Having a manual process for entity management can hinder your business growth. These tasks can be very time-consuming and laborious. By using entity management software, you can automate processes that can help your business efficiently and increase your return on investment.
What is Entity Management Software?
An entity management software is a solution that you can utilize to help improve the different processes in your law firm. It is a 100% cloud-based solution that can be assessed anywhere and it keeps your data streamlined, highly viewable, and safe.
In a recent poll conducted by Athennian, 94% of legal professionals are still utilizing manual processes to manage their entities. The main reasons for this include cost and being afraid of change. When you have entity management software, it will keep your corporate data secure, organized, and easy to access.
It can positively affect your ROI because it will lead you to allocate time and resources to more important tasks. Manual processes can be time-consuming and can be filled with errors, with entity management software, you can keep track of all your processes and tasks in one place which leads to more effective business management.
What are the Benefits of an Entity Management Software?
Most law firms tend to keep their manual processes because they want to adhere to the traditional way of doing business. Unfortunately, manual processes can have breakdowns which can affect timeframes for delivery. You also run into the risk of making mistakes and it can be time-consuming to correct these mistakes. Here are the different benefits that an entity management software can provide to your law firm:
One of the main and simplest benefits of an entity management software is that it can automate forms and templates. This reallocates the time spent on creating a manual form into other more productive things like meeting with clients which can directly affect your ROI.
Employing the use of technology in your organization will also enable you to have a competitive edge. This will boost your reputation because you are keeping clients’ information safe and at the same time upholding their privacy. Tech-savvy firms are viewed as the frontrunners in their industry and will boost your clientele who are looking for law firms that are in tune with technology.
Increases Collaboration Among Members
Another main benefit of entity management software is that it creates collaboration between members because of the data that is being entered in real-time. The data in an entity management software is highly visible to different members of the team which means that it eliminates the need for constant meetings and follow-ups because the data can be viewed by everybody.
Collaboration is an essential part of managing a workforce and when there is increased collaboration, paralegals and legal counsels feel that their contributions are being valued. This can boost their employee satisfaction ratings and employee retention.
Single Source of Truth
When you have a manual system in place, looking for data can be very time-consuming. An entity management software will enable you to keep the data in one place which is highly accessible to legal teams and paralegals. Instead of shuffling between documents and different programs, this will be your single source of truth which can boost productivity levels.
By having a singular source of data, you will be able to pull information that is needed by shareholders, stakeholders, compliance regulators, and clients.
Having a single data source is also helpful when it comes to replacing spreadsheets. Manually creating spreadsheets means that you are pulling data and information from multiple sources which can cause a problem especially if there are errors or a slight variance. Finding out the error can be costly and time-consuming. You can replace manual spreadsheets with entity management software to run this process more effectively.
Helps You Remain Compliant
The practice of law is a heavily-regulated industry which means that you have to be on top of deadlines, trademarks, and filings to stay in compliance. Being out of compliance can be detrimental to your business and poses a reputational risk that you may not recover from.
An entity management software can help you stay on track with filing deadlines by incorporating calendar compliance. This type of software is highly customizable which means that you can create tasks and set reminders around these tasks.
Whether you are a corporation that has multiple entities and subsidiaries that you manage or a law firm that relies on outside legal teams for work, you can use an entity management system to establish communication lines among entities and teams. Since this type of solution is cloud-based, anybody can access it regardless of what time zone they are in. This ensures that everybody will be on the same page and will increase collaboration between entities and firms.
Using an entity management software system can elevate your firm’s competitive advantage and at the same time increase your ROI because you are automating different business processes that will save time and money. If you have questions about this type of software, contact Athennian today and request a customized demo with an entity management expert.
We take pride in our products and solutions that have changed the lives and business processes of numerous legal teams. Find out for yourself why it is beneficial to work with an entity management software by requesting a customized demo.