The success and growth of your business depends on several factors for sure, but before you can actually start doing business, it is necessary to keep up with the compliance needs and complete necessary regulatory formalities. While the government has been pushing for initiatives like ‘Make in India’ & ‘Digital India’, compliance itself remains a matter of concern. The compliance environment is not just complex because 58,000+ requirements and over 3,000 filings, but also because most of the work is done manually and on paper. There is no doubt that it does compromise on transparency and the actual work being done. That’s exactly where something like a SaaS solution, or compliance tracking tools can come in handy.
Is it really possible to automate compliance management in India?
While for the longest time this may have seemed like a far-fetched dream, compliance management can be simplified. Today, you can find software solutions that cover more than 30 different industries, and offer regular legal and compliance updates, so that clients can keep a track of their requirements, without being oblivious to the changes. Keep in mind that the compliance environment in India is actually complex, and the formalities, norms and rules change many times, often within the same day. Automating and digitizing compliance can be the best step forward, and new age software for compliance management have made that possible.
Why your company needs to automate compliance?
The government is coming heavily upon companies that do not follow the due requirements for doing business, and the departments and governmental organizations that actually handle compliance are relying on technology to find defaulters. Manual errors or missing compliance matters is not just about fines and penalties alone. While the financial implications cannot be denied, the legal and reputation-related consequences are even more serious. Also, according to Companies Act, 2013, defaulters can be held liable for the compliance errors and lapses done by a company. In short, if you want to thrive and do business without these concerns, investing in compliance management software is probably the need of the hour.
Compliance is all about how you follow and perceive the changing regulatory environment, and having a proactive stance is the best possible means of being relevant and in check. Review services based on what they can offer, and if their software can be integrated into the framework or work environment that your company operates in.