How Entity Management Software Streamlines Compliance Workflows
In-house counsel in many organizations suffer from reporting inefficiencies, compliance management failures, and uncertainty over the status of new regulations. This all leads to the risk of losing organizational credibility, inefficient operations, and high data maintenance costs.
Forrester Consulting research shows that one out of five compliance officers rely on data maintained in spreadsheets to help businesses make informed decisions. However, Corporate Finance Institute states that up to 88% of spreadsheets, such as those used to manage entity compliance, have errors that can negatively affect an organization’s reputation and destroy its shareholder value.
By adopting the latest legal entity management technology, you can maintain the accuracy of your entity compliance data while saving on the costs of manual filing.
The Pains of Manual Workflows
Below is how the right entity management solution can save your legal team’s time further by ensuring accurate, on-time entity compliance on time.
Save Paralegal Time
A large part of a paralegal’s job is to research, draft and file legal information and to ensure its accuracy. They also must ensure legal consent for each transaction and corporate filing.
According to Ventana Research, organizations spend around 18 hours managing, updating and correcting legal information in spreadsheets. With an organization’s growth, spreadsheets become complex to manage, requiring more time to update to keep up with new legal regulations.
20% of participants in a Dbriefs webcast hosted by Deloitte stated that their legal teams spend 30% of their time managing spreadsheets. This leaves them little time to perform critical tasks.
Legal entity management software eliminates the need to manually manage entity compliance with spreadsheets with automated alerts and managed service option of having Filejet do all the filing for you. This enables your paralegals to focus more on high-value tasks.
Ease New Regulation Management
According to Thomson Reuters, the biggest challenge organizations face regarding legal entity management compliance is the continuous flow of new regulations in the midst of smaller budgets and fewer staffing options. It can be difficult for your paralegals to keep up.
A solid entity management system unifies compliance data and documents for all entities on one platform with an audit trail to ensure organization, efficiency and visibility.
As a result, our legal team will no longer have to spend time tracking new regulations, updating spreadsheets, and setting alerts for filing dates across the US and beyond. Less mistakes requires less time to fix filing them, no missed deadlines, and no penalties for or late or incorrect filings and payments.
Unify Compliance Information
Cloud-based, legal entity management software offers your whole organization a single source of compliance truth, in real-time – anywhere, anytime – that also facilitates employee collaboration. Just make sure it is SOC-2 compliant to ensure cybersecurity.
From the compliance team to internal staff, the board, and external stakeholders, compliance data and documents are visible to designated users. This ensures you can get the right information to the right people, eliminating the need for follow-ups, extensive training, and unnecessary meetings.
You don’t have to use multiple compliance spreadsheets or systems across your organization and can train your staff to use only one entity management system.
Filejet Entity Management Software
As your organization grows and regulatory changes continue to take place, ensuring compliance for all of your legal entities, throughout the US and internationally, and keeping up with changes in each jurisdiction every year is a time-consuming task that no one wants to do. Therefore, adopting an efficient and effective entity management process is a must.
Filejet is a highly specialized legal entity management system that incorporates technology, people and process to streamline and automate compliance so that you never miss a deadline. Choose a plan that best fits your business’s compliance requirements, and rest assured that it will scale as your organization grows.