Constant change and fast-paced work environments are the hallmarks of the technology industry. As a tech company owner, you know working on the cutting edge is thrilling, challenging and necessary.
Staying in compliance with current regulations is one critical aspect of your tech business. Adhering to current laws ensures that you protect your credibility and reputation. While it is challenging to stay in compliance, Lending With Rose explains three ways that will help you keep current on tech regulations.
1. Invest in an Organized Payroll System
Your payroll system is a vital part of your business. A reliable system ensures:
- Employees are paid promptly and correctly
- Reports are accurate and timely
- You’re compliant with federal, state and local regulations
- Tax information is current
If your company is currently not large enough for an automated payroll system, a payroll template can benefit you. Templates can be an ideal fit for businesses with a limited number of employees and will help you keep your employees happy by paying on time. Other tools you may use, such as time trackers, invoicing and employee scheduling software, can integrate with a payroll template. An organized system can not only streamline the payroll process but can also ensure you stay in compliance.
2. Learn About Tech Legislation
The technology sector evolves constantly, and laws are sure to follow. Issues may include:
- Platform accountability
- Customer transparency
- Data privacy
- Antitrust legislation
Tech business owners must keep a finger on the pulse of current and proposed legislation. Staying in the know allows you to identify threats and opportunities. New advancements can open doors to markets you haven’t tapped into — and you want to access them before your competitors do.
One way to stay up to date is to join your local chamber of commerce. Your membership provides you with networking opportunities across industries. You also have the chance to share your needs and concerns by working directly with decision-makers. Your attorney is another good source for information on proposed and current laws affecting the technology sector.
If your offerings include finance services, you’ll want to help your clients reach their financial goals. One way to do this is avoiding checking account overdraft fees. A lot of money is lost in NSF fees; in 2020, nearly 6 percent of total bank profits consisted of these fees, according to The Motley Fool. Consider using Plaid’s Balance API, which verifies account balances so you can alert clients to low balance thresholds before they make their next transaction. It certainly pays off — in one case study, Plaid helped a client’s members avoid over $2.7 million in overdraft fees.
3. Stay Current on Employee Training
The pace of change in the tech industry is illustrated by the concept of unicorn companies, startups that turn into billion-dollar industries within two years of launching. According to CBInsights, there are more than 600 unicorn companies throughout the world. Tech evolution makes this phenomenon feasible — astonishing, but possible.
The very nature of lightning-speed change in your sector makes continuing education a must. If you and your staff don’t keep up with the latest technology developments, your company will soon fall behind. As information becomes more complex, your employees need to build on current skills to handle new trends. You can incorporate training in different ways — for example, reading the latest tech news or implementing formal training programs.
Compliance training is one piece of an education program. Businesses of any sector need to stay current on training to preserve workplace safety and employee dignity. Compliance training components include:
- Diversity training
- Human resources laws
- Information security, including HIPPA laws
- Substance abuse policies
- Harassment and violence prevention
- Workplace safety
Staying current protects your company by ensuring a safer workplace, increasing your ability to secure insurance, reducing your chances of facing a lawsuit and reducing absenteeism.
There are few industries more exciting than the technology sector. It can be appealing to work on the latest tech developments and offer new products that improve the quality of life for people worldwide. Staying in compliance ensures your company is prepared for whatever the future holds.