Why Does Your Company Need a Legal Compliance Management Service?
If you happen to run your own business, then be ready to be worried about the various laws for which your business has to comply. The problem with these laws is that these are not static in nature. The government keeps on updating or introducing new sections to the existing laws from time to time. As a business owner, one really has to keep a track of all such legal activities in order to run his or her business with 100% legal compliance and avoid any legal penalty.
For all business owners, legal compliance is an add-on task over and above their core business. Concentrating on both the core business and the legal compliance becomes a hectic task for any business owner. Therefore the best way out is to hire a professional legal compliance management service.
Legal compliance managers are specialized individuals who are trained in accounting and legal matters and thereby keep a track of various state and central laws that govern a particular type of business. They are also responsible for keeping a track of the latest amendments in the laws that are concerned with the current business and implementing those on time to avoid any legal penalty.
Some of the activities which are done in a legal compliance management service are as follows:-
- Making sure that the company is registered with professional tax, provident fund, labor welfare fund authority, Employee State Insurance etc.
- If required, preparation of the legal and statutory registers as well as reports as and when required
- Keeping a track of various statutory dues and informing the accounts department to pay it on time.
- Liaison with the legal bodies concerned with the business. This helps in easy and smooth management of legal matters
- Making sure that the monthly, quarterly and annual returns are prepared and filed on time to avoid any penalties
- Preparation of challans and its remittance in the bank
- Compilation as well as collation of the employee’s document for various purposes like nomination, registration, transfer, pension as well as withdrawal
- Registration as well as updating the UAN number of the existing employees
A legal compliance manager plays an important role daily in an organization and performs all the abovementioned duties. Along with it, he also maintains a report of provident fund, income tax, ESIC, LWF and professional tax.
Apart from these, they also train the head of the departments and make them aware of the various laws that they need to be compliant with. This helps a lot when the business applies for a quality audit, for example, ISO Compliant Certification. The government officials come to the premises and check if the procedures, documentations, processes being followed in the organization are in compliance with the standard practices as mentioned in the laws of the ISO certification and whether the employees of the organization are aware of it or not. If everything goes smoothly, the organization is awarded the quality certification in one go.
Therefore it is quite evident that each and every organization, whether be it a small scale company or a huge MNC, requires a legal compliance management service to ensure the smooth running of the business. It also helps the business owner concentrate solely on the core business while letting the legal compliance manager handle the legal compliance issues.