Maintaining a proactive stance towards compliance is a critical for every business for sustained growth. Ensuring that your company is compliant and in sync with the law of the land are aspects that must be taken on priority. Unfortunately, compliance in India can be a complicated affair. There are 1000+ Acts, over 3,000 filings, and more than 58,000 compliances that govern businesses, and many industries are heavily regulated. Companies that have international operations or operate in different states and UTs in India have to deal with more laws, filings, challans, returns and requirements. To make things simple, many businesses are now relying on compliance tracking software programs.
Signs that your company must automate and digitize compliance management
Technology has changed ways in which businesses operate, and it is not surprising that there are now specific software programs and apps dedicated to compliance management. Of course, most businesses in India still have concerns with an investment of this sort, because the regulatory environment is dynamic and bureaucratic in nature. However, below are some of the tell-a-tale signs that compliance management must be digitized and automated.
- Your company is missing on compliance requirements. In case the company has failed to keep up with compliance time and again, you can be assured of one fact – Your in-house team is not competent enough. Many companies don’t have resources to hire people for compliance management alone, and using software programs is probably the best possible approach.
- You have been getting notices and missing updates. If one had to track all compliance and regulatory updates related to businesses, it would mean tracking around 2000 government websites, and that is no easy task. Laws change many times in the same day, and with compliance management software, tracking these updates gets easier. Also, if your company has been receiving updates, you can reduce risks, fines and penalties with such programs.
- You are operating globally and in different Indian states. State and local laws in India can be confusing and can often overlap one another. With compliance management systems, you have a fair overview of what must be managed and tracked regularly.
With digitization of compliance management, businesses can prevent risks and consequences of poor compliance, which can have more impact than just fines and penalties. If you haven’t considered that option for your company as yet, it is time to review your approach and digitize what’s viable and will reduce the work of your team.
