"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.
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 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.
Entity management software is an industry best practice. Besides traditional data and document management, it can also:
You should be able to manage your Group's subsidiaries and holdings on every continent with full tracking of all changes.
Follow the mandates of each contact and receive alerts based on the end of forecasts, end of functions, end of agreements, or other criteria.
Lighten your administrative load with software automation that calculates the quorum and decision vote required for each meeting. View a schedule of all tasks with worfklows and alerts linked to each step according to a deadline.
Fill in your organization's capital and financial elements (capital, distribution, key figures, dividends, etc.). Visualize each subsidiary's evolution or participation and share them with various departments such as management, finance, accounting, etc.).
With the right legal business management software, you can analyze the performance and critical elements of your Group's legal life. View each company's history as-of a given date via reports.
An automated software solution helps you reduce manual data entry with automatic file creation and automated entry of key data. You can access all your documents, whether in text or image format and conveniently search and retrieve files.
There's no longer a need for snail-mail or wasting time with back and forth messages. Online signatures and legal spend management tool allow you to sign anywhere, anytime from any internet device.
Automation saves keystrokes and time. For example, generate documents that merge your templates with the data entered within your software.
Legal Entity management software can integrate with other programs and email servers like Office 365 or Outlook. This capability allows you to record data directly into the system from other platforms.
Online technology is a great way to get and stay connected, as well as managing business operations. It allows for:
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.
