India is emerging as a true global economic power, and with initiatives like “Make In India”, businesses have more scope to prosper and grow in the country. However, when it comes to ‘ease of doing business’, India doesn’t offer much for global and local companies. The whole process of getting licenses, setting up the manufacturing unit with necessary permissions, getting the necessary paperwork done can take months, and even years. For businesses, the whole idea of keeping up with statutory and regulatory requirements is a tough job, given that laws and norms change now and then, often several times in the same day. In short, compliance has to be simplified, and for that, automation and digitization are the real answers. With new services, taking the leap ahead and finding statutory compliance checklist in India is easy.
Why should you digitize compliance?
Compliance in India is a serious concern of sorts for all businesses. There are over 58,000+ compliance requirements and over a thousand applicable Acts. Companies that do business across states and with global clients have a greater number of regulatory requirements to meet. Besides central government regulations and compliance needs, there are norms from state and local governments that must be followed. A considerable part of the compliance work is done manually, so there are too many errors in filings, including duplication, and since most of the paperwork is stored within offices, missions and mistakes are common. It goes without saying that automating and digitizing compliance is the need of the hour.
How to take the right steps?
Well, first and foremost, companies in India need to find SaaS, or Software as a Service solutions, which offer all the things they need to know about compliance. From finding the regular updates to checking the database for compliance needs, businesses can pretty much manage everything that’s required to do business. For companies that have no clue of how to track the changing regulatory needs, this is the best possible approach by all means, as they don’t have to manually do anything at all. In return, it saves on the costs, because there’s no need to hire an in-house team for compliance needs, and for small businesses, this also means focusing better on operations.
Check online for compliance SaaS solutions and don’t forget to check what they have on offer in terms of features. Also, do evaluate the ways in which automating compliance can help your business.