Legal professionals use entity management software to manage corporate governance, compliance matters, and sensitive legal information. The software simplifies entity management by automating many clerical and administrative tasks. Legal talent can manage minute book records more efficiently and use their own working time more productively.

One of the biggest and often overlooked benefits of entity management software is how it becomes a single source of truth for entity management data. This is a very practical asset that helps streamline workflows while facilitating more effective communication with stakeholders.

Here’s why creating a single source of truth for your legal entity data improves how your legal department operates.

Why you need an automated entity management system

In traditional legal departments, professionals were inundated with binders upon binders that contain legal entity data. Imagine the tediousness of combing through all those binders to file, sort, and update records. It’s an outdated workflow, especially when legal entity management technology is available to automate matters.

Using an automated entity management system, clerical duties become more streamlined. Simply open the platform, drag and drop from pre-selected fields, and populate those fields with the appropriate legal entity data. The platform intuitively interprets the data and populates a minute book record with all the appropriate information. The record is automatically filed, sorted, and available for review.

How single sources of truth for legal entity data are assets

Your entity management system becomes your single source of truth for all legal entity data. It’s a powerful asset that helps your legal department manage minute book records, maintain compliance, and protect all sensitive entity data behind advanced security parameters.

Use a single source of truth to comply with regulatory audits

No corporate entity wants to be subjected to a regulatory audit, but it’s crucial to be prepared for a surprise review from regulatory agents. Should an auditor arrive at your corporate offices, you need to provide clear transparent records for that agent to review.

Since entity management systems function as a single source of truth, you can provide detailed reports to auditors whenever the need arises. Simply pull up information about your corporate entity data within the platform, and walk through the records in question with the auditor.

The platform’s advanced search capabilities enable your legal talent to pull up records in just a few seconds. If auditors have questions, your single source of truth can provide the answers.

Use a single source of truth to maintain compliance with the laws

Maintaining compliance with regulatory laws ensures your corporate entity avoids financial or criminal penalties of non-compliance. Corporate compliance programs ensure the proper protocols are followed to maintain compliance.

As a single source of truth for all legal entity data, you can build and manage your corporate compliance program directly within the platform. Advanced legal entity management systems like MinuteBox have built-in compliance frameworks that walk your legal team through all the steps and sequences to maintain corporate compliance.

Use the compliance framework to create your organizational charts, calendars, workflows, and other templates to flesh out your compliance program. The framework uses prompts and notifications to alert you of any errors, statutory non-compliance, and date-based compliance tasks that may be lacking. You can follow the letter of the law and always remain in compliance.

Use a single source of truth for transparent stakeholder communications

Every corporate entity has executive leaders, boards of directors, and invested shareholders. Each one of these respective parties has a vested interest in the legal integrity of the corporation.

Legal teams are frequently subjected to pressing questions and inquiries from stakeholders at various levels. Managing the concerns of each stakeholder can be a taxing process without the right solutions to simplify how those concerns are addressed.

Using your single source of truth, your legal team can grant exclusive access to stakeholders who are authorized to view legal entity data. If any concerns arise, your legal team can host a private or shared meeting with one or more stakeholders to address pressing inquiries without ever leaving the platform.

As a single source of truth, entity management software enables speedy and transparent communications between all stakeholders. It also eliminates the potential for conflicting information and misunderstandings that cause unnecessary problems for your legal team.

Create a single source of truth for all your legal entity data

Entity management systems automate the process of managing multiple records of legal entity data, saving valuable time and resources on clerical and administrative work. As a single source of truth for all legal matters, these solutions also help facilitate diligent recordkeeping, frameworks to maintain compliance, and transparent communications with all relevant stakeholders.

Join the MinuteBox revolution today, and you can empower your own legal department with a single source of truth to manage all pressing legal concerns.