Tips to make Entity Management Easier

published on Entity Management, Legal Technology
Staying on top of your organization’s legal structure is not considered part of daily operations. Legal departments have had other priorities: operating in an unstable global economy, stricter regulatory compliance and growth. However, recent developments in regulatory compliance and the need to reduce costs while increasing efficiency have put businesses under pressure to address their structures. The global recession forced organizations to take a look at their structures and simplify where possible. Any well-built Entity Management software should completely eliminate the need for paper processes and spreadsheets. Look for the following features in Entity Management software and you will be able to save time and money on your day-to-day processes:

Organizational chart:

A picture is worth a thousand words – which is why an org chart should help visualize your entities to make navigating legal ownership easy. When legal ownership has changed, the org chart should reflect the changes immediately.

One location:

To manage the sheer volume and complexity of information, legal departments have found workarounds including using multiple spreadsheet and calendar applications. The legal department loses control by dividing data entry up by departments. Other departments have their own requirements, which results in multiple versions of each record which are often incomplete. By centralizing their system, documents are stored in one place and each user has access.

Manage sensitive office and director information per entity:

Add any number of board members and officers, record and maintain when they were appointed. Maintain historical director titles and terms. You can filter by dates to show who was appointed at a point in time.

Track changes in corporate structure:

At its most basic, entity management is staying up-to-date on the regulatory changes of a business and its directors, officers and managers. According to an article by Wolters Kluwer, corporate secretaries and paralegals report that the need for instant, easy access to real-time entity data is a constant in their day-to-day operations.

Reporting:

Do you get asked to generate standard reports on a monthly basis? Flexibility in reporting is important because it allows you to create reports to allow for streamlined strategic and decision-making opportunities. Custom reports allow you to choose the appropriate filters to create your own unique reports.

Takeaway:

Entity Management is the lifeblood of an organization – all other activities rely on an accurate record of mergers and acquisitions, changes in ownership and directors. In the past, managing an entity’s documents was a paper-intensive process. Today, the complexity and speed in which it must be done means more companies have found web-based software to be a viable opportunity. Legisway drastically reduces the chance of manual errors by bringing information about entities together in one web-based platform. The software provides the tools to track and manage information related to your organization’s entities, business units and key people. You can track legal ownership and value in real-time by generating org charts to avoid surprises.