3 Ways Paralegals Can Benefit from Entity Management Automation
If you are an in-house paralegal, you know what a grind the job can be.
You spend your days pulling documents, drafting reports, chasing down counsel, and, crucially, ensuring your company’s business licenses and legal entities are in good standing.
On a good day, your to-do list of stress-inducing tasks could probably fill a knee-high stack of legal pads.
If you’ve ever woken in a cold sweat wondering if there was a way to remove just one thing from your overflowing plate, here is some good news: there is. Entity management automation makes it possible.
If the word “automated” makes the hair on the back of your neck stand up, rest assured: entity management software isn’t coming for your job. In fact, it’s here to help you excel at your job.
By automating entity management, you can escape from the tedium of task-based compliance work, regain a bit of your sanity, and share in on some of the glory typically reserved for general counsels.
Here are three ways automated entity management can make your job – and life – easier.
Reduced Grunt Work
Let’s face it: the day-to-day work of entity management is a slog.
No one wants to feel like a paper pusher. No one wants to be trapped in “Excel hell.” But that’s exactly how manual entity management compliance makes you feel and where it lands you.
Luckily, automation can save you from feeling like an automaton. It takes care of all the rote tasks that keep your company in compliance and can even file business license renewals, annual reports, and other annual renewals automatically.
And you? You are liberated from grunt work so you can spend your time and energy on higher value, more professionally rewarding work.
Decreased Inter-Departmental Friction
You know how important cross-departmental cooperation is when it comes to entity management. To maintain compliance, concerted action between legal, finance, accounting, HR, and other departments is often needed.
Unfortunately, you also probably know how difficult it can be to get information from people in a timely manner. If you spend too much time chasing down documentation—and taking the blame if the ball is dropped—it’s time to try a different approach.
A collaborative entity management platform can put you in control. The right software will allow you to invite collaborators – including CPAs, attorneys, financial managers, and other stakeholders – to view legal entities and share documents.
When data and documents are uploaded to a centralized, transparent repository, compliance can finally revolve around a single source of truth. This alleviates friction between departments and sheds insight on whether any outstanding documentation is delaying action – and who is responsible.
Compliance Peace of Mind
When things go wrong, you are often, and unfortunately, the first line of defense.
If you handle entity management compliance on your own, you’re likely working out of a spreadsheet, which we all know can get messy quickly. Overlooking a single cell out of hundreds could leave your organization vulnerable to fines and other risks. Plus, spreadsheets don’t have an audit trail and they may or may not be part of knowledge transfer during personnel changes.
If you use a registered agent, they are likely working off a spreadsheet as well that isn’t radically different from one that’s home-grown. When entity compliance is outsourced, the only difference is less transparency than if entities were managed in-house. If they make a mistake, the buck still stops with you.
If you use run-of-the-mill entity management “software,” you likely receive alerts that deadlines are approaching, but the onus is still on you to do the heavy lifting.
Do any of those processes give you full confidence that your entities are all in compliance? If your answer is no, entity management software can get you there.
The right entity management solution will be fully transparent – so you can be certain the work is getting done – and automated – to minimize the possibility of mistakes, late filings and non-compliance.
Paralegals: Breathe a Sigh of Relief with Filejet
Filejet is a revolutionary entity management platform that makes the dream of stress-free legal compliance a reality.
Filejet streamlines and automates entity management, so you can bid adieu to the drudgery of maintaining compliance. The collaborative and transparent platform will give you (and all other stakeholders) insight into when information is due – and from whom.
The ultimate upshot? You own the process and never have to worry about missing a deadline or falling out of compliance ever again.
From our experience, to manage 100 entities, one full time worker’s complete attention is needed. If that time can be cut down, other higher value work can be done. If it can be done at a cost savings, your legal department gets the win.