India doesn’t have a great reputation when it comes to ‘ease of doing business’, and that’s unfortunate for a country with an explosive population, which translates into a huge market. For businesses, compliance is a serious aspect that must be considered at every step, and often, it also remains a roadblock in many ways. If you look up for compliance checklist in India, the number of requirements, laws, regulations, norms and other aspects will surprise you. The term “compliance software” is still alien to a lot of companies and businesses in India, but it is an important one, and there are choices that can actually help enterprises in doing business better without secondary compliance concerns.
The need for digitizing compliance
- The missing expertise. Handling hundreds of acts, licenses, registration requirements and keeping up with compliance and filings can be a tough job, and most of the small, medium and growing businesses have little or no clue as how to keep up with the processes. To add to that, not every company out there can afford to have an in-house team for compliance alone, given that cost reduction is a major goal.
- Lack of awareness. Just knowing the statutory compliance needs is not enough. It is equally important to stay updated. Compliance software solutions help companies keep a track of everything that’s happening around. Even for companies that don’t have the resources for compliance management can rely on these software solutions to get things done.
- Because KMPs are not always well-versed with compliance. The people who really matter for running a business – Key Management Personnel – often don’t know much about their roles, rights and overall ability to manage compliance aspects. As a result, they don’t know how to take things ahead of explain details to the teams below them. Compliance software is handy for the very reason for decision makers.
- The changing environment of compliance. That’s another reason why digitization makes so much sense. Laws related to regulatory and statutory aspects change time and again, often within the same day or in matter of days, and keeping up with these compliance needs and updates can be a cumbersome affair.
Non-compliance is a serious issue, and besides the obvious repercussions, you must definitely consider the reputation of your company, which can be at stake. Check for compliance software in India now and take the right call with regards to features that can help your enterprise.