Why compliance audit software is now more important? Did you know in the financial year 2019-20, more than two lac shell companies were de-registered? More than 3 lac directors, who have previously defaulted on compliance matters, have been barred from taking up management roles in other corporate firms.
In this article we are going to discussed compliance monitoring software and it is need in India. Doing business in India is certainly lucrative, considering how the country is emerging as a true global power.

However, when it comes to ‘ease of doing business’, there are many concerns, or rather roadblocks. In a country, where there are more than 69,233+ compliance needs, over 1,536 Acts and 6,618+ filings, things are bound to be complicated. When it comes to compliance monitoring software businesses still have their concerns. After all, automation is not something that managers and experts can associate with, especially because most of the compliance work in India is still done manually and must be completed as per the due process, which is time consuming.

Making an investment
Nevertheless, compliance audit software is probably the best investment your company can make in the current business environment. Businesses are investing huge in automation and digitization, and the government is focused on ‘Digital India’. So, should you think of automating compliance using SaaS solutions?

Let us take a look.
A huge number of bank accounts has been frozen. In short, the government is serious as how it looks at compliance matters. There is no denying that compliance is more important now than ever before because businesses cannot escape scrutiny anymore.

Thanks to digitization, regulatory bodies and governmental departments that are dealing with compliance matters are more aware of the possible lapses, and the consequences obviously extend beyond basic fines, penalties.

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