In today’s tech-savvy society, it is crucial to implement the latest practices into your business model. By adopting innovative methodologies, organizations can streamline their daily operations and remain competitive in the field.
While many have digitized certain tasks, others are still performing time-consuming practices manually. Discover how entity management software allows you to leave these six manual practices behind.
1) Paper Minute Books
It is crucial for your organization to keep accurate records to remain compliant with state and local regulations. In the past, most corporate entities relied on paper minute books to do so. While this was effective at the time, a host of problems were associated with physical minute books.
For starters, these books took up valuable space in the office and were time-consuming to navigate. They also lacked security, were often misplaced, and were prone to human error. Managing them was a painstakingly tedious task.
Many businesses have digitized their record-keeping with entity management software over the past decade to streamline the process. With digital minute books, it is simple to manage and navigate records, reduce mistakes, and improve security.
2) Manual Calendar Compliance Updates
Each organization is subject to its own unique set of standards, laws, and other regulations. These requirements vary from one state to another and even from one town to the next.
Standards are also constantly evolving over time, making it difficult to stay on top of the latest compliance updates. This is particularly true when managing a host of other responsibilities like tracking filing deadlines across multiple jurisdictions.
By integrating a compliance calendar with an entity management software system, the risk of human error is eliminated and the time required to stay compliant is significantly reduced. From receiving automatic reminders to monitoring the status of an update, all tasks can be monitored effectively from one system.
Digital spreadsheets are a step up from paper records, but on their own, they still leave a lot to be desired. The biggest problem is costly mistakes due to human error.
In most cases, data is spread across multiple files and documents. This information must then be manually transferred into the spreadsheet. One small typo or a dataset entered in the wrong column drastically alters the integrity of the entire spreadsheet.
Additionally, it can take hours of valuable time for a team member to enter large sets of data. These spreadsheets are also difficult to collaborate within. When you upgrade to entity management software, you mitigate the risks associated with manual spreadsheets by integrating all of these tasks into one central tool.
4) Google Docs
Using Google Docs is a great way to collaborate with your time members in a single space. It is a good solution for small businesses that do not share confidential information.
Unfortunately, relying on Google Docs can be disastrous if you use it in your legal firm, despite security measures. In most cases, a Google Docs file requires the creator to specify who they wish to share the file with. They can even set a password to protect the file.
This sounds promising, but employees fail to do this all too often. They may mistakenly grant anyone with the link permission to edit it.
These accounts can be easily hacked. If hackers access your Google Drive, they can get their hands on confidential and damaging information. This can affect your business as well as the lives of clients and fellow employees.
Instead, an entity management software system is recommended. With this system in place, documents are stored automatically in a manner that meets all compliance standards.
5) Creating Reports
As you likely know from experience, creating reports manually is one of the most time-consuming and tedious tasks. To create the report, you must consult a variety of documents and spreadsheets, among other sources.
While this time could be spent on other tasks, the biggest drawback of manual reports is the risk of inaccuracies. Your report can only be as accurate as your sources, and you run the risk of miscalculating or making small errors.
Entity management software intuitively generates reports without the need for manual intervention. This means that your reports are more accurate and that you have more time to focus on other responsibilities.
6) Frequent Collaborative Meetings
If you find yourself hosting several meetings each week to collaborate with co-workers, entity management software is necessary.
When team members utilize tools that inhibit collaboration directly within the software, it leads to redundant questions and confusion. This leaves people on different pages regarding what they need to do or what has already been completed.
By integrating all tasks in one system, both visibility and collaboration are improved. This can decrease the need for lengthy meetings and multiple follow-ups to answer the same questions.
Make the Switch to Entity Management Software
Are you ready to upgrade your business model and eliminate these six manual practices? Speak to a digital management expert today to learn how Athennian can help.