There are many advantages to using an entity management system. Your business changes over time through growth, laws and regulations, bylaws, new employees, and a litany of other reasons. It is important to have an entity management system to support your organizational growth and keep your organization in good standing with those laws, rules, and regulations.
An entity management system will provide your organization with the following benefits:
Centralized Entity Management
You can manage and quickly access your entities and required Secretary of State compliance data from a single location. This means that your employees don’t have to remember multiple passwords to login and access the information necessary to perform their jobs. It reduces confusion over which system to log into and where to save documents for future reference. Using a cloud-based entity management system allows your directors, officers, and staff members the ability to access information when they are onsite with a client or working remotely. Centralization reduces the risk of human error by replacing your manual processes with automated process. An entity management system provides your organization with structure, consistency, and a sole database for your information.
Automated Secretary of State Filing Alerts
An entity management system provides automated workflows that allow your employees to enter information that will flow into the appropriate county and state forms. The system will track your compliance deadlines and send notifications of upcoming due dates to individuals you have designated. Automation will make your organization more efficient, reduce risk of incomplete forms, save time by automating processes that previously required manually sorting through saved documents and having to wait for the upload process.
Direct Access to Your Entity Management System
An entity management system will allow your organization to appoint and resign directors, officers, and managers as appropriate as well as manage your shareholder information. You can edit information and the system will automatically create an audit trail tracking the changes and indicate who made the change. The entity management system will also allow you to assign permissions through a hierarchy of view only, contribute, and edit providing added security to your information.
Document Management System
An entity management system will provide you with document storage preventing confusion and saving time in locating your information. When your employees have a centralized location for the documents its easy for teams from other departments, like finance and accounting, to access information they need without having to disrupt the workflow of other employees. This provides a collaborative environment ensures only the current information is being used for all purposes.
Entity Reports & Search Capabilities
One of the most valuable aspects of using an entity management system is the ability to report internally and externally. When all your data is stored in one centralized location you can search for data based on a variety of filters like type, state, or standing. Your searches can include information like company contacts, owners, and shareholder information. You can export any or all your data through a solid reporting system.
Secure Entity Management Software
We would be remiss if we didn’t talk about the importance of the security provided through an entity management system. Regardless of the requirements being self-imposed by your organization or through cybersecurity laws, your entity management system will provide peace of mind in knowing that your data is safe and secure.
Corporate Filings Support
As your organization grows over time and laws, rules and regulations, and staff changes are implemented having an entity management system with a knowledgeable support staff to back you up is essential. You should never feel uncomfortable with, worry about, or grow frustrated over your entity management system; you should always have a friendly voice to walk through your concerns with you.
If you would like to learn more about Legalinc’s Entity Management Platform, call us at 866-757-5850 or schedule a demo.