India has complicated ecosystem, as far as regulatory requirements and compliance matters are concerned. There are over a 1,000 Acts, more than 58,000 compliances, and more than 3,000 filings. Depending on the nature and industry, a business may have to comply with various requirements, and if the company operates internationally or has business in different states and union territories, this only convolutes things further. A lot of companies have little or no clue of how processes work, and they have a hard time keeping up with compliance updates in India. This is exactly where compliance automation could be an effective and scalable solution.
The basics of compliance automation
This basically refers to software applications and solutions that rely on specific features and technologies to simplify compliance. Depending on the software, businesses can get regular updates, can follow a checklist, find ways to reduce mistakes and omissions, and work with testing. With compliance automation software, it is also easy to keep a track of new changes, so that security and regulatory requirements can be managed effortlessly. It goes without saying that not all applications that automate compliance are same, so features must be considered. Since we are talking of compliance automation in India, the software application has to accommodate the compliance environment in the country, which is prone to changes.
What are the benefits?
- Th foremost benefit of compliance automation is compliance itself. Businesses no longer need to track multiple websites, or don’t have to wait to get notices before taking corrective steps.
- Everything related to compliance can be managed on a single platform. This reduces the need to depend on manual work, and managers will have a better control on how compliance procedures are complicated.
- Since compliance management comes with inherent risks, automation allows businesses to mitigate these issues, because they will be relying on real-time data.
- Data related to compliance will be maintained on the cloud and can be assessed on the go. Depending on what software is selected, businesses can decide how they handle data or save documents.
- With compliance automation, it is also possible to reduce reporting mistakes and other errors, which may have consequences beyond finance. Companies that have simplified compliance also enjoy better reputation.
Now that you know the various aspects of automating compliance, check online now to find more on software solutions and applications that may work adequately for your business.