5 things your company MUST have in order in 2024

In this miniguide, we provide an overview of new regulations that will have significant implications for the operations and business of small and medium-sized enterprises in 2024.

Change is the new normal.

A world in constant change places comprehensive demands on businesses, leaders, and employees across Danish industries. In 2024, new regulations and groundbreaking technologies will bring about a wide range of changes that will shape the future of companies and their way of doing business.

In this miniguide, we provide an overview of 4 new laws that will impact the business processes of small and medium-sized enterprises, along with the 'one' new technology that is on everyone's lips at the moment.

Keep reading, get guidance, and learn more about how your company can navigate and thrive in this dynamic and demanding business world.

1. Do you have control over your time?

The Danish Parliament began the year by passing a new law regarding working time registration, which stipulates that all employers must have implemented a system for recording employees' working hours by July 1, 2024.

The purpose of the new law is to ensure that the rules regarding daily rest periods and maximum weekly working hours are complied with to accommodate the employees.

According to the proposal, there is freedom of method regarding how each employer chooses to organize the recording system as long as the system is objective, reliable, and accessible. According to the new law, companies must:

• Measure the daily and weekly working hours for employees.

• Give the employees the opportunity to register for time, overtime, sickness, and holidays.

• Store the information in the system for 5 years.

If you are unsure how your company should meet the legal requirements, look closer at our partner on kompasbank navigator, Intempus. Their digital timekeeping system can be used by all companies and tailored to specific needs, so you get the solution that makes sense for you.

Try Intempus for free here.

2. Digital Bookkeeping Law: No More Ring Binders!

On 01/07-2024, a new bookkeeping law comes into effect in Denmark, affecting most of the country's businesses. The purpose of the law is to reduce errors and fraud in the reporting of accounts, VAT, and tax returns.

The upcoming bookkeeping law specifically requires you to use a digital bookkeeping system and ensure that your company's:

• Transactions are recorded in a digital bookkeeping system.

• Purchase and sales invoices are stored in a digital bookkeeping system.

Using a digital bookkeeping system will make it easier to accurately record your purchases and sales, send and receive e-invoices, and report annual accounts and VAT.

Even if you already use a digital bookkeeping system, ensuring it complies with the new requirements is essential. On kompasbank navigator, you can access several different digital accounting software such as Dinero, e-conomic, Billy, and Zenegy Numbers, all of which meet the requirements of the new bookkeeping law.

Access the solutions here.

3. Read our guide on ESG reporting

Social responsibility, sustainability, CSR, and now ESG. A beloved child has many names, and there is nothing new in the fact that the business community should contribute to taking good care of the world we live in.

What's new is that the EU is implementing new requirements and standards for how we work with sustainability and how we report on it. Even though the stricter legal requirements for ESG reporting have initially only come into force for the largest companies, your company may already find that a larger company demands your ESG data because they need it for their reporting.

To help you get started with ESG most effectively, we at kompasbank Navigator have prepared a guide on what ESG means, what the new requirements entail, and how you can navigate the new rules as a small and medium-sized company.

In the guide, you can also gain insight into:

• Which digital solutions can kickstart your company's ESG efforts.

• How to approach the new requirements and rules at a strategic, tactical, and operational level.

• How you can gain a competitive advantage in the market if you have control over your ESG data.

Read more here.

4. Are you ready to use AI in your company?

Artificial intelligence has evolved over the past few years from being reserved for the most innovative companies to soon being commonplace. It's no longer a question of whether a company should use this rapidly growing technology but how to implement it. And if your company hasn't already started using AI tools in daily operations, it won't be long before you do.

At the same time, significant gains can be made if you and your company use countless AI tools correctly. By integrating AI tools such as ChatGPT and Midjourney, companies can automate routine tasks, improve decision-making, and free up valuable resources. Imagine increasing productivity by up to 40% without adding an extra workforce.

However, the many business benefits of using AI systems do not come without challenges. Despite the potential of AI to streamline tasks in your company, the emerging tools also bring a range of new issues, such as:

• Disclosure of sensitive information.

• Surrendering important IP.

• May lead to security vulnerabilities.

Learn more about how to mitigate the risks of using AI tools here.

5. Did you get control over the new whistleblower scheme?

If your company still needs to implement a whistleblower scheme, you must do so as soon as possible.

A new whistleblower law was enacted on December 17 last year (2023). The law prescribes that all companies with over 50 employees must have a whistleblower scheme. A whistleblower scheme optimizes the opportunities to detect potential errors, problematic workflows, or direct criminal actions in time. It contributes to creating security in the company.

If you are unsure about how your company should deal with the new whistleblower law, you can contact our partner on kompasbank navigator, Walor. They are experts in the field of whistleblowing and can quickly help you and your company implement a whistleblower scheme to comply with the whistleblower law. They do this quickly, safely, and affordably, allowing you to focus on your business.

Visit Walor here.