The term compliance describes the ability to comply with orders, set of rules, or requests. A private limited company that has been incorporated in India must ensure the compliances concerning the Companies Act, 2013 are adequately met. The RoC compliance for registered Private Limited Companies is necessary. Irrespective of the total turnover or the capital amount, the company must comply with the annual compliance requirement. All companies registered in India like a private limited company, one person company, limited company, and section 8 company need to maintain the annual compliances like annual returns and income tax return each year. Though Company Registration happens to be the most popular form of starting a business, various compliances need to be followed once the business is Incorporated.
Compliance management software provides an automated workflow for managing the parts of the compliance management procedure such as the compliance reporting process, thereby doing away with the manual or non-automated process of management, that organisations typically adopt.
Increased operational efficiency is a direct fallout of automation as the time, money and resources dedicated by an organisation for compliance management decreases once an automated compliance management tool is implemented to escalcate to check the manual system for non-compliance from management tool.
An automated compliance management tool ensures that the organisations receive the prompt for a compliance at the correct time. The defined timelines make sure that the organisations never miss a deadline and are always aware of the compliances that are upcoming in the near future without having to keep a tab on their calendar
The above benefits resulting from the implementation of a compliance management software helps reduce costs for the organisation. No legal experts or a dedicated legal team is required to be appointed by the organisation. Further, all documentation is saved online on the compliance management software itself.
It all starts with registering your business to make it into a legal entity under the Shops and Establishments Act of 1953 or the Factories Act of 1948. Starting with company registration, obtaining a PAN or GST, we can be associated with you from the very first step. Starting a business on the right note lays a concrete foundation for any business.
Any business or organisation is bound to employ people. This is when HR compliance needs come into the picture. Provident Fund (PF), Employee State Insurance (ESI), Professional Tax management and Employee Welfare Fund management are the most important topics under HR compliances services which include all the HR Services.
The next logical step for a business or organisation employing people and that means payroll processing. Service Sathi’s payroll compliance service ensure that salaries are accurately computed and readied for payment on a timely basis. Paying salaries correctly on time shows the organisation or business in a great light to its employees who in turn are motivated to perform to the best of their ability.
Apart from the Acts mentioned above like the Factories Act, examples of other Acts coming under Labour Law are Minimum Wages Act of 1948, Payment of Bonus Act 1965, Payment of Gratuity Act 1965 and the Equal Remuneration Act of 1976. With Service Sathi by your side, you need not to worry about these Acts, as we are always at the forefront of all modifications and changes.