Every business ranging from start-ups to SMEs, every organization in India needs to adhere to several rules and regulations related to the compliances. When an individual engages in business, there are enormous formalities and documentation a company must uphold.
Compliance Management is the process by which managers, plan, organize, control and lead activities that ensure compliance with laws and standards. (as per source)
These activities can include:
- Internal audits
- Third-party audits
- Security procedures and controls
- Preparing reports and documentation
- Developing and implementing policies to ensure compliance
A few key factors which must be taken care by an expert compliance management provider in India ;
- Compliances to be updated with government rules, changes and amendments: Every business needs to comply with state and local regulations carried out by government rules and regulations. Each compliance must be updated with latest changes and amendments and experts are in and out involved in the same work and are habitual of such important tasks.
- To take care proper company registrations: Registering business name is very important to create a brand and security reasons. When a company is registered, legally business is eligible for running, purchasing and selling of products/services. There are multiple types of company registrations. An expert as a over all idea about which business entity is different from other. Following are the types of company registrations; Sole Proprietorship, Partnership Firm, Private Limited Liability Company, Public Limited Liability Company.
- To maintain proper registers– PF, PT, ESIC, LWF etc: The compliance management expert if=s meant to keep your business compliant with the statutory compliances in India. Your company missed nothing and keeps your payroll process hassle free. There are enormous factors to be taken care in payroll compliances (PF, PT, ESIC) and are directly connected to the employee payroll. Such areas need expertise that must not be compromised.
- To make sure Quarterly, Annual returns are filed on time: To make sure that quarterly and annually returns are filed on time is a responsibility in a business and if not done properly, it may lead to unnecessary issues. The compliance management experts take care of such important tasks and keeps you hassle free.
- Preparation of challans and Remittances in bank: being on the right side of the law and preparing challans and remittances is one more responsible task in a company. Remittance challan is a form used by customers of a bank for depositing cash or check into their bank account.
Conclusion: The payroll outsourcing service providers covers each payroll responsibility including compliances. Organizations with growth plan are these days making the smart move of handing over the entire payroll headache and focusing on actual business growth. Picking the right outsourcing partner is very important and tricky task. This decision must be taken after investing an amount if hours in understand the current situation and learning the gaps. Outsourcing payroll will save a lot of time and efforts which can be multiplied for other business areas. As an entrepreneur, you have to understand that you are not losing control over the payroll by outsourcing it. Rather, you are hiring an expert who works for your company. With the involvement of payroll outsourcing partner, the hassle and pain associated with long payroll process is chopped off. You provide the basic information and the payroll comp any takes care of the rest for you. There are lots of points to be added in the lines of peace of mind achieved by several business owners after hiring payroll partners. All you are left with clear and focused mind which is left to focus on running a profitable business.