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In today’s complex regulatory environment, Business Entities face numerous challenges in managing and reporting their statutory filings accurately, promptly and efficiently within deadlines. Business Entities in India, deal with a plethora of regulatory bodies (often availing services of multiple professional agencies, etc) and are required to submit periodic statutory filings such as tax and payroll returns, financial statements, and other compliance reports.
Manual processes often breed errors, delays, and non-compliance issues. Non-compliance invites monetary penalties, strained relationships with regulatory authorities, etc. Additionally, Business Owners / Management / Resource Persons Tasked with Compliance grapple with TRACKING statutory Filings across disparate systems and regulatory bodies.
Existing Issues:
- Disparate Filings Management: Collating filings and compliance resolutions from various professional agencies and regulatory bodies was a cumbersome task.
- Compliance Risks: Absence of systematic tracking led to compliance risks and potential penalties.
- Manual Tracking: Business owners and compliance officers struggled with manual or verbal tracking methods, leading to inefficiencies and errors.
Solution Implemented:
To tackle these challenges, a customisation was developed in TallyPrime accounting software, offering the following solutions:
- Integrated Collation: Collation and reporting of statutory filings were integrated within the accounting/ERP package, centralising filings management.
- Tracking: The customisation enabled ease of tracking with statutory filings and reducing manual efforts and errors.
- Focus on Strategic Tasks: With streamlined tracking and reporting, business entities and compliance officers could focus more on strategic tasks rather than administrative burdens.
We believe our customisation in accounting software will transform the statutory filings management for Business Entities, providing a streamlined approach to collation, tracking, and reporting. By leveraging technology, the Business Entities can achieve efficiency gains, reduce compliance risks, and enhance their operational focus while continuing to meet regulatory challenges effectively in today’s business environment.
Walkthrough
- Statutory Filings Entry
2. Statutory Filings Report
YouTube Demo Link
For a visual demonstration of our customisation in action and showcasing its features, please visit our YouTube demo link: YouTube Demo Link.
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