The Benefits of a Third-Party Regulatory Filing Expert
Congratulations! You are officially a business owner, and you are ready to roll. Before you engage in the process of marketing, branding, and selling, consider the following needs that will arise as you go along.
Regulatory filings consist of required documentation which needs to be filed and stored by any agency that requires specific information related to the business.
These filings are required in every field of work, and they exist in order to make sure that all businesses (organizations, firms, companies, etc.) are operating within a set of standards that comply with all required permissions and licenses to operate.
Not all regulatory filings are the same, as they vary from business to business. The commonality among all regulatory filings, however, is that they are all monitored and audited to ensure that businesses are in compliance with all regulations.
Examples of Regulatory Filings
Examples of regulatory filings include:
1.Disclosure of information – employee data, rights, limitations and permissions
2.Disclosure of data – sales information, sales statistics, demand vs. supply ratio
3.Permits and licenses for all working in the business
6.Any agency’s list of required, optional and mandatory documents, ex: DOT compliance services.
As you can see, regulatory filing is a dry and detailed process. Some agencies and businesses will require a specific number of documents just to be able to operate. Without these forms, a business may be rendered “non-compliant” with required regulations thus running the risk of getting shut down.
For these reasons, hiring a professional, third-party expert that knows everything about regulations and business laws may be the best choice for your needs.
Can I File Myself?
Of course! There are myriads of easy-access links online that let you submit a mandatory filing for your business in a quick and easy way. Each agency has its own access to forms and filing. All you need to do is submit the required data. This is usually what happens during your “freshman year” as a business owner, when customers, sales, and services have not yet begun to boom.
Your Needs (and Regulations) Will Change as Your Business Changes
When your business starts to grow, the demands will increase, the amount of work will also increase, and the parameters of what you do may also change and extend.
The implication is that regulatory filing will also increase as you add, change, or modify the goods or services provided by your business. This is why it is imperative to build a strong compliance and risk management infrastructure as part of your business plan.
When to Consider a Third Party?
For each different thing you do, or add to your business, there may be a required permit or license. A third party expert may be the proper source to analyze the operation of your business and decide what type of filing needs to be done to move on and stay compliant.
Most importantly, a third party professional in regulatory filing would also be responsible for doing the actual filing of documents in the speediest and most efficient way. This takes away the responsibility off your shoulders so that you can focus on your business and the things that matter the most to you.
I Don’t Want a Third-Party Expert in Regulatory Filing
And that’s okay! However, for the sake of your business, never say “never.” The laws and regulations that exist today change without notice, and at all times. It may be hard to keep an eye on the business and then keep up with the never-ending changes in compliance laws.
Knowing the law is one of the most important steps to keep your business in compliance. So, even if you choose not to hire a third-party expert, at least consider consulting one just to make sure that you are on the right track.
Keep up with the rules, follow the trends in regulations and laws, and keep updating your business plan accordingly. Get a strong compliance and risk infrastructure plan to safeguard all the things that you have worked so hard for, and do not assume that things operate or get fixed on their own. You are the agent of change in your business, so it is important to be always on top of everything.
Be always alert and willing to make changes along the way. Flexibility, patience, and astuteness are the key elements of successful leadership.
The views and opinions expressed herein are the author’s own, and do not necessarily reflect those of EconMatters.
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