Blog

Financial Reporting: GRC, Governance Risk and Compliance Tools
3 Jun

Someone said, “When all you have is a hammer every problem is a nail.” The same applies to the process of choosing Governance Risk and Compliance (GRC) tools. If you’ve been tasked with selecting a GRC tool for your inn or pub you are critical to your company’s success.

Don’t be the person who picked a bad GRC tool for financial reporting. You don’t want to use your tool compared to a hammer pounding a square peg into a round hole. GRC software appropriate to one industry is not necessarily suited to another.

Read on to learn about the meaning of GRC, the right GRC tools, and related professional services.
The meaning of GRC can vary widely. It can be difficult to know what to do when choosing GRC tools and services for a specific industry such as an inn or pub. We need a definition of GRC appropriate to the licensed trades.

What Is Governance Risk and Compliance

Scott Mitchell’s definition, “the integrated collection of capabilities that enable an organization to reliably achieve objectives, address uncertainty and act with integrity,” doesn’t specifically address the pub and inn industry.

The meaning of GRC in the pub and inn industry would include a reference to the uncertainty that arises when customers drop off and income declines. The current pandemic’s effect on customers is a perfect example of uncertainty.

The pandemic added to the regulatory compliance burden of many small to medium-sized businesses. GRC software can help keep track of no regulations and how they will affect the volume of customers.

How GRC and Financial Reporting Reduce Uncertainty

The effect of a reduced number of clients can in turn affect a business’s projected revenues. A drop in revenue would be reflected in monthly and quarterly financial reports generated by GRC software.

One organization offering quality GRC solutions software is 1st Risk Solutions. Tracking revenue through the right software and financial reporting can mitigate the risk posed by unforeseen events

There are always monthly, quarterly and annual accounting and tax reporting tasks that require your attention. You need the right software and the services of qualified accountants to conserve your time and money

The Right Risk and Compliance Tools and Services

When evaluating software and services ask yourself what challenges do I face on a regular basis? In the pub and inn industry if a software offering doesn’t provide for VAT return preparation or other common tasks you should consider another option.

Choosing tools and services to meet your financial reporting and GRC needs helps manage risk.
Why spend hours of your valuable time learning what a professional already knows. Consult a professional about GRC and risk and compliance tools. As a business owner, you know what an hour of your time is worth.

The Right Choice to Reduce Risk

Ask yourself if the hours you spend on financial reporting and governance would be better spent on your business. Check out the professional pub accountants that can save you time and money.