Companies have been shrinking their workforce due to the impact of COVID-19, how has Nangia Andersen dealt with this situation?
COVID 19 has affected almost every country in the world and India is no exception. The pandemic and the subsequent lockdown imposed to contain its spread, severely impacted economic activity across all sectors. With reduction in revenues and cash strapped situation, businesses were forced to take various measure to cut cost. However, we at Nangia Andersen believe that in the midst of every crisis, lies an opportunity. We perceived an opportunity and seized it, to expand, while the world was at rest. The pandemic served as a catalyst for change and we knew that we would find a way around the setback.
As the world embraced the changing global and economic landscape, we therefore instead of taking a step back took one forward. Following our growth-oriented approach, we hired fresh talent and strengthened our existing employees with extensive trainings and knowledge development to adapt to the new normal. We believe that adaptability and flexibility is paramount in the rapidly changing world and that that we ourselves have to pave the way towards transformation to keep up with the unsettling trends.
Now a days, Digital economy has become a new normal and we have witnessed digitisation in every phase of life. How have you as an organization responded to this change? Does Digitization in itself has challenges and how you are you addressing this?
COVID 19 forced us to re-think the way we work and changed our lives. Organizations were compelled to take on new and inventive technologies to fit in the evolving marketplace. We pre-empted digital transformation and equipped our organisation with the latest technology tools to stay ahead and remain efficient. We also deduced that it would be imperative for organisations to have effective cyber security measures in place to counter consequent cyber-threats. We hired subject matter experts in the area of cyber security and created two new service lines- Cyber Security and Cyber Forensics to help our clients mitigate cyber risk, minimise the risk of transgression and enable conduct of business without trepidation. With strategies like threat and vulnerability management, pre-emptive risk management, incident response, etc. we shall help organisations identify and manage IT security risks to protect data, assets, people and identities.
The government ushered in faceless tax assessments some time back. What is your take on this shift, and what could be its potential impact?
Faceless Scheme is an inevitable march towards efficiency and transparency through digital means. We have been deliberating upon and tracking the faceless assessments scheme since the pilot phase and therefore we are prepared to adopt the new regime. By means of training sessions and brainstorming exercises, we have been preparing ourselves and our clients for the transformation journey.
We understand that the new era demands everything on the digital platform and therefore we are trying to ensure that our clients are well equipped with the desired technology for maintaining their affairs substantially in digital form. We are ensuring that our clients maintain robust documentation in relation to potential and legacy issues and are following the government directives like updating contact information on the e-filing portal in order to respond to the notices timely.
With the launch of transparent platform, the entire chain of events- right from the filing of tax return to the dispute resolution is going to go digital. The system will prove to provide greater ease and impartiality to the taxpayers, once the initial glitches are addressed by the tax administrators.