As India enters into a new regulatory regime with the GST implementation, Micro Small Medium Enterprises (MSMEs) are facing a great deal of change.
The newly-introduced laws further add to the existing regulatory complexity for companies that have to keep track of and fulfil compliance requirements of different types- central governmental, industry-specific as well as those of state level.
Companies most often manage their compliance with manual monitoring. Teams are put in charge of keeping track of the requirements and to take the necessary steps to meet them. This dependence on manual effort can, however, lead to delays or mistakes. It is easy to become overwhelmed with work responsibilities and forget a critical deadline which can lead to penalties, legal consequences, and embarrassment.
By automating the compliance process with the help of intelligent software, a great deal of the risk is reduced. Here are some of the reasons why companies must consider automating compliance:
1. Full Transparency leading to Peace of Mind:
This is the biggest reason for opting for automating the compliance process. By having a real-time view of the compliance requirements, the current status and necessary next steps, senior management can rest assured that there are no missteps or errors.
2. Avoid penalties & reduce risk of non-compliance:
There are numerous regulatory and non-regulatory requirements that every MSME needs to adhere to. Compliance software is invaluable in keeping track of them and providing timely reminders which can ensure that the company fulfils its obligations in time.
3. Centralize the compliance process:
The use of compliance software brings all compliance-related activities and tasks to one platform. Tracking compliance status, upcoming deadlines, escalations, as well as storage of key documents – all such vital processes get managed through the software which helps increase efficiency.
4. Keep on top of compliance requirements:
The complex web of regulations that a company operates under is constantly undergoing change. By automating the compliance function companies can remain updated and not miss out on new laws pertaining to their industry.
5. Better staff productivity:
With the use of compliance software, compliance teams reduce time spent on low-value tasks like filing paperwork or maintaining excel trackers. They can shift focus to more important responsibilities related to managing risk and compliance.
Evidently, a well-designed compliance software like KloudGRC significantly reduces the load on teams and facilitates regular compliance. These solutions have a wealth of features that help in day-to-day management including
- Calendar view of essential tasks
- Real-time visibility into compliance status
- Up-to-date reporting with dashboards
- Reminder and alerts
- Email escalations
- Centralized storage of evidence of compliance
- Calculation of compliance interest/penalties
Customizable and powerful, compliance software makes it possible for companies to remain one step ahead. Running on the cloud, these solutions are mobile, flexible and cost-effective, allowing businesses to adopt them as per need but without compromising on functionality.
Read more here for a better understanding of the KloudGRC solution and its features.