The market turmoil of 2008 changed the business landscape dramatically. In addition to integrating new rules into the business, today’s CFO, must keep up to date on rules still yet to be implemented.
Following are some of the federal rules affecting Human Resources, Finance, Accounting and Financial Management. This list is in no way exhaustive. There may be additional rules specific to your industry or at the state/local level that require your attention.
Note – it is not unusual for implementation dates to be delayed for various reasons.
It is true, currently, that depending on the size of your company, implementation of these rules may be delayed, if even required at all. But keeping up to date on the latest regulations can only benefit you and your company.
If these rules must be integrated, my suggested implementation approach is as follows –
- Review the requirements with your General Counsel;
- Identify the items that will impact your company;
- Collect data from your industry affinity organization i.e. how are competitors integrating these rules; and,
- Develop a plan to implement the rules within your company – implementation, monitoring effectiveness, altering policies & procedures…
Caution – new rules have the immediate impact of increasing your expense base either through new processes, requiring additional headcount and/or training staff on the new requirements.
What has worked for your company?© Copyright 2012 Regis Quirin, All rights Reserved. Written For: CFO Tips - What you need to know, to be a CFO TODAY!