Adapting Your Legal Entity Management Strategy to Create More Efficient Processes

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When the first cell phone came on the market, it allowed you to make and receive phone calls. That was it, and that was enough.

Over time, the world changed, as did our expectations of technology. Making calls from just about anywhere was great, but what if a phone could send email, take photos, facilitate your banking?

So the technology evolved to make our lives easier, our processes better. The same is taking shape in the world of legal entity management.

The first step was creating simple software that catalogued your legal entities, maintained documents and provided a central repository for all your legal entity information. That was the motivation behind the creation of EntityKeeper. The first iteration of our system was basic but effective. It solved the most pressing needs but not all of them. So we kept talking to our customers, assessing their needs and brainstorming technological solutions for all of them.

As a result, our platform looks different today than it did when we started. Here are some of the latest changes to take shape as the world of legal entity management has evolved.

Custom Entity Access
Although our platform has allowed many companies to bring the legal entity management process in house, there are still many more that choose to outsource the process to a third party. So we’ve continued to upgrade EntityKeeper to keep pace with the needs of both individual businesses and the third-party providers that serve them.

Those upgrades include something we call Custom Entity Access, borne out of an understanding that third-party providers may use EntityKeeper across multiple clients. This new feature allows those providers to grant their clients access to EntityKeeper, while limiting that access to their own entity information.

For the third-party providers, Custom Entity Access allows them to give their clients a heightened level of transparency and insight into their legal entity data. For the clients, it protects their data and their privacy. We call that a win-win.

International compatibility
We operate in a global economy. Companies based in the U.S. are increasingly adding new entities overseas to tap new markets or take advantage of emerging opportunities. The people and systems who manage multiple legal entities have had to adapt accordingly.

While managing legal entities under U.S. laws is complex, adding the international component increases that complexity significantly. Different countries have different rules and regulations, and to maintain your operations overseas, you’ve got to stay complaint with every single one. That’s why we recently upgraded our platform to accommodate international entities. Now, as our customers expand their reach overseas, we can ensure they follow the rules at every step of the way.

Custom Fields
The ability to track your legal entity data is vital. Equally as important is the ability to access the data that matters most to you and your business.

That’s why EntityKeeper has created custom fields to access the information you need in the simplest possible way. It allows you to generate customizable reports, which helps you spot trends over your businesses and over time. It harnesses the power of your data and makes it work for you and your business. Over time, if your data needs change, you can adjust the custom fields to keep them working for you.

Managing multiple legal entities means you’ve got a lot of information to track, all of it vital. There are tax deadlines and filing deadlines, each one specific to its own entity. When your entities start to span states, countries and continents, those deadlines form a complex web. If you can’t navigate that web, you could incur fines or risk the possible dissolution of your business.

That has made notifications critical to the legal entity management process. You rely on notifications to remember your dentist appointment or your quarterly staff meeting. Why wouldn’t you use the same technology to give you peace of mind in managing your entities?

EntityKeeper has built notifications into our digital platform to harness the power of a technology we’ve all come to rely on in our daily lives. You can customize those notifications based on the deadlines and priorities of your business, and you can rest easy knowing you won’t miss a thing.

As we grow, we’re listening to our customers to find out what our platform needs next. The world of business changes fast. The world of managing multiple legal entities is, too. Our goal is to stay on the cutting edge.

Schedule a demo to find out what we can do for your business.