In-House vs Outsourced Compliance Services: An Analysis of Their Pros and Cons
As the top official or owner of a business in its growth stage, you may dream of taking it sky-high. However, the height of business achievement is not confined to revenue growth only. To maintain your company's sustainability in the business world and save it from potential risks and complexities, you need to ensure that your company adheres to numerous employment, taxation and business laws and regulations.
There comes a stage in your business endeavours where you will have to see to it that your company will seriously adhere to regulatory and statutory compliance procedures. To ensure this, you may consider setting up an in-house compliance team to take care of matters. The crucial responsibility of compliance can even be outsourced, and, as a result, third-party professional compliance services can do this job for your company as well.
But which one should you opt for? To avoid this confusion, let’s analyse and compare in-house and outsourced compliance services to judge the best one for your expanding business.
In-House Compliance Has Advantages But Comes For a Cost!
Benefits
The best part about hiring, exercising and maintaining an in-house compliance team is vigilance. As the team would be located internally within your company, it will pursue risk management with utmost proactiveness and will be able to mitigate risks without any delays. Moreover, your company might have its own unique policies and special processes that an internal team can be better aware of. This will enable it to take immediate compliance-related action if any issue occurs.
Cons
Maintaining an in-house compliance team can, however, prove expensive for you. The overhead and training costs for the team can be huge, potentially taking a toll on your business profits. Also, if you are a startup, you may not have the required expertise to provide training and handle such a team.
Moreover, compliance teams can deploy technology and technological investments can be massive. You will be required to regularly keep your compliance team technologically updated to handle newer risks efficiently. Educating your in-house compliance team members on using the latest technology can be another issue.
And worse, if any member of your compliance team suddenly resigns, it would become extremely inconvenient for you to hire another resource of the same capability and update him or her on your compliance process. As a growing business, you may also have budgetary considerations on account of which you may be unable to invest in an internal compliance team.
If All These Sound Too Much, Then The Best is to Go for Professional Compliance Services!
As you can see, handling and managing an internal compliance team can be difficult. To make things easier for you, professional compliance services have emerged that will take responsibility for your business compliance activities with the same level of diligence as an in-house team.
Professional Compliance Services Guarantee Proactiveness in a Cost-Effective Way
An advantage of third-party compliance services is that they will reduce your overhead costs to a great extent. You can simply outsource your compliance duty to a third-party service provider and let it do the work for you while you will be able to focus more on handling your business’ development and expansion endeavours.
At some point, your in-house compliance team may lag due to insufficient knowledge updates, lack of expertise or inefficient technological skills for handling complex compliance duties but a third-party compliance service will never face this situation. The best part about professional compliance services is that they have well-trained, updated and expert compliance personnel who can provide you with a diligent and robust service. Such teams have standardised quality control procedures which tend to be the best in the compliance industry. These services even ensure flexibility and can function for you 24*7 which may not be possible for an in-house team. Their expert personnel are technically well-versed and can effortlessly handle your compliance activities by leveraging the latest technologies.
When you have such convenient and cost-effective services to manage your business compliance most efficiently, you can leave behind the idea of employing an in-house team. We would suggest Kutumbh Konnect for you which is not only a trustworthy and reliable compliance service but is also the best in the industry.
Outsource to Kutumbh Konnect and Enjoy Stress-free Regulatory and Statutory Compliance!
Kutumbh Konnect has been recognised as one of the top service providers in manpower outsourcing, HR and statutory compliance sectors. When you outsource this crucial duty to Kutumbh Konnect, its technically sound and expert compliance team will ensure proactive vigilance. It focuses on rendering compliance services to startups and small and medium enterprises.
Check Out Kutumbh Konnect’s Comprehensive Compliance Portfolio!After India achieved independence, various regulatory norms concerning factory licences, labour contracts, taxation and payroll emerged which businesses have to compulsorily adhere to. Laws such as the Employees' Provident Funds and Miscellaneous Provisions Act, 1952, Professional Tax, Labour Welfare Fund Act and Contract Labour Act are enacted by the constitution and a business has to comply with these regulations on a serious note. But no need to stress out because with Kutumbh Konnect’s compliance as a service, all risks and obstacles will be left behind and your business will sustain and grow in this competitive world.
Businesses and factories require timely registration and licence renewal compliance which Kutumbh Konnect’s proactive team will take care of. Taking business, labour and tax laws into consideration, Kutumbh Konnect’s comprehensive compliance portfolio will offer services like corporate registration with annual compliance, license registration and renewal for factories along with statutory compliance concerning your company’s HR, employee payroll and taxation. It even handles statutory remittances and compliance duties concerning contract labour and also provides statutory remittances and compliance concerning your company’s labour with regard to register and record maintenance, auditing contractor and vendor compliance as well as government inspection of departments.
With such a comprehensive compliance portfolio and vigilance record, Kutumbh Konnect’s compliance as a service is the one you would want to opt for your business. So, connect with Kutumbh Konnect to mitigate your business risks and add value to it.