Just as the seasons change, so does compliance reporting; especially from February through April, when the majority of 2013 annual reports are due. Coupled with 4Q 2013 and 1Q 2014 reports, annual reporting season is right before us and much preparation is in order. This is the time to review final 2013 revenue data and preview any new services/products for 2014.
Along with changes to reporting requirements, state commissions and reporting agencies are becoming keen on deadlines and are imposing stiffer penalties. One annual report from last year that comes to mind is the Nevada Annual Report. There were more than a handful of carriers who were penalized for incomplete reports, filing late, or not filing at all. For the carriers who did not file, their certificates were in jeopardy of being revoked. There were several instances where the statement of cash flow was omitted. Some carriers simply do not produce a statement of cash flow but were required to include it with the annual report, along with an income statement and balance sheet.
The point here is to get your compliance reporting in gear. All too often, carriers are paying unnecessary fees and penalties. The money paid in fees can easily be applied to other aspects of the company. Wouldn’t the money paid in fees be better utilized if applied toward other aspects of your company, like expanding into new markets or investing in new technology?
Rural Call Completion – FCC
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