Regulatory & statutory compliance in India is anything but simple. Businesses often have a hard time managing compliance needs, and as a result, they end up paying huge amounts in fines and penalties. The consequences don’t end there. Under Companies Act, 2013, criminal proceedings can be initiated for lack of compliance, and the reputation of a company could be at stake. For decades, compliance and keeping up with regulatory needs has been about manual management and huge volume of paperwork. Thankfully, there’s a choice of compliance automation software in India. What are the advantages of compliance automation? What features can you expect from such software? In this post, we are discussing some of the basics and more.
Do we really need compliance automation?
Absolutely! This is more important for businesses in India, because the processes here are super slow, even with digitization, and more importantly, compliance requirements change more frequently than usual, often many times in the same day. With compliance automation, companies can expect to get a more comprehensive means of keeping up with various requirements, and this doesn’t have to be expensive, because there’s no need to have an in-house team for the job. Manual management of compliance affairs and statutory requirements only leads to mistakes, omissions and delays, which automation can be complete do away with.
Benefits at a glance
With compliance automation software, companies can expect a dashboard, which can be used for keeping a real-time check on all aspects. Such software solutions also come in handy to keeping a tab on document management, and whenever there is a change or update related to compliance matters, the concerned compliance automation software will send alerts and notifications. Depending on the option you choose, you can even integrate office emails, so that updates and alerts go straight into the inbox of the top management professionals and board of directors. Companies can also get detailed reports, and the reporting system can be automated, as well.
Making a choice
If you want to reap the advantages of compliance automation, you have to find a software solution that’s flexible and incorporates all the features that you need. It is also a wise idea to review and understand the features based on practical use, because compliance automation itself can mean different things for different businesses.
Check online for companies that have software for automation and find more on how you can handle compliance better.