Innovative, cloud-based entity and subsidiary management software over performs when compared to manual processes and antiquated legacy technologies.
If you are preparing to transform your corporate subsidiary management capabilities by investing in a leading-edge cloud software solution, it is important to understand the differences between the current state, and the potential future state.
Below, we examine the problems plaguing legacy systems and old-fashioned entity management processes. If you are still relying on the technologies of decades gone by, then you are likely all too familiar with these shortcomings.
From there, we outline what you can expect from the latest generation of cloud-based entity management software.
Problems Plaguing Old Processes and Legacy Systems
The shortcomings of old processes and aging legacy systems are too numerous to list here. For that reason, we have limited this section to three of the most egregious, which include the following:
Missed Compliance Deadlines and Corresponding Fines
Missing compliance deadlines can have dire consequences for your corporate legal team.
Not only do missed deadlines reflect poorly on your department, but they can also expose the organization to hefty fines. If this becomes a recurring theme, organizational leadership may be forced to “shake things up” within the legal department.
Lack of Cost Foresight
When using legacy entity management software, much of your subsidiary management processes will be reactive. As a result, it is often difficult, if not outright impossible, to foresee and plan for upcoming expenses.
Inevitably, this will leave you in a bind the next time your department encounters unexpected financial burdens, as you will likely lack the flexibility to deal with those challenges.
Limited planning capabilities can typically be attributed to your legacy system’s inability to integrate with other software solutions. If your software is not communicating with other technologies, no information is being exchanged.
This setup creates what are known as “data silos," which are groups of compartmentalized information. Data silos are detrimental to any corporate legal department.
Wasted Hours Correcting Out-of-Date Information
Data silos can create all sorts of headaches for your legal team. One is that not all systems will contain the most up-to-date information. As a result, your staff will have to spend countless non-billable hours manually updating information in your various databases. This focus limits their ability to work on more dynamic, value-driven tasks.
The Capabilities of Cloud-Based Entity Management Software
Cloud-based entity management software includes a multitude of tools, capabilities, and features that are designed to truly transform corporate subsidiary management practices. With cloud-based entity management software, your legal team can:
Regain Control Over Risks and Costs
Entity management software will provide invaluable insights regarding the risks and costs that your team is facing. You can leverage this information to predict and plan for upcoming expenses. This capability will increase organizational resiliency and agility.
Optimize Compliance Initiatives
A cloud-based entity management software solution includes various tools and features that can assist with compliance initiatives.
For instance, modern entity management software allows you to integrate your compliance calendars with your subsidiary management platform. This integration ensures that you never miss a compliance deadline. In turn, this feature will help you avoid incurring fines.
Increase Visibility of Regulatory Changes
You can also use your entity management software to closely monitor and track regulatory changes that will impact your legal department. By tracking these upcoming regulatory changes, you can ensure that your team has ample time to prepare. This preparation will decrease your risk of being found out of compliance.
Entity management software can increase transparency across the entire department. It can also facilitate a seamless exchange of information between legal and accounting teams. You can gain a clear understanding of key metrics, including cost-per-entity.
Eliminate Data Silos
Once it is integrated with your other applications, entity management software will become your single source of truth.
You can leverage it to interact with all relevant corporate subsidiary data. The entity management software can also be used to execute reports, generate important documents, submit registrations, automate workflows, and much more.
Ready to Learn More?
If you are ready to move on from your aging legacy system and inefficient subsidiary management processes, then it is time to invest in a cloud-based entity management software solution, such as the one offered by Athennian.
Our robust technology includes a dynamic assortment of features, tools, and capabilities, including the following:
- Report and tax chart generation
- Document creation
- Data silo elimination
- Compliance reminder and alert automation
- Integration with existing applications and tools (e.g., DocuSign)
- Provision of seamless access to critical corporate data
Athennian’s platform includes all of the resources you need to modernize your corporate subsidiary management processes. To learn more, request a customized demo with a corporate subsidiary management expert.