NEW YORK, Jan. 29, 2015 /PRNewswire/ -- With FINRA's increasing level of surveillance over the compliance of member firms, new Regulatory Compliance software is helping broker-dealers maintain compliance with FINRA's net capital requirements. FinTrax™, proprietary software newly developed by Regulatory Compliance, allows a company's outsourced financial and operations principal (FinOp) to automatically monitor the firm's net capital daily to avoid net capital violations.
"FinTrax makes us a proactive business partner with clients, because we can see their net capital level daily and alert them if it is getting close to noncompliance," says Philip Dawicki, director of regulatory accounting and FinOp services. "With daily access to clients' financial and net capital levels, our offsite FinOps are more like in-house FinOps. They have valuable intelligence about operations as they occur and can help clients avoid violations and discuss and plan for the future."
In addition to performing monthly net capital computations and trend analysis, Regulatory Compliance FinOps prepare all required regulatory financial reports. These include reports for FOCUS II or IIA, SSOI and SIPC, and the preparation of the annual full disclosure financial statement required by each client's outside auditor.
"With FinTrax's automation, the added cost of manually assembling reports is eliminated, so FinOps can focus on understanding what the numbers mean and working with management to bring insights to their attention," says Dawicki. "This is the highest and best value that a FINOP can bring, and FinTrax makes this possible."
Regulatory Compliance also provides accounting and bookkeeping services to ensure clients' books and records are current, accurate and in accordance with general accounting principles and books and records requirements. This vital information is the basis for all regulatory financial reports.
"Regulatory Compliance FinOps make sure clients are actively maintaining their books and records, so the information we receive is current. This keeps surprises to a minimum when we prepare their reports," says Dawicki. "Our FinOps, CPAs and accountants are experts in broker-dealer accounting and regulatory financial reporting. With FinTrax, we have another tool that enables us to have regular, proactive contact with clients to keep them in compliance 24/7."
For more information on FinTrax and FinOp services, contact Regulatory Compliance at (603) 216-8890.
SOURCE Regulatory Compliance