Why does Your Company Need a Legal Compliance Service?

Why does Your Company Need a Legal Compliance Service?

Why : Legal Compliance Experts

  • Every business, ranging from SME’s to Fortune 500 companies, need to adhere to certain laws and regulations. Failing which can result in dire consequences.
  • The fact is – one loophole in the compliance management can cost you – your business. So you know how particular you need to be about them.
Why : Legal Compliance Experts
Legal Compliance Experts

But who do you give the responsibility of such a crucial task is the question. The fact is you can be an expert in one field that is managing a business but that doesn’t mean you’ll know the nitty-gritty of legal compliances. So the idea of doing it all by yourself is not feasible in the first place.

If there’s one thing that legal compliance management requires, it is expertise. You not only need to know about the laws and regulations but also remain updated of any changes (and they’re frequent).

And in case you miss out on any of them, be ready to pay fines, penalties, or even your organisation.

Sounds too risky? Well, if not managed by the right professionals it definitely can be intimidating.

Your safest bet, therefore, is to hand over the segment to experts who offer legal compliance management services.

They are experts in the field and have been handling that segment for long thus they know how exactly you need to go about it.

What : Legal Compliance Services

  • Make sure that the company is registered with professional tax, provident fund, labour welfare fund authority, Employee State Insurance, etc.
  • Preparation of the legal and statutory registers as well as reports as and when required.
  • They keep a track of your statutory dues and update the accounting department about the same.
  • Collaborate with the legal bodies concerned with your business. This helps you sail smoothly through legal matters.
  • Ensure that your monthly, quarterly and annual returns are filed on time so that there re no penalties to burden you.
  • Prepare challans and submit them to the bank.
  • Compile your employee’s document. This is done for various purposes such as nomination, registration, transfer, pension, withdrawal, and more.
  • Register each employee with a UAN number.
  • They also ensure that senior management is aware of all the laws they need to be in compliance with. This comes handy when your business applies for audits (ISO Compliant Certification, for instance).

Also Read: Everything You should Know about Statutory Compliance Outsourcing

That’s how a Legal Compliance Management Service can help your business.
But why do you need the service?

Advantages of Hiring Experts for Compliance

1. Prevent legal trouble

This has to be the first in the list. Not following the laws and regulations to its exact point can land you in a pool of fines, penalties, notices, and business risks.

No matter how much time you invest in learning about the laws and regulations, it’s difficult to gain expertise in a matter that does not come under the purview of your stream. And anyone less than an expert is not adept to handle the compliances for your business.

The reason is simple. Mistakes can happen and the cost of those mistakes is incredibly high. Experts, on the other hand, have been doing it for so long that they’re fully aware of the areas where mistakes are possible, thus they’ll make conscious efforts to avoid it.

Also when a team of experts works on your compliance, it becomes easy to identify the rectify the errors. Compliance management service, therefore, follows all the updated rules and saves you from all sorts of legal troubles.

2. Focus

An organization is made up of numerous business processes. And you as a business owner cannot focus on all of them. Your business will thrive when you put your entire focus on what you are required to do – managing the organization.

Understanding and implementing the legal process is a complicated and most importantly, a time-consuming task. If you take it all on yourself, be sure that there will be other crucial processes you’ll be missing on.

Conversely, a dedicated compliance management service will help you focus on what you do best by taking away the burden of managing something as serious and risky as legal compliances.

3. Avoid costs –

Whether in terms of employees who you hire to handle the segment or the fines and penalties that are levied on you if you take a wrong turn, compliance management can be costly.

If you hire experts you can be sure of the fact that you pay for exactly what you ask for. Also, there will be a huge cost reduction because there will be no fines or penalties on your table.

4. Loyal customers/better public relations

Compliance management services can help you build a loyal customer base and is also excellent for public relations. Wait, what? Yes, most of the customers want to see more than just your products and services.

When they know that yours is legally compliant organization, you promote good practices, and your employees are satisfied, they’ll be able to trust you more.

Legal compliances are constructed in a way that they reflect a company’s culture and when you strictly adhere to them it builds your reputation as a byproduct.

Read More: What SLA for & Service level agreement best practices

5. Employee retention

Employee attrition is the biggest issue that businesses face.And compliance management can help mitigate that. All employees want to work in an organization where their rights are protected, they feel safe, and their interests are respected.

Following rules will give a true impression to your employees that you value them and their work. And all employees would be interested in working for an organization like that.

Also Read: Employee Engagement Ideas for Indian Companies

6. Loopholes

Mistakes are avoidable and feedback is crucial. And experts can help you in both aspects. They can help you identify where exactly you’re going wrong so that you clearly know what not to do. They can also review the process for you to avoid the part that’s causing trouble.

Also Read: Challenges in payroll processing

7. Better left to experts

Just like you’re an expert in your segment, compliance management professionals are in theirs. And the first step to a successful business is that you delegate the responsibilities to people who can handle them the best.

Why would you want to hand over the crucial compliance management service who is anything short of an expert?

Also Read: How to Choose Payroll Outsourcing Company

Final Words : Legal Compliance Management Outsourcing

Legal compliance management is too crucial for you to handle it like just any other business process. Because it’s much more than that.

Now that you know why you absolutely need the service – the next step is to collaborate with the service provider that not only fulfills your needs but also helps your business grow.

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