Did you know there are more than a thousand Acts governing different businesses and industries in India? A large-scale company in the country has to complete as many as 900 filings in a year, and the number of challans, returns, regulations, and documents is beyond count. In short, doing business in the country is not always a straightforward process. Companies often have a hard time with compliance tracking in India, given that the regulatory ecosystem is a dynamic one, with multiple changes being introduced time and again, often in the same day.
Automation and digitization of compliance at all levels may still seem like a dream, considering that a huge chunk of the work is done manually and through paperwork, but your company can take a leap with compliance management software.
What is compliance management software?
The basic purpose of such software is to bring everything related to compliance on a single platform for your company. While you may have to follow up with government offices and branches manually with regards to filings and documents, tracking compliance matters does get easier in many ways Many software programs also have an integrated document management system, so a lot of in-house paperwork can be minimized, and the access to compliance documents can be role-based and as per company policies. Every compliance management software comes with its own features, but the more elaborate it is, the better.
Should our company consider this investment?
If you have been dealing with compliance matters or have been getting too many notices for poor or non-compliance, compliance management software might be the answer. If one had to track all regulatory and legal updates relevant to various businesses in India, it would mean covering and chasing more than 2,000 government websites, which is a gigantean task. With a reliable software program, all of this will be automated, and all your company and people need to do is stay compliant based on these updates. If you don’t have in-house expertise or resources to hire a team to look into compliance management, this is the best possible step ahead.
Decoding other benefits
With automated workflow, better document management, compliance management software allows companies to ensure timely management of requirements. This, in return, reduces risks and minimizes the possible lapses and errors that may have consequences beyond fines and penalties.
Check in detail before you go ahead and pay for any compliance management system.