In India, compliance laws are extremely complex, dynamic, and different for each state making it extremely difficult for Small and Medium Enterprises (SMEs) to fulfil compliance requirements.

Non-compliance can lead to monetary fines, prosecution, and severe loss of brand name. Despite this, India Inc. has always managed compliance driven by individuals and their expertise. In todays difficult times, such an approach to compliance is insufficient and ineffective. It results in most Indian corporates not being equipped to engage with government agencies in case of compliance-related questions and disputes.

With constantly changing state and central acts and regulations, what SMEs need is a modern compliance solution that allows them to focus on business-critical tasks and not waste their time in ensuring (and maintaining) compliance.

Why SMEs should not spend time on compliance
Given how important it is for companies to enable Payroll Compliance, Shop & Establishment Compliance, Factory Compliance, Contractor Compliance, and more, companies have been manually managing and maintaining compliance. Although such an approach might work for a short time, the complex and dynamic nature of changing rules and regulations make it difficult for them to drive value from their compliance efforts.

Not only do complex compliance requirements compel SMEs to shift their focus from value-added tasks, but they also result in fatigue in the long run. Organisations who want to achieve business results while simultaneously ensuring 100% compliance need to work with compliance experts who can take over the avenue of compliance.

There are several reasons why companies should consider hiring experts when it comes to compliance:

1. Lack of knowledge: Despite all the efforts SMEs put in to ensure compliance, the constantly changing compliance landscape sometimes puts them in a tight spot. Because compliance is not their core skill, very often, they lack the knowledge needed to enable and ensure compliance. In such situations, they need an expert opinion, advice, and a focused approach to stay compliant in turbulent times.

2. To avoid dealing with government officials and red-tapism: The compliance landscape in India is extremely complicated. In addition to driving constant efforts in keeping up with new and evolving regulations, Indian SMEs also have to deal with a lot of red-tapisms. Hiring experts can eliminate the need to deal with government bodies in case of questions and disputes and bring their organization up-to-speed with new compliance requirements.

3. Inability to take charge of complexities: Achieving compliance is a challenging process, especially for SMEs who do not possess compliance as a core skill or an army of resources. The inability to take charge of the complexities that come with compliance can have a massive impact on the organisation: from expensive lawsuits to bank fines, compensations to lost reputation. Compliance experts can bring with them the required level of expertise needed to manage the complexities while ensuring the company always plays by the rules.

4. Saving cost: The cost of non-compliance can be extremely far-reaching. For instance, the maximum penalty for minimum-wage non-compliance is imprisonment for three months and/or a fine of up to  INR 100,000 . But its not just monetary costs that have to be considered. Non-compliance can also greatly impact customer service and brand reputation and can attract hefty lines and prosecutions. Hiring consultants is a great way to manage compliance while drastically bringing down the cost of non-compliance.

What benefits do modern compliance solutions bring?

For SMEs finding it extremely difficult to traverse the highly complex compliance landscape, a modern compliance solution can make compliance a breeze at a fraction of the cost.

A compliance solution that is a combination of technology and subject matter expertise of compliance experts can help companies overcome the challenges that come with manual compliance processes.

Virtual Compliance Manager is Indias most innovative compliance solution. It is a combination of a modern SaaS based compliance platform  Ctrl F  and Core Integras compliance expertise. Right from managing establishment compliance to registrations and renewals, auditing contractors, inspection support, remittance and returns filing, and more the Virtual Compliance Manager takes care of all the compliance needs.

By leveraging state-of-the-art technology, it can ensure seamless end-to-end, ongoing compliance with all requirements. A dedicated virtual manager can

• Provide strategic inputs, expert opinion, and a focused approach to compliance while seamlessly managing the tedious tasks of compliance.
• Deliver expert compliance guidance to keep pace with different federal and state laws and rules apply and keep getting amended.
• Help SMEs ensure guaranteed law compliance and receive legal opinions and interpretations on recent amendments.
• Provide insight into a range of compliance requirements from S&E to Payroll while managing notices and dealing with government officials in case of questions or disputes.
• Manage day-to-day compliance needs with industry-standard SLAs to ensure timely resolution
• Deliver a consolidated, 360-degree view of compliance status through drill-down dashboards and ensure SLA-driven engagement at a fraction of the cost.
• Manage the secure storage of all compliance-related documents and enable hassle-free statutory compliance management

As an SME, if you find your organisation spending too much time on managing compliance and audits, it is time to embrace a Virtual Compliance Management Solution to ensure compliance without any headaches. With a modern solution, you can not only streamline the compliance process but also help stay on top of compliance status and identify areas of concern quickly and seamlessly.