Staying compliant to statutory & regulatory requirements is not a choice. In India, there are more than 58,000 compliances, around 3,000+ filings to check for, besides 2,500 regulatory updates every year. It goes without saying that compliance isn’t the easiest thing for businesses in the country, most so because of the ad-hoc, manual and paper-based processes. Enterprises don’t have access to compliance tracking tools, and most of the time, they end up making one mistake or the other. Lapses don’t always result in financial losses alone. It also affects the repute of the concerned company, and more than that, there can be legal consequences of non-compliance.
Now comes the big question – Should your company spend on compliance automation? To be fair, the benefits of automation are for real, especially for medium and small-scale businesses, which otherwise don’t have the resources to hire an in-house team for compliance matters alone. Below is a quick overview of the benefits.
- The foremost advantage of compliance automation is ease of compliance – as simple as that. To think of following more than 2,000 government websites and keeping a track of the regulatory environment is a challenge in itself. Not to forget, regulatory and other requirements change many times in the same day, and with software systems, you can expect to get updates in real time.
- There’s no long-term commitment. Yes, you read that right. You don’t have to spend huge on getting compliance automation software all at once. Many companies and vendors offer what’s called the ‘pay as you go’ option, which ensures that the money matters are in check.
- Besides easing compliance, such software also comes in handy for keeping a tab on mistakes or errors. Fines and penalties can be reduced considerably, and to top of that, manual work can be minimized. Your company can also rely on SaaS solutions to manage documents. Freeing up your internal resources allows you to focus better on operations.
There are many options in compliance management software in India, but not all are same in terms of features. The best software is the one that works for your business and can be deployed effortlessly. The actual implementation process may take a few weeks, but you can expect to get updates and alerts on all regulatory and compliance matters, often on email and a comprehensive dashboard.
Don’t miss the chance of simplifying compliance, because it saves expensive mistakes and saves time and effort!