Top 7 Compliance Tracking Software Solutions in 2024

Compliance tracking is a key part of running any business today. As industry regulations get stricter, you need the right tools to meet compliance requirements.

This is where compliance tracking software comes into play. It helps organizations stay on top of compliance regulations, which reduces the risk of fines and legal issues.

In this guide, we’ll look at the best compliance software solutions for 2024. We'll also discuss the importance of compliance tracking and the key features of compliance management tools.

The Importance of Compliance Tracking

Compliance tracking or monitoring is an important part of compliance management. It involves regular monitoring of business processes to ensure they meet compliance obligations.

The process is crucial for businesses of all sizes. Staying on top of compliance regulations means your company can run smoothly and avoid legal trouble.

When you don't comply with laws and standards, you can expect hefty fines, legal fees, and even reputation damage. Imagine losing clients because they don’t trust your business practices.

Failure to meet regulatory compliance can also disrupt your daily operations.

For example, massive data breaches may happen if you don't follow security standards. This emphasizes the need for regulatory compliance tracking.

Why Your Business Needs Compliance Tracking Software?

Managing compliance processes manually can be a daunting task. Regulations change frequently, and staying up-to-date requires constant attention.

Fortunately, software platforms are the key to streamlining compliance processes. Here's why you need to invest in a compliance software solution:

Meet Regulatory Compliance

Compliance software helps you meet regulatory requirements easily. It keeps you updated on changes in laws and regulations.

For example, some compliance management software tools provide automated notifications. They instantly alert you when new regulations come into effect, or existing ones change.

This means you’re always in the know and can adjust your practices accordingly.

Simplify Compliance-Related Tasks

Compliance involves many tasks, from documentation to reporting. A dedicated software solution can streamline compliance processes.

Below are some compliance management software benefits you can expect:

• Automated reporting: A compliance management tool can automatically generate compliance reports.
• Document management: Compliance tracking software stores and organizes compliance documents on one platform. No need to search for loose papers, ledgers, and other physical documents.
• Task scheduling: Compliance software solutions help you assign tasks and send reminders for deadlines.

Avoid Non-Compliance Fines

One of the biggest risks of non-compliance is fines. These unexpected financial penalties can be hefty and hurt your bottom line.

Compliance tracking software helps you avoid these fines by ensuring you meet all compliance requirements.

It also provides real-time monitoring and alerts. This proactive risk management helps you resolve issues before they become serious.

Prevent Legal Issues

Non-compliance can also lead to lawsuits, which are time-consuming and expensive. You might need to hire legal experts and pay for their services.

Fortunately, investing in compliance management software can prevent these legal issues. It helps you maintain compliance by staying on top of regulations. It also keeps detailed records of compliance audits. 

These can be crucial in the future if your adherence to rules is ever questioned.

Improve Operational Efficiency

The last benefit of compliance tracking software is improved operational efficiency. Since it automates compliance tasks, it frees your team to focus on other important areas.

Automation also reduces the risk of human error. You don't have to worry about compliance violations, which can disrupt operations. 

The software app ensures your compliance program doesn't overlook important details.

Key Features of Compliance Tracking Software

Below are the key features you should look for in compliance tracking software solutions.

Automated Tracking and Reporting

One of the key features of compliance management software is automated tracking and reporting. This helps you keep up with compliance management processes without the manual hassle.

The software tracks all necessary data and generates reports automatically. With this tool, you can also customize reports to meet industry-specific regulations. 

For example, restaurant audits are entirely different from companies operating in the marketing industry.

Customizable Compliance Checklists

Besides custom reports, a compliance management system can also tailor checklists to your business needs.

Personalized checklists allow you to create and manage compliance-related tasks specific to your industry. Increased accuracy and flexibility can result from this. You can ensure that all compliance activities are correct. 

Plus, if there are regulatory changes, your compliance workflows can quickly adjust.

Real-Time Monitoring and Alerts

A compliance management software should also keep you informed about your compliance status at all times.

Look for real-time monitoring and alert capabilities. These can track compliance tasks and send alerts if any issues arise.

For example, when a piece of equipment fails a safety check, the compliance management tool can immediately notify the right person. This can be through email, text, or mobile app notifications. 

