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What is Entity Management?
Entity management is the practice of keeping a company’s vital information in an orderly system, ensuring deadlines are met, and collecting information for regulatory reporting. The mission is to ensure the company complies with the many laws and requirements where it has registered to do business. As your organization grows, so does your need for good entity management processes. At Anderson, we help you meet your business’s responsibilities and obligations to other owners, governments, and stakeholders.
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Why Does Entity Management Matter?
Some business owners question the need to invest in entity management. However, with the growing intricacy of the marketplace, this practice is more important than ever. With regulatory complexity increasing and the need for various filings, organizations require efficient access to accurate and complete records throughout the year.
As more laws get added to the books, it’s vital that businesses stay in compliance, especially if your company has multiple entities or operates in multiple jurisdictions. In addition, with the internet, companies are doing more global business than just a decade ago. A sound entity management system is a powerful tool that can help you stay on top of it all.
Your entity management process affects more than your company’s legal department. Other parts of the company, such as tax and finance teams, should have access to this information. A robust entity management platform that fosters collaboration across multiple divisions of the organization is essential for success.
What’s Involved with Entity Management?
While every state — and country — has different requirements, many entities, including corporations and partnerships, are responsible for tasks like tracking dates, filing annual government returns, logging shareholders and officers, drafting documents such as bylaws and corporate changes, and maintaining capitalization tables. Some companies complete these vital duties manually, which can work if you manage a small business with one or two locations. However, this responsibility can be challenging if you’re responsible for dozens of entities with headquarters worldwide.
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What Are Sound Entity Management Practices?
Every business is unique. That’s why our entity management approach adapts to your company’s structure and goals, keeping compliance simple and effective.
Strong foundations lead to stronger results. Centralized records, reliable data integrity, and organized processes ensure your team always works smarter.
Stay ahead of regulations with ease. Our system streamlines reporting, simplifies communication, and gives secure access to the people who need it most.
Break down silos and boost teamwork. Centralized documents encourage accountability, improve decision-making, and create an open environment across your organization.
No more scattered records. From registrations to officer lists, everything you need lives in one secure, searchable hub—always accurate and up to date.
Future-proof your data. Digitized records protect your organization from risks while giving you complete visibility at the click of a button.
How Technology Can Help Entity Management
If you’re in charge of entity management at your company, consider taking advantage of today’s innovative cloud-based software programs. They can help provide secure access to all your company’s information from anywhere in the world using a standard web browser. As a result, you can typically see improvement in areas such as:
Implementing a central system database of all the business information.
Engaging a service provider to update the records at deployment and beyond.
Electing officers through virtual annual meetings.
Organizing the entity’s documents, including bylaws.
Creating and distributing reports.
Improving database security with user IDs for internal and external contributors.
Retrieving and filing documents domestically and internationally.
Submitting required business filings in a particular jurisdiction.
Why Outsourcing Entity Management Makes Sense
In today’s fast-paced business world, outsourcing entity management helps streamline operations, ensure compliance, and keep teams focused on growth:
Adapt to Modern Work Models. Support hybrid and remote teams by outsourcing non-core administrative tasks.
Save Time on High-Volume Tasks. Offload document requests and data updates that otherwise consume valuable hours.
Protect Data Integrity. Maintain accurate, secure, and real-time access to critical company information.
Stay on Top of Compliance. Prevent penalties by keeping up with deadlines, elections, ownership changes, and filings.
Empower Employees. Allow staff to focus on higher-value, business-critical work instead of repetitive data entry.
Leverage Expert Support. Access industry professionals and technology-driven systems tailored to your needs.
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Would Your Company Benefit From Outside Entity Management?
If your company is considering outsourcing entity management, the first step in the process is to get a clear understanding of your current strategies. Start by documenting the specific needs of your legal, tax, finance, the administrative departments. This allows an organization to determine where its current processes are successful and where it needs improvements. It also helps create the framework for what successful outsourcing entails. Then, answer these four questions:
How are you currently completing the work?
How much time does it take your staff monthly? Annually?
What is your overall cost to complete the tasks?
How would removing that workload affect the organization’s bottom line?
By establishing a baseline of cost and potential long-term benefits, you’ll have the information you need to either move forward with an outside service provider or keep your entity management in-house. If you need help determining this information, a quality service provider can help you gather the data.
What Can You Expect From Entity Management Services?
Once you’ve determined an entity management service is the best route for your business, you can expect the following processes:
Implementing a central database of records that contains all the entity’s information.
Updating the organizational records and documents as an ongoing service.
Creating and distributing organizational charts.
Running and allocating reports.
Ensuring database security.
Issuing user IDs to access the records.
Filing and retrieving documents domestically and internationally, as needed.
Submitting required local-level filings for the entity to do business in a new jurisdiction.
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What Are the Benefits of Entity Management Services?
When deciding whether to outsource an organization’s entity management, it’s vital to consider what departments and job functions this will impact. By identifying these groups and responsibilities, you can better gauge the benefits of outsourcing these tasks. As a result, many companies have achieved greater efficiency in many areas, including:
Integrated Transactions & Filings
Seamless integration of transactions and filings within the central record system.
From Data Entry to Data Management
Shifting employees from data entry personnel to data managers.
Corporate Action Documentation
Documenting corporate actions and other entity-related events.
Faster Information Updates
Reducing the time required to update information in your database.
Centralized Information Verification
Providing a central point to receive and verify the entity’s information.
Efficient Information Distribution
Distributing information to your organization’s relevant teams quickly and easily.
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157K
SATISFIED CLIENTS SERVED
277K
BUSINESS CREATED
$150M
IN CLIENT TAX SAVINGS
$1B
IN ASSETS PROTECTED
