Infogenic Solutions: Solving the Regulatory & Compliance Dilemma

Compliance is an essential requirement for businesses and enterprises of all shapes and sizes. Effectively managing compliance ensures that your company remains in adherence with all established guidelines of relevance to your specific industry, and geographic location. As compliance continues to become more complicated, smart businesses are looking to leverage automation to streamline their compliance-related tasks and activities and ensure that rigorous and consistent processes are followed.

According to the National Association of Manufacturers (NAM) 88% of surveyed US Firms said that federal regulations are a top challenge to them. Managing disparate and ever-changing global regulations can be even more challenging.

The Compliance Challenge

To ensure compliance, drive timing and resource efficiencies, Compliance Management should be a pre-defined, rigorous, consistent, and ongoing process. To address this challenge, most organizations have historically felt the need to establish an extensive and complex corporate compliance program to help govern policies and compliance.

At a minimum, the steps below are typically required, and are managed manually either by large compliance management teams or by individuals specifically tasked with these responsibilities.

Compliance Steps

Our Solution: An Automated Compliance Management System

At Infogenic Solutions, we believe that Compliance Management can be greatly streamlined by deploying our highly automated System-Based Compliance process tool.

Automated Compliance Management System Advantages:

  • Captures regulatory information wherever they are created and ensures accessibility across the organization.
  • Maps and aggregates emerging requirements to existing policies.
  • Allocates resources to address issues and track accountability.
  • Provides real-time tracking to compliance performance.
  • Simplifies and monitors regulatory changes.
  • Automates compliance processes.
  • Provides centralized sources for all regulatory and business requirements.
  • Tracks all compliance-related activities to legal requirements to avoid penalties.
  • Provides guidelines for operations and implementation(s) of the organization.
  • Assigns responsibilities to different people and holds them accountable.
  • Helps in gathering information for generating accessible real-time reports.

The Automated Compliance System is comprised of five core modules:

Automated Compliance System Modules

Each Module includes a subset of customizable tools & functionality:

  • Regulations Management Module:

Regulations Module

  • Workflow Module:

Workflow Module

  • Document Management Module:

Document Management Module

  • Dashboard & Reporting Module (sample):

Discovery and Implementation

Discovery and Implementation

Process, Financial & Efficiency Impact

Ensuring regulatory compliance can add costs, slow down processes, and consume expensive resources. A deployment of the Infogenic Solutions Automated Compliance System drives value by leveraging automation to ensure regulations compliance, delivering speed and resource efficiencies, and enabling companies to focus on driving their core businesses.   Our Process Mapping approach allows us to drive Continuous Improvement which will deliver cost and time efficiencies on an ongoing basis.

In 2018, businesses in the U.S. on average spent $10,000 per employee on regulatory costs. The average compliance cost for organizations across all industries worldwide was $5.47 million.

The Infogenic Solutions Automated Compliance System has been proven to dramatically reduce these costs and drive further efficiencies throughout businesses and enterprises.

Accounting Firms and SharePoint: Scan, Tag, File, and Find

On average, it costs $20 in labor to file a paper document, $120 in labor to find a misfiled paper document, and $220 in labor to reproduce a lost document. In addition, there are costs associated with offsite storage of paper documents, security for paper documents with sensitive information, providing access to those documents to a dispersed workforce, and the cost of copying, faxing, and mailing those documents to employees and clients.

Accounting firms face the challenge of managing and archiving a large number of documents for their clients. With the flow of numerous paper and electronic files passing through the doors and email accounts of many different people, a solution is needed to simplify the method of storing, accessing, and providing access to these files. Infogenic Solutions has developed a system that is ideal for firms needing to capture, store, index, and provide access to documents by both employees and clients. The technology that powers this system is Microsoft SharePoint.

Microsoft SharePoint is a robust platform for building company intranets and client extranets.  Combined with a document scanner, SharePoint can allow CPA firms to take control of their document storage and give clients the ability to submit files directly to their accountant. Clients are able to log in and upload working documents to a secure server where their accountant can process them and provide the final documents for download. The security features built into the system ensure that only the people with the correct permission settings have access to the files. Clients with multiple accounts only have to log in once to access documents in all of their accounts.

Accounting Firms and SharePoint: Scan, Tag, File, and Find

Infogenic Solutions’ accounting firm services bundle pairs a SharePoint system with a means of converting paper documents to searchable PDF files tagged with metadata.  The conversion of paper documents to a digital format means that CPAs can reduce the amount of overhead needed to store documents while providing the ability to quickly locate information contained in those documents.

A paper document is scanned, resulting in a non-searchable PDF image file.  Infogenic’s Filer program converts the file to a searchable PDF using the OmniPage OCR engine, one of the best optical character recognition engines available.  Filer allows the user to edit the PDF properties of the document, such as Title, Subject, Author and Keywords like Client Name, Client Number, Case Number ….  This metadata and the text of the document are indexed by SharePoint, ensuring that any relevant search will find the document.  Documents may be stored in a file share, a SharePoint library, or both.  They can be retrieved by anyone with the right credentials, including internal staff and clients via the extranet.  This system addresses the document management and client accessibility needs of accounting firms and provides a powerful tool to let your business run.

Contact us to put this system to work for you.