Regulations are constantly changing, and the penalties for mistakes are increasing for directors and owners. It’s more important than ever that New Zealand businesses, particularly SMEs, take steps to improve compliance.
Using an ERP solution to manage compliance may feel heavy-handed for SMEs, but it’s important essential information doesn’t get lost in translation. Often, compliance is still being managed through paper processes, binders, spreadsheets, and calendar reminders. It’s very easy for manual systems to be incomplete, or damaged along the way; and it’s never a good time to find out there are gaps when needing to prove the business is operating in accordance with regulations!
What can an ERP solution do for my business compliance?
OptimySME offers Odoo ERP to help SMEs by simplifying and automating compliance management. The solution has modules that can be configured to manage compliance requirements such as tax and financial, regulatory (including Health & Safety, quality control, and inventory management) and legal.
Odoo helps SMEs improve compliance in several ways, including:
• automating and streamlining compliance processes across the business
• improving document management
• tracking key dates and deadlines and triggering reminders
• ensuring data accuracy and completeness
• providing a centralised, accessible, system of record
• increasing capacity to analyse and share compliance information
What key compliance areas and functions can SMEs improve with Odoo?
Document Management
Odoo can help SMEs to manage documents efficiently, including contracts, invoices, and other legal documents, which can be necessary for compliance purposes. Odoo's document management module helps to create, store, and retrieve, documents with ease, so they are up-to-date and accessible by anyone who has permission.
Financial & Tax Management
Odoo has a comprehensive financial management module so SMEs can maintain accurate financial records, comply with tax regulations, and report financial information.
Human Resources
Odoo provides tools for onboarding, time and attendance tracking, leave management, employee record keeping, performance management, training and development, and reporting. With its centralised system for managing employee records and its robust reporting capabilities, Odoo can help automate essential HR processes, improving efficiency, and reducing the risk of non-compliance with labour laws.
Inventory Management
Odoo's inventory management module helps SMEs to manage their inventory efficiently, which is essential for compliance purposes. The module enables tracking of inventory levels, monitoring stock movements, and managing product expiry dates.
Quality Control Management
Odoo's quality control module helps SMEs to ensure that their products and services meet the required quality standards. The module enables the company to track and manage the quality control process from beginning to end, making certain that all products and/or services meet expected standards, and are compliant with regulatory requirements.
It’s clear that with the right software solution, SMEs can improve their compliance processes, reduce risks, and ensure that they meet their obligations. At OptimySME, we specialise in designing Odoo solutions that ensure Kiwi SMEs get the best value for their investment. If you would like to talk to one of our experts, please get in touch for a free chat – no obligations.