Doing business in India is certainly lucrative, considering how the country is emerging as a true global power. However, when it comes to ‘ease of doing business’, there are many concerns, or rather roadblocks. In a country, where there are more than 58,000 compliance needs, over 1,000 Acts and 3,000+ filings, things are bound to be complicated. When it comes to compliance tracking software¸ businesses still have their concerns. After all, automation is not something that managers and experts can associate with, especially because most of the compliance work in India is still done manually and must be completed as per the due process, which is time consuming.

Making an investment

Nevertheless, compliance tracking software is probably the best investment your company can make in the current business environment. Businesses are investing huge in automation and digitization, and the government is focused on ‘Digital India’. So, should you think of automating compliance using SaaS solutions? Let’s take a look.

Why compliance is now more important?

Did you know in the financial year 2017-18, more than two lac shell companies were deregistered? More than 3 lac directors, who have previously defaulted on compliance matters, have been barred from taking up management roles in other corporate firms. A huge number of bank accounts has been frozen. In short, the government is pretty serious as how it looks at compliance matters. There is no denying that compliance is more important now than ever before, because businesses cannot escape scrutiny anymore. Thanks to digitization, regulatory bodies and governmental departments that are dealing with compliance matters are more aware of the possible lapses, and the consequences obviously extend beyond basic fines, penalties.

The road ahead

Of course, it requires considerable understanding of how compliance management software works to actually make the most of such options. Ideally, any such software is expected to offer updates in a real time, besides a comprehensive compliance database, which companies can access on the go. Such software follows all government websites and other sources, to ensure that compliance remains an easy process for clients. Another aspect that must be considered is the implementation of such software.

Keep in mind that a good solution should work within the framework of your business, and the developer/service provider should explain how their product can help your company in managing compliance better. Review all features before taking the final call.