If you’re running a large organization, chances are you have several subsidiary companies that need to be managed. This includes tracking everything from legal filings, compliance requirements, corporate governance, and more. Initially, many companies try to manage this using an entity tracking spreadsheet in Excel. While this may work for small organizations, as your company grows, you’ll find it harder to keep track of everything using just a spreadsheet.
This is where entity management software comes in. With an entity management system, you can streamline subsidiary management, corporate governance, and compliance by consolidating all your information into one central system. But how do you make the switch from Excel to entity management software? We’re here to show you benefits and help your business make the leap to entity management software.
Benefits of Entity Management Software
How exactly is entity management software better than a manual speadsheet? Using entity management software has many benefits that can help your business excel.
Those benefits include:
Centralized Data Storage
One of the primary benefits of entity management software is the ability to store all your company’s subsidiary data in one central location. This includes everything from legal filings and compliance requirements to board resolutions and important dates. This means that everyone in your organization can access the information they need without having to go through multiple Excel sheets.
Automated Alerts and Notifications
Entity management software can automate notifications and alerts to remind you of important dates and deadlines. This can include filing deadlines, board meetings, and other key dates that are critical to your subsidiary management. This ensures that you stay on top of all your compliance requirements and never miss a deadline.
With an entity management system, you can generate detailed reports that give you a complete overview of your subsidiaries. This can include information on subsidiary ownership, financial information, and compliance requirements. This can help you identify potential risks and make informed decisions about subsidiary management.
Entity management software can help you keep your data secure by providing access controls, data encryption, and other security features. This ensures that your subsidiary data remains confidential and is only accessible to authorized personnel.
With entity management software, you can improve collaboration between different departments and teams within your organization. This means that everyone has access to the same information, which can improve decision-making and reduce the risk of errors and duplication.
Making the Switch from Excel to Entity Management Software
Making the switch from an excel sheet to an entity management software may be scary! What if something goes wrong? Will my team catch on? Will I hurt Bill Gates’s feelings by making the switch?
Here are some steps to take to make the switch from excel to entity management software as easy as possible.
- Evaluate Your Current System
Before making the switch to entity management software, it’s important to evaluate your current system. This includes identifying the strengths and weaknesses of your current system, as well as the specific needs of your organization. This will help you identify the features and functionality that you need in an entity management system.
- Research and Compare Different Solutions
There are many different entity management software solutions available, each with their own unique features and functionality. Research and compare different solutions to find the one that best meets your needs. Look for software that is easy to use, customizable, and provides the features and functionality that you need.
- Choose a Provider
Once you’ve identified the software that you want to use, choose a provider that can help you implement the system. Look for a provider that has experience working with companies similar to yours, and that can provide training and support as you transition to the new system.
- Migrate Your Data
Once you’ve chosen a provider, it’s time to migrate your data from Excel to the new system. This can be a complex process, so it’s important to work closely with your provider to ensure that all your data is migrated accurately and securely.
- Train Your Team
Once your data has been migrated, it’s important to train your team on how to use the new system. This includes providing training on how to access and update subsidiary data, how to generate reports, and how to use the various features and functionality of the system.
- Monitor and Evaluate
After you’ve made the switch to entity management software, it’s important to monitor and evaluate the system to ensure that it’s meeting your needs. This includes regularly reviewing your subsidiary data and generating reports to identify potential risks and areas for improvement.
Make the Transition From Excel to Entity Management Software Smooth With Athennian
Excel may work for small organizations with a few subsidiaries, as your company grows, it becomes increasingly difficult to manage everything using spreadsheets. By making the switch to entity management software, you can streamline subsidiary management, corporate governance, and compliance by consolidating all your information into one central system.
With the right entity management system in place, you can reduce the risk of errors and duplication, improve collaboration and decision-making, and ensure that your subsidiaries remain compliant with all relevant regulations and requirements. Here at Athennian we have a variety of entity management products to help make this transition as smooth as possible, contact us today for a custom consultation.