Manual ROC Filing vs Gen Complaw Software: Pros and Cons
For companies registered under the Companies Act, 2013, filing the documents with the Registrar of Companies (ROC) is a significant obligation. This comprises submitting annual reports, financial statements, decisions made by the board, and other needed documents. Businesses appropriately complete these filings on time to stay compliant with the law and avoid fines.
Earlier, companies managed ROC filing manually, which signifies that the company secretaries or compliance officers needed to prepare, check, and submit the forms by hand via the Ministry of Corporate Affairs (MCA) website. But in recent years, companies have begun using specialised software such as Gen Complaw MCA e-filing by SAG Infotech for facilitating the process of ROC filing.
Both approaches are been discussed below to support companies in opting for the effective one.
What is Manual ROC Filing
Some steps are there in filing a manual ROC (Registrar of Companies). Initially, you would be mandated to fill out the distinct forms like MGT-7, AOC-4, DIR-12, PAS-3, and others by hand, which comprise the essential documents that furnsihes the information of the company. You should verify the correctness of the information post completing these forms. Thereafter, you shall create digital signatures to authenticate the documents. You will upload everything onto the official company registration website.
Advantages of Filing Manually with the ROC
Saves Money for Small Businesses: Manual filing is a cost-effective option for startups or small companies that do not file a lot of documents.
Complete Control Over the Process: The compliance team can oversee every document on manual filing, permitting them to comprehend each step.
Flexible for Unique Situations: Manually doing the company’s filing needs can be more adaptable without the hassle of adjusting software settings.
No Dependence on External Tools: You just need MCA website access and the needed forms for manual filing.
Disadvantages of Filing Manually with the ROC
Consumes Time: Preparing and submitting by hand is a longer process for companies when there are many more filings.
Chances of Errors: Errors may occur in manual data entry, such as wrong numbers or missing important documents, which can lead to resubmit or facing penalties.
No Easy Tracking: Not an easy thing it is to track deadlines and compliance status without automated systems. It shows the need to handle several separate spreadsheets or paper records.
Inefficient as the Company Expands: With the rising businesses, filing by hand is not practical and needs time and effort. Also, the chance of error is there.
What is Gen Complaw Software
Gen Complaw is a comprehensive software solution developed to assist company secretaries, accountants, and business professionals in managing their compliance needs. It streamlines the filing process of essential legal documents by automating the tasks of the company registrations and financial reporting. Users via Gen Complaw can prepare, check, and submit the required forms, which makes it easier to stay ahead of statutory requirements.
Gen Complaw Software Benefits
Faster Processes: Tasks such as entering data, preparing forms, and managing documents shall get faster with the Gen Complaw.
More irregular Mistakes: The software, via built-in tools to check for errors, templates, and validation features, helps facilitate common mistakes, reducing the probability of rejections or penalties.
Easy Oversight: Compliance status, upcoming deadlines, submitted forms, and tasks that need attention can be seen in one place by the users, which makes it simpler to monitor data.
Manage Multiple Clients: Gen Complaw handles the work of businesses with various clients or companies.
Stay Updated: The software is always ahead of the updates with the latest data from authorities, form amendments, and compliance rules.
Secure Document Storage: Software maintains the past filings, resolutions, and important attachments safely and easy to find, which is useful for audits or internal reviews.
Gen Complaw Software Demerits
Initial Investment: The initial cost to buy the software is there, and it also needs updates each year, and is unsuitable for small businesses.
Training is Required: Training is needed for staff on the use of the software, which may consume time initially.
Reliance on Updates: After rolling out of the new regulations from the government, if the software provider is slow to provide updates, then it can affect the compliance timeliness.
Possible Technical Problems: As with any software, users may occasionally encounter bugs, crashes, or integration issues that require technical support for resolution.
Closure
As per the needs of the company, both manual ROC filing and Gen Complaw software have their place. Small firms with lower compliance needs may find manual filing satisfactory and less costly. Using Gen Complaw software, the companies can expand, handle multiple entities, or face frequent filing obligations, which enhances efficiency, reduces errors, and ensures seamless compliance.
Based on the business's specific circumstances, compliance workload, and budget, it must analyse the pros and cons.
Businesses concerning filing needs have two options, i.e, doing it by hand or using software like Gen Complaw. For smaller companies, filing may be sufficient and cost-effective. Using the software enables businesses to focus on their important tasks.
Businesses must consider their circumstances, how much filing they need to do, and what they can purchase. Correct tools assist in preventing fines and save time.