Why online compliance..?

The mark of an economy can be gauged by the number of compliances an entity has to file. Lower the compliances, lesser the importance of the economy, and more the compliance, it is expected that larger and more diverse is the economy with the government and its varied arms being at constant vigil on what people do and how they do things. Right from board resolutions of corporates to ITRs to contract-labour compliance to even compliances during the closure of a company, everything is to be done under the guidance of laws that have to be evidenced by documents that show and attest to such compliance. In fact, the world of a corporate (or for that matter, any entity)- if not handled the right way quickly turns more into taking care of the existing than thinking about or acting on matters relating to the future. And in doing so, which can also be called “fire-fighting”, the future is compromised at the cost of maintaining the present.

It's to streamline the compliances while bringing them at par with the latest needs of varied laws while informing companies and entities of their status, important dates and other requirement, that you need the services of Cadashboard (See a Dashboard), a specialized on-cloud dashboard that constantly updates you thru the likes of email and mobile phone of all that you have to comply with, as also the status of the present.

As to why such a service and its importance. the following points are worth considering:

- Number of compliances and the level of their complexity are going up every day.

There was a time when compliances could be counted on one’s finger-tips. IT, Labour and a few others. These days, besides these there are others with respect to environment, workplace safety, pollution norms, type of workmen employed and so on. Practically anything and everything that can cause conflict in society or could drain the system of resources are turned into an activity that ought to be recorded and put before the authorities in the form of documents which show compliance of laws. With every passing day, there is a new requirement that needs to be complied with. While complying is certainly for the good of society, its inevitable non-compliance, in almost all cases due to oversight can invite heavy penal actions in the form of business likely to be curtailed, penalties, jail terms and the likes. These not only slow down things but also bring bad repute to a business, something that may have taken ages to create.

- Grey areas in calculations and documentary evidences

In the present times, it is one thing to know about compliances and even do the needful, and quite another to do it the right way with correct calculations and documentary evidences. While the likes of Income Tax and Labour Laws are fairly well laid out, there are newer ones coming up every now and then which besides being completely new, can sometimes have areas that seem unclear to an entity to which it is applicable. Instead of taking time out in getting hold of a specialist, paying extra and doing the needful, it makes immense sense to engage the services of a cloud-based compliance dashboard which itself engages the services of specials and can give a single-window service to companies. In doing so, and with the backing of the best software, companies go about doing their business while their compliance-related activity is taken care of by specialists.

- The status of compliance within an organization can sometimes be unclear

There is immense value to be had where information is available at the click of a button, and more so when it’s about important matters in compliances. To be shown the latest status of compliances on a gadget’s screen brings about more cheers and happiness than all the money in the world. Most companies and entities while having the best of inhouse system in most cases do not have the wherewithal to bring it all centrally on a screen. To be told the status of a document that has been filed with authorities with firm proof and documents in place makes the case of an entity quite strong. It also reflects well with the authorities.

- Information security is assured on a cloud service!

An excel sheet whether on any gadget or on google drive and the kinds does not equate to the ease and security one gets by storing information on the cloud. With the right service provider, information that’s the life-blood of an organization is super-secure on the cloud- only to be used as per instruction for the right reasons. With ransomware being the next big thing in data security, there is practically no way one can secure the same other than by storing information on a secure cloud.

- It’s ideal that you get the service of bodies like CA, Labour law professionals etc at one place

Let’s take an example. A manufacturer ought to concentrate only on their activity while leaving the rest to specialists, be it a CA, a Labour law specialist in compliances, lawyers and the rest. It is not for the former to get into the activity of the latter as the latter though important arises ONLY out of their own activity. In order to remain # 1 in their activity, one HAS to take the service of others and do that through a medium that takes quality seriously. A cloud-based compliance service is thus the need of the hour.