For multinational companies, tax compliance, and reporting obligations are complex and challenging. Global tax compliance is the same as tax compliance, globally tax authorities are introducing tech-driven initiatives such as system-based audits and real-time reporting.

Accounting compliance means ensuring that your business’s financial reporting is accurate with the help of clear procedures for recording & verifying revenues, assets & liabilities, expenses, etc. In general, maintaining the business finance with rules & regulations is compliance.

Most business owners are familiar with the term ‘compliance’. It’s all about doing things in the right way with the government’s jurisdictions and industry regulations. There are 4 different types of compliance business owners need to know such as:-

• Regulatory Compliance
• HR Compliance
• Data Compliance
• Health & Safety Compliance

• You can build trust with your customers and employees
• It brings transparency in your business about your business is running and things operate
• You will be protected from expensive penalties and fees that could turn into a major business loss
• Provides smooth financial reporting
• Ensures taxes are paid
• Ensures employee entitlements
• Avoid legal liabilities

Those who don’t comply with global regulations, risk the ethics of their company, as well as their international expansion, is also at risk. A few of the consequences which businesses face when they are not compliant are mentioned below.

• Fines & Penalties
• Ruined Reputation
• Breached Contract
• Loss of Business License

When it comes to business each country has its own rules & regulations. However, there are some common rules in every country which are mentioned below.

• Equal Opportunity law
• Global Tax Compliance
• Financial Reporting Requirements
• Minimum Employee Entitlements
• Anti-money laundering regulations