In a country, where more than 58,000 compliances and 1,000 Acts govern businesses, it is not easy to keep up with everything. The regulatory environment in India is complex at best, where laws and requirements change every now and then. To add to that, the reliance on paperwork is extensive. According to the Companies Act, 2013, the board/management is liable if the company doesn’t adhere to the compliance aspects, but the truth is most people within the organization don’t have the experience, expertise or resources for managing compliance. In this post, we are discussing the five signs that clearly indicate that your company needs compliance automation software.
- Because you are unable to keep up with compliance. For most businesses, this is the obvious reason for considering digitization of compliance. It is necessary to understand what you can manage and what requires expertise. Most small and growing companies forget the consequences of not keeping up with compliance requirements on time, which extends beyond financial risks.
- Because you have been getting notices. Thanks to digitization, you cannot really escape omissions or mistakes that occur during the compliance process. This may mean that your company will get notices, and handling litigation is lot more complicated, especially if you compare the costs with compliance automation software.
- Because you cannot have tab on changes and updates. Laws related to regulatory needs and compliance often change many times in the same day, and businesses are expected to keep up with the changes. If you want to get regular updates on compliance matters and take the necessary steps with regards to filings, you must automate compliance with the help of a software system.
- Because you have business in different states. Operating in different states can be complicated in India, and it is necessary to ensure that all compliance matters relevant to each place of operation is adhered to. With compliance automation software, you can exactly track what needs to be done and keep filings and other requirements in check.
- Because you operate internationally. This itself is an important aspect for businesses in India. You need access to all the relevant compliance laws and regulations relevant for international operations, and that gets easier with a reliable compliance automation software.
Before selecting a software for compliance automation, do check the features and find more on how the system will work for your business in particular.