If you run a business, ensuring timely completion of regulatory compliances is necessary to safeguard your business against risks of non-compliances. Currently, you may be using a spreadsheet to track all compliances. Here are the top five reasons , why you need a compliance management software
1 I was aware of compliance, but forgot about it
A business has to comply with regulations of the Central Govt., State Govt. and Local bodies. This can become quite complex.
According to a CII survey, a manufacturing business has to comply with 70 laws and 100 filings in a year !
Proactly solves this problem, by bringing all compliances at a single place. No longer , compliances are scattered over several spreadsheets with respective departments. Management gets a realtime dashboard.
2 I missed the due date
With such a large number of compliances, it is easy to miss a due date unless there is a strong system of reminder and calendar management in place.
Central Budget of 2018-19 shows that companies have paid Rs. 2281.51 Crore as Interest and 199.98 Crore as penalties
Proactly provides a calendar view to each user for upcoming compliances need to be completed by him. The user also gets daily reminder email and SMS. In spite of this, if a compliance is not completed, the manager would get escalation mail and SMS
3 It is time consuming to retrieve evidence of compliance
Each law provides for a record retention period going upto several years
GST records have to be retained for a period of 6 afters after filing Annual Return. Similarly, income-tax Act provides for retention period of 6 years from the end of Assessment Year
Assessments and notices come several years later. During that time, retrieving the working and evidence of returns file takes up time and effort
Proactly provides for uploading of upto 5 documents for each compliance completion. These can be retrieved in under 2 minutes by selecting the relevant year, regulator and compliance name.
4 I have a large number of internal compliances / tasks to be managed
Apart from regulatory or external compliances, a business has to track and manage several internal tasks . These are equally important and impact the business significantly. Examples
Insurance renewals / Lease Renewals
Safety report by factory manager
Proactly provides for creation of internal compliances. These can be tracked and managed the same way as regulatory / Govt compliances. Proactly can also become an efficient task allocation and tracking system for any business.
5 I need Compliance Certificate from auditors
Our business needs an external auditor to audit all applicable compliances and provide a certificate. The auditor would require details of all compliances and evidence.
Proactly provides for an Auditor Role where the external auditor can be provided with login access. Complete details of each compliance along with evidence of completion is available to the auditor and audit can be completed remotely.
Try Proactly free for 30 days to see all above features and many more..