The regulatory ecosystem in India is not just complex and confusing, but also dynamic. Often laws change many times in the same day, and if you consider the number of returns, challans, filings and other documents a medium-scale company has to manage every year, the overall environment becomes clearer. Traditionally, compliance management is done manually. Businesses try their best to find updates and changes, and take up the necessary steps to remain compliant. It is, therefore, not surprising at all that companies are constantly dealing with notices for poor compliance. To add to the woes, some laws may overlap one another, and consequences include penalties, fines, further documentation and reputation damage.
The need for compliance automation software in India is real, and more companies are opting for that option. As the name suggests, such software helps in digitization and automation of compliance matters. In this post, we are discussing more on why compliance automation is a relevant subject for companies in the country.
When to take compliance automation seriously?
Automation in this context is a choice for sure, but you should definitely spend on an app or software, if –
- Your company has been getting notices for poor compliance
- Your team is ignorant of law
- Your company doesn’t have access to a compliance database
- Your team cannot keep track of legal and regulatory updates
- You don’t have the expertise or resources to manage compliance in-house
- You have been missing or delaying compliance matters for various reasons
- Your business has been suffering because laws and requirements were not followed
Under Companies Act, 2013, poor compliance can have consequences like criminal proceedings and jail term, and all of these things can be avoided if you find a way to use technology to stay relevant.
Selecting compliance automation software
This is another aspect that needs equal attention, considering that compliance management can be complicated and different for every company. You need to find a software program that’s not only comprehensive and useful, but can be deployed easily. SAAS-based products are always better, because the onboarding experience is simple, and the IT budget doesn’t have to be extended further. A well-planned dashboard for keeping track of compliance is must, and the software should be able to offer notifications and updates in real time and regularly, so that necessary steps can be taken.
Check for compliance automation software to know more on what these features can mean for your company.