As legal counsel, staying on top of corporate housekeeping can be your biggest challenge, especially when it comes to entity management. As the central point for managing corporate records, company structure, compliance and risk across multiply entities, you want to be accurate and thorough in all that you do. And this can be hard if your info is spread across various spreadsheets and databases, as they simply weren’t built for such a task.
So if you find your current system for managing corporate housekeeping for your company and it’s subsidiaries a little fragmented to say the least, then Claudia Jacobs, Privacy & Legal Officer at Vebego, can surely relate.
Vebego is a family company operating in the facilities management and healthcare space. With more than a hundred companies and joint ventures spread across four countries, managing corporate records was once problematic. This all changed when her company decided to invest in legal software, effacts, after seeing a demo.
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Entity management all in one place
Like in many legal departments, Claudia’s old system didn’t centralise entity information in one place, so she wasn’t able to tie information about different entities together for reporting. It wasn’t user-friendly and had to be heavily customised, which came at a cost.
With effacts, she was finally able to do away with disjointed systems that don’t speak to one another. “With effacts, I can link all the information together: contracts, shareholders, companies, appointments and more. When I make a change in one place, the system updates everywhere. I don’t have to do it over again. It’s automatic.”
Image above: Using the best practice Corporate dashboard, all your appointments, shareholdings, business registrations and partnerships, including related risks, are a click away, ready to audit, share or report on.
Up-to-date corporate structure
Vebego now has a visual overview of all their entities and related subsidiaries across all countries, as effacts helps Claudia create organizational charts in just a click. “I needed an up-to-date structure of our legal entities at all times. effacts makes that possible. And with a lot less work than before,” says Claudia.
Image above: an example of an organizational chart created in effacts
Easy to set-up & easier to use
Setting it up was a breeze, even though Claudia had been worried about migrating the data from the previous database they’d been using. She was delighted with how easy it was to migrate data from their old system to effacts saying that it took just one phone call.
On an ongoing basis, the system is intuitive enough that minimal training is required for new-comers. And with a fully up-to-date legal department, compliance and productivity have never been better!
If you want to improve entity management like Claudia, discover how effacts can give you an accurate overview of your organisation’s legal entities, empowering you to deliver on reporting requests quickly and to provide value to stakeholders when needed. For more information, schedule a free demo to see how effacts can work for you!