Intelligent entity management software presents a host of benefits for any business. Automation is just one aspect of a robust entity management system that offers multi-faceted perks. Read on to learn more about the top seven automation benefits and understand how your business-specific niche may be able to utilize automation in exciting ways.
1. On-Time Payments
Sometimes life happens, and you may miss a payment occasionally. Accounting departments are only human, after all. Once you switch to entity management software, you can relax knowing that your payments are automated and sent according to schedule.
With automation, you will never fail to make a payment on time again. Automated entity management systems can schedule any payment ahead of time. So, you can enjoy the accruing goodwill from your business associates as your payments become more accurate, punctual, and predictable.
The best entity management software will automate your payments and address common accounting issues such as:
- Errors and delays
- The amount of time taken to process invoices
- Cost control
- Increased visibility of payment documents
- Accounting security and regulatory compliance
2. Enhanced Corporate Compliance Practices
Every company wants to comply with the requisite regulations, especially when fines and penalties can be exorbitant for non-compliant parties. Managing risk is every employee’s job though corporate legal departments guide legal entity management as it relates to compliance. Automation aids departments in the organization, and transparency required for a successful compliance strategy.
When an organization has a lack of process visibility, it often translates into other issues like:
- Problems responding to invoice status inquiries
- Lack of control and a higher risk of non-compliance audit
- Issues related to planning, forecasting, and budgeting
- Legal entity management software failure
By automating filing and aspects of corporate governance, your company can allow your entity managers more focus and capacity to prioritize compliance issues. This entity management solution can make compliance more proactive than reactive at the managerial levels.
3. Ease of Filing Process
Filing, especially for multiple entities, can quickly become highly complex. Proper automation software can remind the relevant parties of filing dates. It can even allow you to file independently in some states.
Having an automated system in place helps ensure your tax filing status updates are easily accessible at any time. There will be less guesswork and more easily accessible knowledge on when your corporate records and forms were filed.
4. Cut Wasted Hours
Automation is superb for cutting out repetitive tasks that your staff has previously been forced to perform, wasting hours of valuable time each week. Your company’s top talent shouldn’t be spending their time on mindless tasks. Automating labor saves everyone time.
5. Elevated Tracking
Tracking multiple entities and housing corporate data across your entire organization can become a headache and a money waster. Automated systems should track and store entity data on a single, centralized database.
Automating processes can help you track tasks that must get done at a rate faster than people can perform. For example, businesses should issue 1099 forms to vendors who paid over $600. However, the number of vendors that qualify for 1099 forms is often so great that accountants struggle to keep track, and the company is pushed towards non-compliance. If these companies were to introduce automation, it would help their accountants stay on top of regulatory and filing processes and ensure compliance.
6. Simplify Growth
Automation allows brands to scale faster by promoting rapid growth and innovation. The growing pains of an expanding business can be expensive and hamper future productivity. With an automated entity management platform, you make it easier and faster to set up new entities.
Automation can simplify the processes in the departments most affected by growth, such as human resources and accounting. In doing so, they can scale more easily without being crushed or caught off-guard by the increased workflow.
7. Client Satisfaction
Customer service automation is popular among online brands and e-commerce enterprises, and these tools are becoming critical to organizations that handle a large number of clients. By automating part of the client communications, your organization can remove potentially unhelpful human elements to categorize your customer’s concerns better and provide them with the necessary information or direct them to the best human point of contact to assess the situation further.
Automation fills in the gaps that already exist in your management strategy. The overall increased competency of your system will lead to higher client satisfaction and more responsiveness on the part of your business.
Automate Your Entity Management With Filejet
Automation is the obvious next step for today’s technologically friendly organizations. You don’t need to be a big-tech firm to embrace the benefits of process automation. You simply need to be open to embracing change and advancing technology. Filejet can help your business stay on the cutting edge of entity management automation. Contact us today to learn how.