Compliance Tips 2026
10 More Compliance Tips to Strengthen Your Business in 2026 (Part 2)
This second part continues with another set of ten detailed compliance guidelines to help your business build a solid foundation for 2026.
Find the first part here.
- Create a Compliance Calendar for the Year
A compliance calendar helps you avoid missing deadlines for taxes, filings, remittances, license renewals, and reports.
Your calendar should include:
- Monthly PAYE, VAT, and pension remittances
- Quarterly tax filings
- Yearly license renewals
- CAC annual returns
- Audit timelines
A simple calendar can save your business from penalties. Make sure to add reminders to your calendar to inform you of what you need to do ahead of time.
- Strengthen Internal Controls to Reduce Fraud
Compliance is not only about government rules. It also includes internal discipline.
You should:
- Separate financial duties so one person does not handle everything
- Set approval levels for payments
- Make sure no one has unchecked access to funds
- Review bank statements regularly
- Keep proper documentation for every expense
This protects your business from internal fraud, which is very common among Nigerian SMEs.
- Create or Update Your Standard Operating Procedures (SOPs)
SOPs help your business maintain order. They show how things should be done, by whom, and at what time.
Create SOPs for:
- Finance
- HR
- Sales
- Procurement
- Customer service
Clear procedures support accountability, training, and compliance.
- Train Your Team on Their Compliance Responsibilities
Compliance is not a one-person duty. Your staff must understand the basic rules that affect their roles.
Examples:
- HR should understand labor laws
- Finance should understand tax and pension responsibilities
- Operations should understand safety guidelines
- Customer-facing teams should understand data privacy expectations
A trained team helps prevent mistakes.
- Use Technology to Stay Organized
Technology helps you keep records, automate reminders, track expenses, and manage payroll.
Examples of helpful tools include:
- Accounting software
- HR and payroll apps
- Cloud storage for documents
- Expense tracking tools
You do not need the most expensive tools. You only need tools that keep the business organized and efficient.
- Review Contracts and Vendor Agreements
Many Nigerian businesses sign contracts they do not fully understand. Every agreement you enter into should protect your company.
Review:
- Payment terms
- Delivery expectations
- Penalties
- Confidentiality clauses
- Data protection obligations
If you don’t understand the document, you should seek legal counsel before signing. Do not sign documents based on “I know him/her before”.
Also, ensure your contacts are well structured, as that will eliminate confusion and future disputes.
- Comply with Basic Health and Safety Standards
Even small businesses must take safety seriously. It is a legal requirement and also protects your employees.
This includes:
- Keeping the workspace hazard-free
- Providing basic safety equipment
- Training staff on emergency procedures
- Documenting incidents
Safety compliance is often ignored until an accident happens. Address it early.
- Renew Your Business Insurance Policies
Insurance is part of compliance and risk management. Review all your policies at the start of the year.
Important ones include:
- Fire and property insurance
- Vehicle insurance
- Professional indemnity (for service firms)
- Group life insurance if applicable
Renew on time so there is no gap in coverage.
- Reduce Cash Handling and Use Traceable Payments
To maintain clean records and reduce fraud risk, avoid unapproved cash transactions.
Encourage:
- Bank transfers
- POS payments
- Digital payment records
Cash is harder to track and often leads to compliance mistakes.
- Conduct a Yearly Compliance Audit
A compliance audit helps you check if your business is following all required regulations.
This can be:
- A self-assessment
- A review by your accountant
- A professional audit from a firm like Havivah Trust Consult
The goal is to identify gaps early and correct them before regulators penalize you.
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