Home > Field Audits, payroll, Retro Articles, speicalty payroll, workers compensation compliance > Audits vs. Compliance–when do net profits breakeven?

Audits vs. Compliance–when do net profits breakeven?

Just a note on the cost of audits vs. preventative compliance. Accountants, payroll and insurance companies,  and attorneys love audits because you were not given the information by them or your association that handles the annual return up to 20% of your premiums. Those days are gone, but the pain conducting audits lives on.

If someone crunches the numbers, the revenue generated by compliance programs equals all the triple net associated with audits for a breakeven. The time wasted can now be used to generate new clients which means more profits. Think about it–no more pain dealing with client audits. You are dealing with compliance education.

So, how do you change an industry that still uses 80 column keypunch cards for record keeping? And, takes hours over the phone via voice, fax, and Excel emails? Not very easy. I think the new business savvy Turks are going to take on the giants and put them out of business using one word: Compliance.

Our programs capture TIME and INTEGRATE it into insurance and accounting programs seamlessly–no double entry! IF there is an audit, a five-minute printing of historical records off our server is evidentiary and proof of record keeping. No cheating, fraud, or insufficient record penalties.

We are going to be looking for a few good insurance and payroll companies to develop these programs. We have the technology already in place in. Get on board or stagnate. We can handle it!


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