For many years global and domestic organizations with complex corporate structures have had tools for managing the typical aspect of their legal entities. These include Board minutes, Ownership and stock issues, Corporate Officers and Directors, Bank relationships and accounts, signing authorities and many more. To a large degree these are internal compliance requirements driven by the need to keep track of decisions and activities.
The market, including Symfact, has provided solutions for these needs for years.
There is also a more granular aspect to legal entity management that has to do with having multiple operating locations within the same legal entity. These locations could be in multiple states, provinces, or cantons but also exist as part of a single operating entity.
Take for example a staffing company of consulting organization who have multiple offices across a country. Each office, while still part of the corporation, will have its own local or state reporting requirements. These could include business licenses, special tax payments, headcount reporting for state worker’s compensation, insurance certificates, Utility accounts, Security access, maintenance contracts and any number of other specialized tracking and reporting needs at the local level.
Couple these document and compliance management needs with a constant turnover of administrative staff and you quickly become overwhelmed with managing the reporting, audit trail, and history of all local administrative management and reporting.
When looking for a solution you should consider the following as an initial list:
In all cases, a highly configurable solution is necessary as all businesses are different in their structure, processes and management roles.
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