How to Streamline Your Business Entity Report Filing
Businesses must file entity reports with their Secretary of State department on a regular basis. The information required and the filing methods vary between states, but there are some commonalities in best practices for organizing and preparing a business entity report. The best way to simplify your business entity report filing is by adopting the following processes.
Develop Out Digital Organization
Digital organization is the act of using digital technology in your business operations. You may use digital tools to scale your business or find new ways of reaching your audience. Consistent and functional digital organization is a lifesaver when filing business entity reports. Ideally, you should start as soon as possible. As you are digitizing, be mindful of multiple-entity documentation. It’s also helpful to find an efficient way to link documentation across multiple entities.
Some benefits of digital organization include:
- Digital organization can promote a better digital presence, which helps drive leads, improve conversions, and boost brand credibility.
- Businesses that embrace digitalization can benefit from increased revenue by employing data-driven marketing techniques like predictive analysis.
- Technology can make your business more agile when you take advantage of new tech like blockchain.
- Digital organizations can benefit from higher productivity when using the latest technological developments like machine learning and the cloud.
Automate Processes
To truly be a digital organization, a company must utilize automation. By harnessing the capabilities of digital automation and API connections, businesses can eliminate frustrating workflows in substitution for easier ways of operation. Platforms that automate business processes help to produce a fully digital and agile organization positioned to scale.
Digital process automation is the next natural step in modern business process management. It reduces time, cost, and effort. It also reduces manual errors and frees up time for your organization to focus on its primary objectives. Repetitive tasks are ideal for automation. Once they’ve been automated, these tasks can be completed faster, utilizing fewer staff hours.
Examples of processes that can be automated include:
- File transfers
- Order entry
- Spreadsheets
- Report generation and distribution
- Emails
- Alerts
- Claims processes
- Business entity filing
From efficiency to cost-cutting, you’ll never look back once you start automating. Some of the benefits of automated processes include:
- Increased productivity
- Increased business processes efficiency
- Minimized errors
- Standardized processes
- Ensured compliance
- Increased scalability
- Provided auditable records
- Reduced costs
- Saved employees time
You can train software to automate parts of the business entity report filing process, which will save your company time and money each quarter. Like organization, the automation process requires upfront work, but cloud-based software can help your business capture these significant benefits.
Automated filing alerts help take care of entity management to keep all of your organizations in good standing. Migrate essential documents to a central location for easy management and intuitive automation to help you cut hours and costs.
Focus on Compliance
Compliance is a complex field that is vital for the success of your business. Efficient business entity report compliance is an ongoing responsibility in which the filings are only one of many steps. Getting your entity report workflow right requires expertise in three areas:
Know Regulations
Federal, state, and global requirements change frequently, and there is little standard uniformity. Most regulations are unique, with different requisite data and varying fees and taxes. Keeping track of the changing deadlines is challenging, with some deadlines on a fixed calendar date and others tied to an entity’s formation. For example, filing an Indiana business entity report with the Indiana Secretary of State requires remembering changing Indiana politics and local regulations. Knowing which business services division and jurisdiction will grant extensions or exemptions and the penalties for late or missed deadlines is also helpful.
Monitor Entities
You must track your entity information listed on the state record in each state you do business in. This will help you ascertain filing due dates and other important compliance requirements. You should note any name changes, registered agent changes, new formations, qualifications, mergers, dissolutions, or withdrawals involving your entities. A monthly check can help flag entities that may be delinquent so you can take quick action to rectify the situation.
File Reports
When you file a report, triple-check that you are using the correct form, paying the correct fee, and using an accepted delivery method. You also want to make sure that the information is accurate. These are common mistakes that can cause states to reject an organization’s report. If this happens, you could risk losing your entity’s good-standing status.
You automatically prepare for an easy business entity report filing process when you prioritize practical and strategic compliance. In your organization, it may be the finance department or human resources that primarily works on your business filings. However, the entire company should work together to ensure effective compliance.
Easy As 1…2…3…
Onboarding a comprehensive entity management platform is a great investment for businesses. The power of automation benefits all internal departments and external stakeholders.
- Finding the right platform that offers a simple and user-friendly experience will elevate your organization’s productivity. Ensure technology is used to its full potential with a system that makes sense for your business.
- An entity management platform will help your business prioritize customers and create an authentic customer service experience. Keep customers top of mind with an effective entity management plan.
- Increase performance through automation and minimize the time employees spend on entity management. Cut inefficiencies in entity management so employees can focus on core business objectives.
File Your Business Entity Report With Filejet
Filejet makes filing your business entity report simple and intuitive. With automated due date notifications and Google calendar integration, there’s no reason for you ever to miss another filing deadline. You can customize your alerts and tasks. If you want multiple reminders about upcoming due dates, you have the control to alter them to suit your business needs better.
Filejet provides companies with a fully managed entity maintenance plan that gives you access to the full platform. We can automate everything. We’ll handle all of your filings and fees and keep you updated by storing important documents in your account so you can easily access everything. Schedule your demo and learn how Filejet can help you streamline your business entity reports.
