The Hidden Costs of Non-Compliance for MSMEs – And How TallyPrime Helps You Stay Safe
Running an MSME in India in today’s scenario is not only about sales, growth, and day-to-day operations. There is another aspect of running a business that receives less focus. That aspect of business is compliance. Most business owners think that the cost of non-compliance is only incurred when something goes seriously wrong. However, the truth is that the cost of non-compliance is not always visible. It is hidden in the form of delayed payments, blocked ITC, penalties, strained vendor relationships, and loss of credibility. Let’s talk honestly about what non-compliance really costs MSMEs — and how using the right system like TallyPrime can help you avoid these pitfalls. Introduction: Compliance Is No Longer Optional If you own a small or medium-sized business, you are already managing multiple hats –operations, employees, customers, suppliers, finances, and expansion strategies. Compliance work gets pushed to the backburner due to the following reasons...