Since your staff receives the alert, they can promptly resolve the issue. No need to worry about accidents and potential regulatory fines.

Document Management and Storage

Compliance management involves a lot of documentation. This is why document management and storage are must-have features in compliance software solutions.

They organize all files in a centralized location. With this, your team can access and retrieve information when needed.

It is also useful during compliance audits and risk assessments. When asked, you can quickly provide the required documentation.

Audit Trail and Logging Capabilities

If you want to maintain transparency and accountability, choose compliance software with audit trails and logging capabilities. 

These features track all compliance-related activities. They can record which workers have access to specific resources and what changes were made.

How to Choose the Right Compliance Tracking Software for Your Business?

Selecting the best compliance software can feel overwhelming. To make the task easier, follow the steps below:

Identify Your Specific Compliance Needs

Start by identifying your specific compliance needs.

Remember, different industries have specific regulatory requirements. For instance, the rules followed by the food industry are completely different from those in the logistics field.

Make a list of the regulations your business must include in its compliance program. It may include industry-specific regulations, such as HIPAA and EPA, and internal policies you need to track.

You should also determine the documentation required and the frequency of compliance audits. This will help you choose the ideal software.

Evaluate User Interface

Next, evaluate the user interface of various compliance tracking software options.

Look for a tool that is intuitive and easy to navigate. You should also consider a logical layout that allows you to access the necessary features without the hassle.

Compare Costs and ROI

Cost is a significant factor when researching compliance software.

Look at the pricing models of different software options. Some may charge a flat fee, while others use a tiered subscription model. Choose a compliance management software that matches your budget.

Besides the initial cost, you must also consider the return on investment (ROI). Check if the software can scale as your business grows. 

Additionally, verify if the tool receives timely updates. The last thing you want is a buggy app that can hinder your compliance efforts in the future.

Research Vendor Reputation

Look for software vendors with a proven track record in compliance management. A reputable vendor is more likely to provide a reliable software solution and excellent customer support.

Check case studies and testimonials on the compliance tracking software's website. You can ask other business owners in your industry for recommendations.

Check User Reviews

Lastly, check customer reviews to see how other organizations rate the compliance management software.

Use platforms like Capterra, G2, and Google to get valuable insights from each software vendor. Look for reviews that mention ease of use, customer support, and any potential issues.

Don't forget to evaluate both positive and negative feedback. This helps you learn whether the software can meet your specific compliance requirements.

7 Best Compliance Tracking Software Solutions

Below are the best software solutions for compliance management and tracking.

1. MyFieldAudits

‍

At MyFieldAudits, they are more than just another 'do-it-yourself' software provider.

Instead, they position themselves as a dedicated partner in streamlining on-site inspections and building tailored Quality Assurance programs for enterprise clients.

Their approach ensures compliance, tracks performance, and delivers actionable insights that drive continuous improvement and operational excellence, providing clients with peace of mind knowing that inspections are fully managed.

Key Features:

• Advanced platform: Capture photos, videos, and real-time data, schedule audits with ease, assign action items to on-site teams, and visually track compliance and completion.
• Customized solutions: They work closely with clients to identify critical metrics and KPIs, developing inspection forms tailored to every department.
• Dedicated support: The team offers comprehensive support, from training to ongoing monitoring, ensuring accurate, consistent, and actionable data.‍
• Enterprise-level focus: Designed for Mid to Large level organizations, not individuals or those seeking off-the-shelf solutions.

‍

MyFieldAudits transforms how enterprise organizations track and manage quality inspections, handling the heavy lifting so clients can focus on capturing the critical data that drives operational excellence.

2. SiteDocs

Source: SiteDocs

SiteDocs is a compliance management software that helps businesses maintain compliance. It tracks compliance tasks, forms, and worker certifications using a mobile-friendly app. 

This allows you to monitor safety performance from the job site or the office.

Key Features:

• Customizable templates: SiteDocs provides templates for digital safety forms and checklists.
• Media upload: It lets you upload important documents and photos, which the platform automatically sends to every worker's device.
• Scheduling capabilities: It allows you to assign tasks, track progress, and remind users about projects.
• Certification management: It monitors certifications and training to ensure staff members stay updated on compliance workflows.

