Core Competencies of Entity Management Software When Scaling
As businesses scale, the number of their entities and associated responsibilities – annual report filing, business licenses, DBAs, and other entity compliance requirements – must scale with them.
This can create major headaches for in-house legal teams and business owners who rely upon registered agents or Excel spreadsheets to ensure entity compliance throughout the U.S. and internationally.
Despite elevated interest rates and talk of recession, surveys suggest that business growth and M&A activity will continue. Unfortunately, businesses who rely upon hard-to-reach registered agents to maintain entity compliance can expect such lack of responsiveness to continue as well.
Fortunately, however, they don’t have to: reliable entity management software can get the job done, efficiently ensuring compliance as a business grows.
PwC recently completed an annual survey of global CEOs titled Global M&A Industry Trends: 2023 Outlook – Now is not the time to fall out of love with M&A. The article describes a few interesting survey results, including this:
PwC’s 26th Annual Global CEO Survey illustrates the lure of M&A in challenging times: while 73% of corporate leaders are pessimistic about global economic growth, 60% told us that they are not planning to delay deals in 2023 to mitigate potential economic challenges and volatility.
With leadership clearly considering the current state of the market, they also appear to be moving toward getting ready for when things stabilize.
While not for the so-called “faint of heart,” the report notes that “paradoxically, deals done during a downturn are often the most successful.”
Simplified Entity Management Makes Business Sense
Here’s a paradox-free proposition: An uncertain economy is no time for uncertain compliance processes. Whether you’re ready to go boldly for the opportunities to be found in a challenging economy or taking a more cautious approach, there’s no good time for entity management processes that leave you uncertain about your compliance status.
If you’re spending too much time or money on entity management that isn’t reliable – or if you don’t really know how much time or money you’re spending, it’s time to rethink how you’re getting it done. Here is a checklist to help you get there.
Entity Management Provider Checklist
- Compliance Management: the ability to manage and ensure compliance with state and local government requirements, such as annual report filings plus renewals of business licenses and DBAs
- Data Management: robust information management capabilities, including at-a-glance entity status, document storage, and robust security
- Collaboration & Workflow: a collaborative platform for teams to work together on entity management tasks, including document sharing, task assignment, and workflow management
- Reporting & Analytics: advanced reporting and analytics capabilities, including the ability to generate custom reports and dashboards, track key metrics, and identify trends and patterns in entity data
- Proactive Maintenance: option to maintain your entities to meet the unique needs of each organization, including the ability to be ahead of the game
- User-Friendly Interface: intuitive graphical user interface (GUI), making it easy for non-technical users to navigate and use the software effectively
- Scalability & Flexibility: scalable to handle the growth of your organization and flexible to accommodate changes in your organizational structure, ownership and legal requirements
- Keep Pace with the Industry: have real-time state, jurisdiction and regulatory updates along with continuously developing the platform
- Maintenance Partner: fill your team gaps with an entity management partner – they do the required maintenance work, are readily available to answer questions, and provide you with a dedicated representative who knows you and your business
Scale with a Streamlined Entity Management Process
There’s a lot to consider when scaling. Entity management software is built to help your organization manage legal entities that can include subsidiaries, joint ventures, partnerships, and other legal structures.
It’s an essential tool for navigating changes within an organization’s legal structure, ownership, and other legal requirements.
If an organization undergoes a merger or acquisition, the entity management software should be able to streamline the process of completing the required filings and managing the entities involved. The software should help track the legal and regulatory status throughout the process, as well as any subsequent changes to the organization’s structure.
In addition, entity management software should help organizations manage other legal requirements, such as regulatory filings like annual reports, corporate governance, and compliance with federal, state, and local laws – all in a timely and efficient manner, reducing the risk of non-compliance and potential legal issues down the road.
Entity management software is a critical tool for organizations looking to manage their legal entities and navigate multiple changes in organizational structure, and ownership. This is particularly true when scaling efforts are complicated by rapid growth, past poor processes, communications hiccups or even dissolving entities. Seek a solution that is different from what you’ve been experiencing with registered agents and software that just provides alerts but doesn’t do the work – you have options!
Filejet: Experience Entity Management Automation
Filejet streamlines business entity formation and management with a comprehensive suite of tools. We understand the challenges of maintaining all legal entities and our software and service provides a shampoo and conditioner solution.
The point is… while we can’t promise you that every day will be a good hair day, we can make you look good – with reliable entity management without the tedious paperwork, spreadsheets, manual data entry and orchestrating between departments.
Filejet automates the entire process, enabling you to efficiently manage your business entities with ease. With features such as document management, compliance tracking, Google and Outlook integrated calendar alerts, reporting and annual report filing and maintenance, we provide a hassle-free experience for in-house legal teams and business owners. Additionally, our user-friendly interface ensures a seamless transition to our platform. So good!
Join the many satisfied customers who have saved time and increased productivity with Filejet during a high growth crunch time. We’re here with you!