Statutory compliances are necessary for all the companies for the safe business from legal issues/ troubles. The perfection we have in compliance, the lesser we will be in risk.
In the current scenario, it is very difficult for companies to manage the statutory compliances. Each country has various kinds of compliance requirement. The companies failed to follow the compliances are liable to pay heavy penalties which is higher than complying with the legal guidelines.
Advantages of having the compliances:
• Companies can save penalties cause of non- compliant which is three time from actual compliance payment.
• Can save heavy losses and business integrity.
• Heavy impact of the loyalty of our company.
Also the compliances activities are not a single month or one time activity. Companies have to take regular update and follow the updated guidelines received from government.
Because of lots of complication and competition in market, companies prefer to outsource the payroll and compliance to third party companies, whose have the specialization in staffing, payroll and compliances.