To know the meaning of Statutory Compliance, we will have to understand the meaning of two words individually. The word Statutory means “in relation with rules and regulations, “and the word Compliance is “commitment.” So that means statutory compliance is a company’s protocols or legal framework used to deal with the employees ethically and professionally.
We can be your payroll compliance partner. We manage your end-to-end statutory compliance in payroll; we keep track of recent statutory compliance amendments, update you about them and ensure these are incorporated at your end.
All the companies or businesses in India must follow all the legal, statutory norms to operate their business here in India. So, this involves avoiding penalties, keeping updates about the rules’ constant changes, and a significant investment of resources and time.
It’s a challenge for organizations to keep themselves compliant with the ever-changing labour laws. Especially for the small and mid-sized businesses, they need reliable statutory compliant services from an expert service provider like Finsmart.
As a statutory compliance and payroll service provider, we ensure timely processing of compliances and accuracy, which lowers the risk toward penalties.
Regional and local expertise, ethical practices, error-free data and support during inspections & assessments assure a satisfied service lineup for our clients.
With a lot of new startups coming up here in India, operating businesses has become complicated. Businesses are facing many challenges to ensure that they follow these categories of statutory regulations and mandates:
These are just the top-level laws. They have many acts under them, which are all covered in our HR statutory compliance services.
A company or a business will never want to be on the wrong side of the law. However, not following the statutory compliances often hamper the business growth since most of your Vendors and Business Partners look for law-abiding companies for a business relationship.
Therefore, here are a few benefits of getting statutory compliance services for your company.
Compliance with the statutory requirements results in the prevention of consequences like receiving regulatory notices, stoppages of work, suspension of licenses, discontinuation of directors, paying penalties, and sometimes resulting in the company’s complete shutdown. Having experts like us handle your statutory compliance services can keep you away from all these unfortunate events and legal penalties.
The quality of the business products and services is going to improve when they adhere to statutory compliance. The business can focus more on increasing the necessary means to grow the business rather than spending time and resources paying penalties for non-compliance.
Also, the top-level management is free from all the apparent risks that can emerge due to non-compliance. Adhering to statutory compliance also helps businesses avoid failures and leads to greater business operations efficiency, improving the service or product quality.
Most Business Partners, Vendors and customers want to deal with companies who are compliant and are ethical. If you invest in a quality compliance management service company like Finsmart, we can help you remain compliant with the governing statutory laws and ensure a lesser hassle. Thus, it can result in attracting more investments and business prospects.
Organizations that follow statutory compliance are one of the favourites of the big investors and stakeholders. This is one of the first things that they think of before investing in the business. Also, complying with all the laws results in businesses showing that they are intended to operate fairly and transparently. This results in earning employees, inventors, and other company’s loyalty, strengthening brand loyalty and authority.
A fully compliant company always benefits from better public & business relations. In addition, having the HR department compliant assures better employees, stakeholders, and customers as they will always be confident that the company will adhere to high ethical practices.
Having statutory compliance in payroll or the HR services ensures timely compliances and accuracy, lowering the risks towards the penalties and following the Provident Fund, ESI (Employee State Insurance), Professional Tax, and Labor Welfare Fund. This results in employees working in a healthy work environment. In addition, such employees make the company’s employee retention higher.
Here are a few risks that provide the fundamental reasons that why a company should not take statutory compliance lightly:
Failing to adhere to statutory compliances often results in heavy fines and heavy direct and indirect financial losses to the organizations.
Non-Compliance results in invites to unnecessary lengthy audits. These audits may sometimes last for days resulting in a waste of time as well as money.
With digital media spreading news like wildfire, the news of your organization paying hefty fines due to non-compliance can significantly hurt your market brand value and your reputation and goodwill.
There are many cases where the businesses exhibited perilous non-compliance, and the authorities had to shut down the companies and cease their operations.
Having statutory compliance services from an experienced firm like Finsmart can ensure that you maintain proper statutory compliance. Our clients find that our statutory compliance services are best in all aspects of India’s statutes and labour laws.
Outsourcing Statutory Compliance services mean hiring third-party or offshore compliance services providers rather than having an in-house compliance team.
Since every organization has to run as per the rules and regulations irrespective of where they operate, to achieve all the standard Statutory Compliance is necessary. We at Finsmart ensure that your organization fulfils all the legal obligations.
This means that Finsmart will be the agency responsible for getting all the safety means and health requirements. Finsmart also ensures that all the workers and labourers get their entitled salaries and make the workplace happy. We also ensure that all the necessary law changes are considered and proper functionality is followed.
In recent years, the demand for compliance has increased significantly, which has raised the cost of maintaining the in-house compliance infrastructure. Therefore, many companies are opting for outsourcing their compliance services to cost-effective companies like Finsmart.