On Time Compliance – Must For Business

A stitch in time is better than nine…….and there are no free lunches!

Something similar is the case when you run an enterprise irrespective of its size, worth, activity and similar considerations. Governments the world over see businesses from a different perspective compared to an individual as regards legal and tax liabilities. Businesses are established with express intention to earn profits. No business runs on a charitable intent. How-so-ever noble the intent, a functioning enterprise is the result of profits and incomes out of its operations.

Unlike an individual who functions to keep self and immediate family going or for that matter a not-for-profit enterprise intending to uplift humanity, a business run purely on commercial lines has an unwavering focus on returns. With the larger intent of distributing resources equitably amongst society, the executive under the express instructions of a duly elected government is supposed to tax enterprise, how-so-ever small and distribute the same for the larger good. Examples of larger good may include things like educational institutions, grain storage, transport and telecom infrastructure, hospitals and healthcare etc.

Given this outlook, tax and related legal entities has an unrelenting view on non-compliance. You either pay on time…..or pay a penalty and pay your dues or worse still go behind bars….and still pay. The choice is yours….after all it is your business and your hard-earned reputation! The latter takes years to regain once lost to legal wrangles. Both time and money can come back (in parts if not whole) but a name and reputation built over years of hard work never really comes back once lost. The ongoing case of a reputed Indian Conglomerate which prides itself for its patriotic fervor though its owner is behind bars for the last one year is the perfect case in point. As is evident, they have lost money, opportunity and most of all, reputation and people’s goodwill. Reason? Omission (willful or otherwise, we can never know) in informing the authorities about money being borrowed from the public in all of its.

Yes, in today’s industrial and legal scenario with IT and systems being the corner stone instead of human intervention which is fraught with subjectivity, it is increasingly possible for defaulting entities to be hauled over the coals. What then is the way out?

Experience….and some nifty technology shows that the best way to stay out of these sticky situations is to be one-up on them. Like we mentioned in the beginning, a stitch at the right time helps save nine later. A proactive step now is the best guard against costly, time consuming and reactive measures later. And helping enterprise stay one step ahead of compliances…and un-intended hardships, is Orgpro Softwares Private Limited of Pune who have developed entire cloud-based software platforms accessibly from anywhere on the planet by any kind of enterprises doing any kind of business.

Sounds interesting? It should. After all, a thick carrot is any day desirable to a thick stick!

Do visit CADashboard at www.cadashboard.com to know more.