If you are a small business, one of the best decisions you can take is outsourcing your Statutory Compliances to an experienced associate like LegalJini. The following are a few facts in support of this business decision and will surely convince you.
The following are a few statutory compliances out of a long list and an annual compliance calendar. All statutory compliance outsourcing should be submitted or filed in the prescribed format, on or before the various last dates. One of the modern-day business opinions or attitudes is, “Everything is online now; way to 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
As a ‘small business entrepreneur, especially for new businesses, you need to find and gather the information and know-how about the various compliances. This takes time, effort, and maybe even money. Sometimes, this same task is complex and 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, and understanding and fulfilling the different types of documentation are indeed challenging tasks. With the help of a proven partner like LegalJini, you can get through this step or stage easily and quickly, without any effort or time, and with a good ‘value for money.
Statutory Compliance outsourcing submissions are spread out over the year. Monthly, quarterly, half-yearly and annual compliances must be adhered to. Failing to submit the required information, update, or documents on or before the various dates of the calendar attract 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 it later. Due to being busy with your business, you may forget the submission, and the last date may pass. You may be occupied personally or out of town on or before the submission date. If you engage a well-wishing associate like LegalJini, you can forget the due dates and get on with your work.
Rules and regulations keep changing. For example, labor laws or taxation are critical areas that are subject to changes depending on the political and governance situation. It is quite an effort to be abreast of the changes in compliance and rush to incorporate the changes or alterations. Understanding previous rules and amendments piles on the additional workload of small businesses. But if you have a friendly expert like LegalJini by your side, compliance with regulations and changes poses no challenge at all.
Focus on Your Business
Statutory compliance outsourcing removes all tensions and gives you complete freedom to focus solely on running and improving your business. Though 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 time, effort, and money, which can be channeled into your business. Focusing on your core business activities is a critical and essential requirement. Taking on and traveling along with a business guide like LegalJini 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 cost of compliance outsourcing. At TalentPro, we understand and empathize with the fact that you should only pay the right ‘price’ for our services but not at the high cost of your peace and well-being.
At the start of this article, we said we would answer this. No doubt, many aspects of compliance have been made online. To take full advantage of this, you need a computer, software, internet connection, etc. You may argue that all these 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 whether you do them offline or online. Statutory compliance outsourcing services to a trusted vendor like LegalJini can double up as your ‘digital’ partner and ensure that you fully comply with your statutory compliances.