Why Statutory Compliance Outsourcing is important for small businesses in India?admin
|Manufacturing Organisations||Service Organisations|
|Micro scale – businesses whose plant, machinery, equipment, assets etc does not exceed 25 lakh rupees||Micro scale – businesses whose plant, machinery, equipment, assets etc does not exceed 10 lakh rupees|
|Small scale – businesses whose plant, machinery, equipment, assets etc does not exceed 5 crore rupees||Small scale – businesses whose plant, machinery, equipment, assets etc does not exceed 2 crore rupees|
|Medium scale – businesses whose plant, machinery, equipment, assets etc does not exceed 10 crore rupees||Medium scale – businesses whose plant, machinery, equipment, assets etc does not exceed 5 crore rupees|
If you are a small business, one of the best decisions you can take is to outsource your Statutory Compliances to an experienced associate like TalentPro. Following are a few facts in support of this business decision and will surely convince you.
To start with, following are a few statutory compliances out of a longer list and there is also an annual compliance calendar. All statutory compliances should be submitted or filed in prescribed formats on or before the various last dates. One of the modern day business opinions or attitude is “Everything is online now, why go to a consultant?” Along with other critical reasons, the answer is also provided below.
- Local Shop and Establishments Act
- Payment of Gratuity Act
- Minimum Wages Act
- Payment of Wages Act
- Contract Labour Act
- Maternity Benefit Act
- Equal Remuneration Act
- Employment Exchange Act
- Apprenticeship Act
Information & Know How
As a ‘small business’ entrepreneur and especially for new businesses, you need to find and gather the information and know-how about the various compliances. This definitely takes time, effort and maybe even money. Sometimes, this very task itself is complex, intimidating and can weigh down a new entrepreneur or business. Activities in this area may also slow down a business start-up plan or its milestones. Visiting various government offices, meeting the authorities concerned, getting to understand and fulfill the different types of documentation are surely challenging tasks. By taking the help of a proven partner like TalentPro, you can get through this step or stage easily and quickly, without any effort, time and with a good ‘value for money’.
Statutory Compliance submissions are spread out over the year. There are monthly, quarterly, half yearly and annual compliances to be adhered to. Failing to submit the required information, update or documents on or before the various dates of the calendar attracts different types of penalties and fines. Keeping a watch on the compliance calendar and visiting the various filing or submission points is not easy and pleasant. Sometimes, you may forget to look up the calendar, if there is time for the last date, you may plan to attend to it later. Due to being busy with your business, you may forget the submission and the last date may pass. On or before a submission date, you may be occupied personally or out of town. If you engage a well-wishing associate like TalentPro, you can simply forget the due dates and get on with your work.
Rules and regulations keep changing. For example, labour laws or taxation are critical areas which are subject to changes depending on the political and governance situation. It is quite an effort to be abreast of the changes in compliances and rush to incorporate the changes or alterations. Understanding previous rules and their amendments pile on the additional workload on small business. But if you have a friendly expert like TalentPro by your side, compliance regulations changes pose no challenge at all.
Focus on Your Business
Outsourcing statutory compliances remove all tensions and give you complete freedom to focus solely on running and improving your business. Though important and essential, administrative or routine tasks are one of the biggest time stealers for an entrepreneur or business. If these tasks are delegated or given to those who can effectively maintain and manage them for you, you save on time, effort and money which in turn can be channeled into your business. Focusing on your core business activities is a critical and essential requirement. Taking on and travelling along with a business guide like TalentPro ensures this.
Outsourcing statutory compliances may cost you some money. But it is ‘value-add’, ‘value for money’ and ‘money well spent’ because it reduces or nullifies the ‘real cost’ which is your tension, stress, anxiety, loss of peace of mind and health. If all these are evaluated or converted into actual monetary value, you will agree that the ‘real cost’ is much more valuable than the actual cost of outsourcing. At TalentPro, we totally understand and empathise with the fact that you should only pay the right ‘price’ for our services but not at the big cost of your peace and well-being.
At the start of this article, we said we will answer this. No doubt, many aspects of compliances have been made online. To take full advantage of this, you need a computer, software, internet connection etc. You may argue that all these also have become the ‘bare minimum’ these days. In such a case, if you apply the previous 5 points to the online option, everything is relevant as all the points are valid but the only difference is you do them offline or online. Here too, Outsource your statutory compliance services to a trusted vendor like TalentPro can double up as your ‘digital’ partner and ensure that you fully complaint in your statutory compliances.