April 15 - the day everyone loves to hate, not least of all business owners. In reality, though, businesses face significantly more hassles from the federal government than just paying taxes. With the recent advent of Sarbanes-Oxley, a mistake on your financial reports could land your executive team in jail. In addition, the Defense Contract Audit Agency (DCAA) regulates the practices of businesses who sell products and/or services to the government. In essence, there are many federal regulations today that require a business professional’s close attention.
Fortunately, tracking time within your business gives you the tools you need to succeed in these areas. Automating your processes with the right technology can give you real-time cost data for your entire company, project by project and customer by customer. This provides you with a thorough understanding of your profitability as well as an audit trail and reporting system that will surely come in handy in meeting SOX requirements.
Not only that, but the DCAA requires detailed labor and cost tracking to ensure that you are compliant with its regulations, which means that the time tracking solution that provides this will also provide you with peace of mind.
If you’ve got the right tools to pass an audit, then taxes should be your only headache this year.
- Curt Finch, Journyx CEO
Journyx Project Management Blog :: Marketing Monday: Taxing Your Patience and Mine | 28-Apr-08 at 12:00 am | Permalink
[...] with that assertion, thanks to the dreaded tax day. We’ve already covered taxes pretty well (uno, dos), so let’s talk about something infinitely more pleasant. [...]