The reality of the Brazilian market has changed over the last few years, companies need to be more and more attentive to compliance, whether these startup companies need to receive contributions or a family company that thinks of being consolidated in the market, regardless of the company’s characteristic, it is necessary to apply rules and controls to ensure compliance with laws, industry standards and good market practices.
Financial compliance, in turn, aims at combating fraud and corruption and is extremely important and necessary for organizations. In general, companies in Brazil have evolved in the adoption of good compliance practices.
Financial compliance seeks to analyze the company’s processes, constantly validating operations to ensure they are carried out correctly. Thus, the control of the operations is required, which affect the company’s assets, so the reliability of the accounting records is even possible to ensure and validate the reliability of the information.
We can list as an example of financial compliance, payment approval levels, checking of purchase order approval levels, checking of the 3 quotes in the purchasing process, validation and approval of business partners through analysis of accounting balance sheets and legal analysis, inventory control and cyclical counting, etc. The applicability of compliance ranges from basic levels to more advanced controls.
The benefits of financial compliance are numerous, but often companies cannot make the whole process possible alone, often by the lack of a qualified professional in this area or even the accumulation of work by the company’s internal professionals, at these times, counting on a reliable partner is extremely important.
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Drummond is prepared to help your company in all matters involving financial accounting, human resources and taxes in Brazil, in case of doubts, do not hesitate to consult us.