With consistently increasing professionalization and internationalization of Indian businesses, there is a growing demand for corporate reporting in India. Corporate reporting has very significant role in ensuring compliance with regulatory compliance requirements.
To handle this increasing demand for corporate reporting, Indian corporates need to embrace advanced technology. For this, significant upgrading of IT and Financial Analytics tools is going to be the key.
Due to the prevailing developments in business and regulatory environment, there is great focus on enhancing the accountability and responsibility on companies for corporate governance in India. Government is also formulating regulations and amending the existing laws with enhanced emphasis to augment the corporate governance standards.
Establishment of an integrated data management approach for finance data and meeting stakeholder requires smarter and faster information flow to sustain well-organized corporate reporting system by the corporates.
Recognising this, majority of Indian corporates plans to spend more on reporting technology. It is expected that investment in corporate reporting technologies will double over the next two years.
Indian corporate need to shift their mindset, invest in and focus on embracing technology innovation with the right set of IT tools and data management approach to keep robust corporate reporting system in place to meet the ever growing needs of internal and external stakeholders.
This will help companies to maintain accurate and clean data of all the records and to comply with regulatory compliance requirements without much hassle. It is hoped that with right integration of technology into corporate reporting system will help companies to sustain their responsibility and accountability towards transparent and better corporate governance by timely complying with regulatory compliance requirements.
Research and inputs by Paruchuri Baswanth Mohan
Bhumesh Verma is a lawyer with over 2 decades of experience in advising domestic and international clients on corporate transactions (M&A, Venture Capital, Private Equity, Startups, corporate advisory, etc.) and features in "The A-List - India's Top 100 Lawyers" by India Business Law Journal. He keeps writing frequently on FDI, M&A and other corporate matters and is a guest faculty as well. He can be reached at firstname.lastname@example.org.