Entity management software refers to a specialized type of software that helps businesses and organisations efficiently manage their legal entities. These entities could be subsidiaries, joint ventures, franchisees, or any other legally separate business organisations that the parent company owns or controls. The software provides a centralized platform for managing all relevant data and documents associated with each entity and streamlines their governance, compliance, and reporting processes. In this article, we will take a closer look at the features, benefits, and key considerations of entity management software.
Features of Entity Management Software
Entity management software can offer various features depending on the specific needs of the business. However, some standard features of the software are:
1. Entity Tracking: The software helps in monitoring the various entities owned by the business, including their names, jurisdictions, location, and other details. It enables businesses to stay up to date on both new and existing entities.
2. Record Keeping: The software helps in keeping records of various documentation related to entities such as bylaws, meeting minutes, contracts, and other legal documents. It enables businesses to ensure that the documents are up to date and are accessible.
3. Compliance Management: The software helps in keeping track of various regulatory and compliance requirements imposed on entities by government agencies. It helps businesses to comply with regulations and avoid costly penalties.
4. Reporting: The software enables businesses to generate reports on the performance of entities, thereby aiding in decision making. It helps generate customised reports on the entities’ financial, legal and compliance status.
5. Collaboration and Communication: The software helps in enabling better communication and collaboration amongst various stakeholders, such as board members, legal teams, and finance teams, in the entity management ecosystem.
Benefits of Entity Management Software
Entity Management Software offers several benefits, including:
1. Streamlined Governance: The software helps in streamlining the governance of a business entity by enabling all its necessary documents and records to be centrally managed. This ensures that entities are managed efficiently and responsibly, without any data loss or errors.
2. Improved Compliance: Entity Management Software helps businesses comply with laws and regulations more efficiently by automating the requisite processes. The software reminds businesses of their compliance deadlines to reduce the risk of missing them.
3. Enhanced Decision Making: The software provides real-time data and analytics on the performance of the businesses’ entities, thereby enabling better decision-making. Businesses can use this data to identify areas that need improvement, reduce risks, and make informed decisions.
4. Cost Savings: By reducing time spent on manual tasks, automating compliance processes, and minimizing errors, Entity Management Software can save businesses significant costs.
5. Increased Efficiency: By centralizing documentation and automating workflows, Entity Management Software provides businesses with greater efficiency in managing their entities. It reduces the time, money, and resources required to manage entities manually.
Key Considerations for Choosing Entity Management Software
When choosing Entity Management Software, businesses should consider the following key factors:
1. Customizability: The software should be customizable to meet the business’s unique needs, such as supporting multi-currency transactions, multiple languages and allowing for custom fields.
2. Scalability: The software should have the functionality to support the seamless addition of new entities as the business grows.
3. Integrations with Key Applications: The software should integrate well with other critical business applications, such as accounting softwa re and payroll systems, to ensure efficient workflows.
4. User-Friendly Interface: The software should be user-friendly and have an easy to navigate interface, with minimal learning curve for new users.
5. Security: As with any software handling sensitive information, it is critical that Entity Management Software has sufficient security features such as data encryption, firewalls, and multi-factor authentication.
Entity Management Software is a specialized software used to manage legal entities owned by businesses. The software provides several benefits, including streamlined governance and compliance, improved decision-making, and reduced costs. When selecting an entity management software, businesses should consider customizability, scalability, integrations, user-friendliness, and security. By choosing the right entity management software provider, businesses can manage their entities more efficiently, optimally, and with reduced costs.
CSCGLOBAL
CSC is the industry’s leading provider of corporate compliance services, including entity management services.
- Award-winning technology
- Seamless integration with filings
- Unmatched customer support
DILIGENT
Diligent, a modern governance company, is the only comprehensive governance software provider featuring tools to improve and simplify modern day governance.
- Be Prepared for Growth Opportunities
- Improve Stakeholder Confidence in Data Accuracy
- Identify Personnel Risks Before They Affect Your Reputation
- Enhance & Automate Routine Tasks
- Save Time & Money on Company Health Checks
HARBORCOMPLIANCE
Harbor Compliance simplifies compliance for multi-state organizations. Sign up for our software and services online at your convenience or contact us to learn more.
- Maintain good standing and avoid late fees and penalties
- Save time submitting corporate filings and annual reports
- Get instant clarity on where your entities are registered
- Ensure continuity through staff and vendor changes
BERKMANSOLUTIONS
Lextree from Berkman Solutions to generate entity org charts automatically, manage officers and directors across legal entities, and take control of compliance filings for each entity in your entity registry.
- Create Legal Entity Org Charts
- Manage the Board of Directors
- Save Money with Better Compliance
- Find Organizational Documents Easily
SCANMARKET
Creating value through our deep skills in Strategic Sourcing, Contract Lifecycle Management and Supplier Risk & Performance Management.
- Transparent overview of Holcim legal structures and ownership
- Best-in-class support from Scanmarket (previously Symfact) during implementation and post-implementation
- Very user-friendly tool & powerful access controls
DILITRUST
Dilitrust Legal Entity Management Software offers in-house lawyers a collaborative legal suite for the secure management of their legal entities.
- The legal management of your group
- Automatic edition of organization charts
- A clear organization of legal documents
FILEJET
Filejet legal entity management software automates many tasks associated with managing entities for general and in-house counsels.
- Automatic handling of annual filings
- Automatic payment of fees
- Automatic updates on document storage and alerts
- Automatic notifications on when compliance tasks are due
- Automatic notifications for other maintenance events
CONTRACTZEN
ContractZen corporate governance software is ideal for contract management, board meeting management, entity management, e-signature & virtual data room (VDR).
- Dynamic ownership structure
- All important data on one screen
- Organize and search easily
- Have your corporate info with you
ZETVISIONS
Investment management includes investment administration, investment controlling and investment management. With zetVisions you get a complete overview of your investment structures.
- Complex shareholding structures
- Timeliness of shareholding data
- Reliability of data across all areas
- Compliance and transparency
- Legal reporting
- Internal/external reporting
- Cross-departmental cooperation
CGS-GEMS
The GEMS global entity management platform offers a centralized, electronic solution for companies to achieve global entity compliance and increase transparency.
- Enterprise Management
- Global Compliance Management
- Entity Structure Management
- Subsidiary Governance Management