Corporate Legal Entity Management: How Tech Solutions Can Untangle Regulations
"The advance of technology is based on making it fit in so that you don't really even notice it, so it's part of everyday life."
Bill Gates, founder of Microsoft.
Are you concerned about legal risk and regulatory frameworks?
Compliance law has become crucial for many business sectors such as health, government, manufacturing, insurance, and more across the globe. In-house counsel and law firm’s compliance professionals recognize and address issues before they become problems for organizations. It is a specialized practice, and due to growing demand, law schools are educating the next generation of students in compliance law. Whether you've just entered the world of corporate law or you're an old hat, dealing with corporate legal requirements can be demanding, time-consuming, and complicated.
Unlike sole proprietorships, corporations usually need additional lawyers and accountants just to keep up with operations. Record-keeping, reporting, managing fees, administering stock certificates, maintaining out-of-state or out-of-country registrations…the list goes on and on.
Thankfully, there are new technologies available to address corporate legal entity operations. Especially in a global marketplace, it is crucial to have a system that can handle all your business variables. The right technology can take a load off staff by automating activities, reducing inefficiencies, increasing transparency, and untangling complicated regulations.
Software Strategy – How Can Entity Management Technology Help?
Entity management software is an industry best practice. Besides traditional data and document management, it can also:
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Deliver a global view of your group's subsidiaries and shareholdings
- Enable you to view and manage the mandates of each contact
- Automate meeting management and reporting
- Analyze capital and financial data
- Map your company information chronologically
- Use information from scanned documents:
- Secure online signatures:
- Automatic document creation:
- Integration with email and document software:
Business isn't done in a vacuum. Using a collaborative portal is another way to streamline your work, both internally and with outside parties.
Online technology is a great way to get and stay connected, as well as managing business operations. It allows for:- Structured communication with internal and external advisors
- Systematized processes and workflows with clients, advisors, and suppliers
- E-Billing – external expenses management
- Real-time information sharing, either with your own team or other agencies
- Internal requests monitoring and form database
- Report creation for activities and projects
- Document sharing and collaborative files
Whether you're looking to drive direct or indirect shareholdings, manage an agenda for your workgroup, or edit detailed sheets on each company's entity, the right software can facilitate your needs.
Whether we're ready or not, technology is becoming more and more necessary to compete in the business world. It's up to you to select the right software and stay at the forefront of new automation options. With the right program, adapting to technology will be not a burden, but a relief, and you'll wonder how you ever got anything done without it. What used to be a tangled web of regulations and requirements will be just another checkbox on your to-do list.
For more information about automating your legal operations, here are some related blogs which may be of interest:
Watch Productivity Soar as Your Next Hire Takes on the Boring Stuff
Embrace a Manageable Workday with Contract Automations
Rethink Your Tired Processes to Improve Everything for Your Legal Operations
The COVID-19 Pandemic Teaches the Legal Sector a New Way of Doing Business
Add SEO (Search Engine Optimization) to Law Practices to Go Beyond Word-of-Mouth Referrals
About the author:
Legal Suite is the worldwide leader in digital transformation for lawyers. We have delivered our state-of-the-art software for lawyers, law firms, and in-house general counsel to 65,000 users for over two decades. www.legal-suite.com
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