3. Libryo

Source: Libryo

Libryo helps businesses stay updated with regulatory requirements specific to their industry and location. It allows you to filter and monitor applicable laws to ensure compliance. 

This software helps you make informed decisions and focus on other important areas.

Key Features:

• Legal register compilation: Libryo automatically compiles legal documents to save time and effort.
• Legal tracking: It tracks and filters laws specific to your industry and location for better compliance management.
• Document management: Libryo organizes compliance documents for easy access and referencing.
• Built-in integrations: Libryo can integrate with other risk and compliance management tools.

4. Filestage

Source: Filestage

Filestage is a digital proofing software for managing approval workflows. It helps you check if all documents meet regulatory standards. 

This popular tool is for creative teams needing to simplify compliance review processes.

Key Features:

• Automated workflows: Filestage automates compliance workflows using custom triggers and actions.
• Annotations: This tool includes smart annotation tools to ensure clear feedback.
• Analytics: It provides detailed insights into your compliance processes.
• Document management: Filestage stores and organizes documents in one place.

5. Ideagen Quality Management

Source: Ideagen

Ideagen Quality Management, formerly Qualtrax, offers different tools for managing compliance effectively. It provides full visibility of your business processes. 

This makes it easier to meet various standards and regulations.

Key Features:

• Automated tools: Ideagen offers automated workflows and document management to improve the compliance process.
• Real-time reports: It monitors compliance thanks to its reporting and auditing capabilities.
• E-learning content: Ideagen provides training materials to help team members maintain high standards.
• Scalable software: This cloud-based system can scale with your business as you grow.

6. AuditBoard

Source: AuditBoard

AuditBoard is a popular platform for audit, risk, and compliance management. It provides an integrated solution that simplifies compliance tracking. 

With this, organizations can manage their audit processes more effectively.

Key Features:

• Audit management: AuditBoard offers real-time audit trails to prevent potential compliance risks.
• Automated tools: AuditBoard automates repetitive tasks to save time and reduce errors.
• Real-time reports: The app includes detailed reporting insights to help you make informed decisions.
• AI integration: AuditBoard provides AI-powered insights and intelligent recommendations.

7. GoAudits

Source: GoAudits

GoAudits is a mobile-friendly app that simplifies compliance management. 

It allows you to conduct remote inspections without complicated training or implementation.

Key Features:

• Custom workflows: It offers customizable checklists and forms to meet specific industry standards.
• Data capture: GoAudits allows you to upload photos, comments, and signatures for real-time insights.
• Scheduling capabilities: GoAudits lets you assign, remind, and escalate tasks to the appropriate worker.
• Smart analytics: It includes analytics tools to give you insights into existing policies and procedures.

Successful Compliance Tracking and Inspections with MyFieldAudits

MyFieldAudits is a digital audit inspection solution designed for enterprise organizations in senior living, contract food service, and government sectors.

MyFieldAudits can simplify compliance tracking by offering visibility into everything that’s happening on the ground.

They provide an extensive dashboard where teams can combine data from multiple locations, assign action items, upload photos and videos, and follow up on tasks.

MyFieldAudits also stands out from other solutions because they handle training, develop the inspection strategy, configure the quality assurance platform, and monitor usage compliance.

They manage everything, so enterprise clients can get back to what they do best.

Schedule a demo and get started today!

FAQs About Compliance Tracking Software

How does compliance tracking software work?

Compliance tracking software helps you monitor different business aspects to ensure regulatory compliance. It can track regulations, create checklists, generate reports, and store compliance documents in one place. This helps companies stay updated with the latest requirements.

What are the key features to look for in compliance management software?

When choosing compliance management software, you must consider automated tracking, real-time monitoring, document management, audit trails, and custom checklists. These features make it easier to meet compliance and maintain accurate records.

What are the challenges of implementing a compliance management system?

Implementing a compliance management system can present several challenges. These include data migration issues, integration problems, and the need for thorough training. If you want to use the new system effectively, you must resolve these issues promptly. 

‍