The first step when preparing to get in line with arbitrage compliance regulations is implement a system which allows for any relative documents which compliance laws require, to be stored in an orderly fashion. The number one mistake that companies make is waiting till the last minute in order to try and scrape together their different documents in order to present their proof of compliancy for their arbitrage compliancy case. The smart companies will have already developed a detailed history and record keeping method which can adequately demonstrate the company’s compliance for arbitrage related issues throughout the year. Arbitrage firms that are called into a company that needs to show tier compliance are often shocked to find that the company has made little or no effort to keep the proper records along the way. In some cases the issue of arbitrage has been left neglected for so long that there is very little that even the best arbitrage compliance lawyers can do. Since each state and county has its own arbitrage laws, companies should seek all the information that they can possibly find on what type of compliance records their area expects them to keep. Local and state offices have public records which can even be used as a reference as to what type of information should be built up in order to meet compliance statutes. Companies that have neglected to keep records up to now should make a change in the way they operate as soon as possible, as every day counts when it comes to compliancy history.

The next step towards proper arbitrage compliance is to hire arbitrage compliance specialists who will prepare your rebate request when the time comes. It is possible that some very astute tax accountants might be able to prepare a rebate request for their company, but even in the event that they are able to do so, the task is so great that they would have their hands tied with the work for weeks, or even months during the process. Most companies can’t afford to let their tax accountant devote his time totally to the task of arbitrage compliance. After all, tax accountants have a wide range of other tasks to perform within a company. Professional arbitrage compliance teams such as, are able to provide all of the compliance assistance a company could need during their rebate request process, or proof of compliance period. Professional compliance teams are the best way to ensure that a company doesn’t make a costly mistake while putting together their compliancy case, as well as allowing company accountants to concentrate on other areas of the business that may need their attention.

Lastly, while preparing for arbitrage compliance, a company should make a brief review of their taxes. It is not uncommon for the state to request a tax audit of a company which is in the process of demonstrating arbitrage compliance. Making sure that a company’s taxes are all in order before an audit take place can help make arbitrage compliance go much more smoothly.