How do you know you need entity management software to keep track of all your entity data and filing documents? Think about how long it can take to locate the right version of a document or generate org charts to prove ownership.
Is it a scramble? Can finding your entity’s historical documents take up your whole day? Even the most fastidious paralegal, general counsel, or corporate secretary can find the task of organizing and storing an entire entity’s lifecycle of documents between difficult to impossible.
Just like every other aspect of our lives in the 21st century, it behooves corporate governance and compliance officers to make the move to digital. Relying on safe, secure, and seamless entity management software is not only the way of the future, it’s an urgent need in the present. Below are three common signs that it’s time to incorporate entity management software into your corporate governance workflow.
Unmanageable Tracking and Reporting
As mentioned, tracking data and documents can quickly become overwhelming in managing your entities, if it hasn’t already. The main reason this is the case? Because managing entities is like tracking moving targets: it’s hard to keep a pulse on everything, in real time, when you need to pull a report at a moment’s notice.
With a reliable, secure, digital platform, you’ll get a clear view of your company-wide governance and compliance activities, as well as valuable insight into the health and status of all your entities. This will enable you to track and update data not only as you see fit, but up to the minute, while depending on automatic calendar reminders about jurisdiction deadlines.
System and Process Silos
Now, more than ever, collaboration is critical. But because many organizations don’t employ a proper entity management solution—instead using multiple databases to store information—inefficiency, lack of transparency, and oversight can make working together even more difficult.
With the right software, an approved administrator can manage entity data, complete compliance activities, and collaborate with internal and external business and legal partners due to user permissions. Administrators can change permissions based on employee titles and access levels, thus improving collaboration and the ability to quickly track down critical data.
Lack of Centralized and Secure Data Repository
Excel spreadsheets often feel comfortable and seem like an attractive solution to manage entity data, but it’s hardly a secure or efficient source for storing and managing such information. If yourlist of entities is no longer in the single digits, domestically or globally, security―especially when multiple users have access―should be a top priority.
There are also many other conundrums companies face while using a spreadsheet, including:
- Keeping track of due dates and jurisdictional standards
- Data that is hard to act upon because of inconsistencies and errors
- No centralization of data, documents and charts
The right entity management system should offer the user a single source of truth: one place, one database, one document repository, and one organizational structure for your inter-department information. With centralized storage, you won’t have to concern yourself with irregular back-ups, disaster recovery, or breaches.
How to securely streamline every aspect of entity management
CSC Entity Management℠ addresses all of these problems, and more. Named the Best Entity Management System by readers of the New York Journal for 9 consecutive years, CSC Entity Management can help users organize their corporate data, generate strategic reports for auditing, track all entities, and facilitate collaboration across your company.
It also allows you to search minute book and governance documents, manage stock and shareholder information, maintain sensitive officer and director information by entity, manage your “Doing Business As” portfolio at all jurisdiction levels, automate the creation of organization charts, and improve compliance activities.