As far as ‘ease of doing business’ is concerned, India isn’t the most favourable country for investors and entrepreneurs. While initiatives like ‘Make in India’ have encouraged businesses to find their foothold in India, the process of starting a company here remains complicated. To be fair, a whole set of reforms are required to simplify regulatory compliance, but businesses can choose to take the step forward with new-age compliance management software in India. In this post, we are discussing more on the concerns related to regulatory compliance, and a brief of automation and its advantages.
The problems at a glance
- How companies are managing regulatory compliance is itself an eye-opener of sorts. Think of this – most of the compliance matters are being handled manually, and the whole reliance on paperwork and spreadsheets is anything but simple.
- There is also practically no single way of getting legal updates. In fact, the lack of a comprehensive regulatory compliance database is the biggest challenge for most businesses. Many companies only know the requirements when they get a notice.
- The changing regulatory landscape doesn’t help much either. Sometimes, matters related to filings change many times within the same day, and there is no way to get real-time updates for the same.
- Most businesses don’t have the expertise to handle regulatory compliance in the first place, and smaller companies don’t have the scope to allocate resources for having an in-house team.
- The consequences of non-compliance – missing documents, not filing documents in time, not completing necessary formalities – can be huge, and this may eventually have an impact on people managing the company.
How automation can help?
With digitization and automation of regulatory compliance using software solutions, companies can actually manage all the requirements by getting real time updates. The software can be integrated as required within the existing framework of the business, and as a result, there will be no lapses or misses whatsoever. Document integration system can further keep the paperwork in check, so manual errors can be avoided considerably. Also, there are more than 2,000 government websites out there, so the software will get updates automatically, so some of the losses can be minimized and avoided entirely.
Check online now to find more on regulatory compliance automation, and don’t shy away from reviewing the features in detail, because such software needs to be useful enough for your company in the long run.