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

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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 [email protected].