Our governments – both Federal and State – are always promising that they will cut red tape for businesses. On 11 September 2019, the Senate resolved to establish a Select Committee on Financial Technology and Regulatory Technology. Among the matters to be reported on is the “current RegTech practices and the opportunities for the RegTech industry to strengthen compliance but also reduce costs”.
The reality is that a small business owner will have to wait until the committee reports their findings and then for changes to be implemented. What do you do in the meantime?
Build your own custom systems
The first thing you need to do is to identify where regulations and compliance are costing your time and money. Australian Small Business and Family Enterprise Ombudsman, Kate Carnell, reported that “research shows us that a quarter of small businesses spend 11 hours a week or more on compliance and close to half estimate the annual cost of compliance is $10,000 plus.”
Identifying the costs is the first step to targeting areas for improvement and provides a budget for system development. For example, if a process is costing $8,000 per year and you can save $6,000 then it may be reasonable to spend that on a new system. Not only can you save on that process, it is likely that you can easily adapt other processes and save there too.
We can help you identify savings
uLearnIT has a great range of experience across many industries. We have helped many businesses to automate and digitise their processes, and in so doing to save time and money. We can look at your processes with fresh eyes and identify where a new system can help.
If you are ready to save time and money, have a chat with uLearnIT to see what you can do now. Either call direct on 0481 252 214 or email us at firstname.lastname@example.org.