It is no secret that India has stirred huge interest among various domestic and overseas investors wanting to enter the Indian SME market. You surely understand the opportunities, and therefore the urgency to stay ahead in your business. However, one of the most challenging job is to stay updated on compliance and regulatory requirements.
How many Business Owners today can confidently say that they are 100% compliant?
What are you doing to mitigate the risks associated with compliance?
The Government policies are evolving, new laws gets enacted, and amendments to the existing ones keep happening. These are all not very simple to understand, at times ambiguous creating confusion and even more difficult to implement them. How prepared are you to handle all this?
Any laxity in compliances today proves to be fatal since it boils down to paying heavy interests and penalty. And taking toll of Business Owners time and mental bandwidth which could have been otherwise used in the business growth.
Given the way SMEs operate their businesses, with unstructured processes, loose financial discipline and improper documentation leads to a high risk on missing compliance. And today whether GST, TDS, TCS all have become a monthly or quarterly filings. Most times the accounting team aren’t able to provide the financial statements in time before the compliance deadlines so there will be no time to evaluate or discuss the same. In lot of cases even the financial statements may not reflect the correct financial performance of the business and in hush-hush the statements are filed to meet the deadlines just making sure that you keep dealing with notices from the departments and paying lawyers’ fees.
With more automation and rigor on compliance on regulatory side, there’s isn’t any choice with the today’s organisation but become compliance ready. Outsourcing your Accounting, Payroll and Compliances or setting up in-house department with right financial processes is key to mitigate your risks. But setting up in-house full-fledged finance department still will eat into Business Owners bandwidth in terms of managing these talents. The right outsourcing partner will ensure you are upto date on your Accounting, Compliances without much headache and at an affordable cost. So whichever way you go ensure you are on the right path to compliances.
Are you compliant ready? Well, team Finsmart is just a call away in case you need help.
www.finsmart.com is one stop solution for all your Accounting, Payroll and Compliances needs. We specialise in managing Indian Entity of Global MNCs , Technology Companies and New Age businesses. Our Controller/CFO Services ensure as Business Owner you are on top of your Growth Metrics.