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A Key to Business Success: Entity Management

Entity management has become a critical engine to help drive today’s business. But managing company entities is never a one-and-done – it requires up-to-date, easily accessible information at all times.

CT Observation: When a business entity is formed, business entity compliance becomes a must for the business. For example, an annual report filing due date that goes unnoticed could later wreak havoc on an important deal or transaction.
 
Actively maintaining the corporate record helps support transactions, filings, reports, audits, and other business activities. Owners, managers, advisors, and compliance professionals need secure, real-time access to company information.
 
CT Observation: In today’s demanding business environment, the luxury of spending time hunting through files or looking in five different places no longer exists.

 

Compliance Challenges in Using Traditional Office Software 

 
Those tasked with managing company entities are all too familiar with the challenges of using traditional office software for entity management. A small handful of examples include: 
 
  • Trying to adapt generic software to keep up with changing  compliance and governance trends, tracking, and tasks
  • Locating unprotected spreadsheets scattered throughout multiple departments or functions
  • Hunting through files to extract the desired data
  • Assigning access rights or privileges to different users or staff
 
In today’s environment, companies need compliance-focused tools that are easy to use, simple to adopt, and offer robust recordkeeping, reporting, calendaring, and other features.
 
 

Empowering Staff with Compliance Tools

 
Because ongoing entity management is so critical to a business, companies with well-developed strategies invest in doing it right. They understand the importance of managing business licenses, corporate changes, deadlines, and other aspects of compliance.
 
Strategic companies empower staff with tools to help simplify recordkeeping and provide consistent storage, sharing, and reporting across various entities in real time, including:
 
  • Scalable security options - Managing the level of access for individuals or groups helps ensure that sensitive items remain safe
 
  • Data storage and record management - Consolidating entity data points into one seamless place allows staff to easily search and pull up information
 
  • Tailored fields - Adding your own fields lets you tailor the tool for your particular process, requirements, or preferences
 
  • Collaboration and calendaring - Uploading and sharing important documents with others helps simplify collaboration, while shared calendars help keep everyone on the same page
 
CT Observation: If a trusted staff is suddenly absent or unavailable, advanced search features make it easy to find information when you need it.
 
Business compliance professionals understand the importance of good entity management.  They understand the value of software designed by compliance experts, for compliance functions.
 
Consider evaluating your own entity management practices to target how you could benefit from tools and industry expertise that help professionals manage, access, and share corporate data, even on a moment’s notice.
 

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