Seven Reasons you should automate your FICA process

In recent articles DocFox looked at all the acronyms related to FICA and what they mean, and last week the consequences of non-compliance were discussed.

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This week, we take a quick tour of the seven most important reasons why you should automate your FICA processes through a state-of-the-art software option instead of staff trying to manually verify each and every individual.

1. Increase in productivity:

When discussing compliance, the number one complaint is that implementing compliance procedures and requirements are labour intensive across the business, therefore it negatively impacts productivity owing to all the extra time and resources spent on compliance procedures.

It should also then come as no surprise that this is the number one reason why most businesses – small or large – are motivated to start using automated solutions. The benefit of using an automated solution means that repetitive tasks get completed automatically and mundane tasks (like collecting and filing mountains of paperwork) are removed.

2. Standardise and enforce a single approach for consistency:

As a business grows, the task of ensuring everyone is consistently carrying out the correct procedure becomes more complex. Does the following sound familiar? You have spent a huge amount of time trying to create, document and implement policies and procedures across the business, but you have no way of tracking if these procedures are being adhered to.

3. Have easy oversight at the click of a button:

Gone are the days where businesses need to spend hours pulling various reports in order to get status updates. Using a centralised software solution means that businesses are able to use dashboards to organise data, so more time can be spent on data interpretation.

4. Eliminate human error and perform near impossible tasks:

Let’s face it, compliance is often an onerous task and owing to its monotonous nature, there is a possibility for human error. Automation largely takes away the monotonous work and therefore enables staff to instead focus on decision making.

Another way that technology supports staff is that it enables and simplifies next to impossible tasks that put your business at risk.

5. Keep up to date with the latest regulatory requirements:

Albeit frustrating and sometimes confusing, there is one guarantee when it comes to laws, compliance and regulations and that is that they will always be changing. Just as you think you have understood and successfully implemented procedures to meet compliance requirements, new laws and rules come into effect. It is therefore a continuous process that businesses should be scanning and looking out for changes in regulations and law. Being a “small business” is not an excuse for being non-compliant, and law enforcers do not accept the excuse of “I was unaware or unintentionally breaking the law”.

6. Enhanced customer experience:

It has been proven time and time again that The Value of Customer Experience will have various positive impacts on your business. Your clients’ onboarding experience shouldn’t be harmed by complicated onboarding procedures.

For example, using a software solution that allows clients to take pictures of their documents, which then automatically uploads the documents for checks, replaces back and forth emails and mountains of paperwork. This simplified, easy-to-use system will not only impress customers but will have them satisfied with the time and effort it takes to onboard them.

With the ease of access and clear benefits for both your business and the client, it is no surprise that businesses have experienced a profound impact across business operations and customer engagement when turning to technology.

7. Level the playing field:

The use of software enables smaller-to-medium-sized businesses to run as efficiently and effectively as larger corporations. The adoption of software means you are using the same systems and processes as larger businesses do with hundreds of resources.

To conclude, having an automated software solution to assist you with your compliance requirements has many advantages as pointed out here. Follow this link to get a more detailed version of exactly how DocFox can assist you:

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