to adapt. “Users will have more control over personal data than ever while companies will be given increased responsibilities surrounding security and data handling.” Gradually, your provider will help you assess systems and processes related to handling information, thus identifying if there are any potential risks. Then, your provider will help you establish strategies that integrate data privacy into your already-existing procedures. Finally, they will help you control compliance and will address you with any eventual breaches.
What about tax regulations?
You can simplify your approach to tax regulations by integrating large volumes of transactions through a high amount of systems, and use the right tools to guarantee the exactitude of your tax data. It will terminate manual workflows (for reviewing transaction data) which means that you will get to apply corrections and adapt to a huge number of tax requirements. It will also help reduce the amount of false alerts and make it easier for tax managers to look into and rectify eventual compliance issues by setting up strong tax rules. Finally, the ERP systems will help you filter all the transactions that are subject to tax.
We hope that you now understand how an ERP system such as Cloud ERP can help you keep your company compliant. If you are seeking more information about this, our team is here to answer any of your questions.
This article was written by Justine Brayer