How Technology Improves Document Automation Workflows

Automation is essential for corporations and organizations of all sizes and scales these days. Competition is fierce, and this is perhaps nowhere more apparent than when it comes to hiring qualified talent to join the team.

Many firms want to appear innovative to both their clients and their prospective new hires. Skilled professionals often have experience with innovative technology and they appreciate the ability to streamline day to day tasks. This way, they’re able to devote more time, energy, and resources towards bigger picture solutions that help drive greater growth for the firm.

Why use technology to streamline hiring processes

Let’s say your firm is in expansion mode; you’re actively on the hunt for new professionals who can bolster the capabilities of your organization. For the sake of argument, let’s say you want to hire 10 new prospects who can add their years of experience to your firm as either legal professionals or paralegals. Now, you need to create employment contracts to solidify the offers.

This is where it gets challenging without the right technology. Drafting employment contracts from scratch is a very time consuming process. Even if you were to use a pre-written template to draft most of the document, there may be specific terms and conditions for each individual hire that need to be inserted into the contract.

What if the template isn’t easy to edit? If you add in new details into the agreement, does it disrupt the entire formatting and force you to spend more time correcting those errors?

Simplify the employment contract creation process

Given the average job offer process takes up to 7 days, break down the above scenario in terms of that cost in time. If you have 10 legal professionals you’re trying to hire, and it takes up to 7 days to complete the process for each individual person, that’s a lot of time spent writing and finalizing employment contracts.

All of that time could become a sunk cost if the new hire doesn’t work out for the firm. Companies spent over $92 billion on training new hires between 2020 and 2021, which is further compounded by employee turnover. You don’t want to invest all of those company resources to, first, draft employee contracts and, second, train and develop that new hire if they’re ultimately not the right fit for the firm.

This is why it’s important to have an automated process that allows you to create employment contracts faster and easier. With the right platform, you can have document assembly and creation like you’ve never seen before. This way, you can gain back some of those working hours spent creating documents and reinvest that time and resources back into the business. You can also devote more time towards vetting and qualifying prospects so that you get the best new hire to support your growing business needs.

No code injection increases accuracy and efficiency

Certain platforms provide code-free employment contract assembly solutions that make the process even easier for your teams. You can use these drag and drop solutions to draft advanced legal or employment contracts as fast as you need to get them out the door.

These platforms are intuitive, easy to use, and built with a user-friendly interface. You can create automated documents and legal forms that can be sent off to the right party instantly. Plus, you can even save previously written text blocks within the platform and drop them into new documentation as needed. This makes it easier to reproduce elements of the contract that are ubiquitous across all offers, further reducing time and energy required to draft new employment contracts. It’s a win-win all around!

Are you ready to inject a code-free employment contract creation process into your organization? Join the MinuteBox revolution so that you can earn back more of your own time as you continue to source, vet, qualify, and hire new professionals that will contribute to the future growth of your business.

Legal Entity Management

Legal entity management is really risk management. It refers to a set of tools and practices to help manage corporate risk. This is vital in the early stages where it is easier to control and get a handle on.

The management includes storing all information, documents, and all other corporate records. This means all ongoing business matters, calendars, reminders and keeping track of what information needs to go where.

Minute Book Management

A minute book is a safe place to keep all corporate records. This is minutes from meetings, register of all the directors, shareholders and officers involved with the corporation. It is necessary to keep these books.

Once, these records were all kept by hand and on paper. Now, technology advancement allows corporations to keep all their minute books information digitally. All forms, notes and certificates can all be entered digitally.

A minute book contains all and any information the corporation needs or uses. Meetings, notices, register of transfers and whatever else is pertinent to your corporation.

Digital Transformation

More and more, corporations are moving to digital transformation. This is more than just putting documentation on digital files. It encompasses a lot more.

It means all corporations and other associated organizations can access any information they need. By using cloud storage, it not only opens up a great deal of office space, but it also allows the corporation to sort and store all their information.

Much easier to store and access, items deemed personal or sensitive are secured in a password-needed file. Others can be made open for easy access to whoever needs them.

Anytime records need to be updated, they can easily be accessed from anywhere and updated regularly when needed. The entire book doesn’t need to be accessed. Now, you can just access the portion you need to add new notes, add meeting minutes or any news about the board of directors.

Keeping these records is important, not just for your own records and security, but in case anyone ever needs to see past information. This could be:

• An audit
• Getting a loan
• Selling the business
• Allowing your accountant in to file income tax returns
• Sharing decisions made with other shareholders

Any time any legal issue arises, whether small or significant, your minute book will serve as a legal representative for the organization. If you don’t keep these records, there can be penalties, like fines for the corporation and individuals, as well.

This can also cause delays for taxes, or other business matters. If there are legal complications, then that will ultimately cost the corporation time and money. It can mean a lot of headaches for a lot of people, even those who have since moved on.

Minute Book Importance

It’s vital the minute book be kept up-to-date and maintained regularly. It should be done by a lawyer or someone who is in a position of authority and security. It needs to be stored safely and with limited access, to ensure it’s contents are secure.

Putting your minute book on a digital file is a secure way to store it and much easier to maintain and manage. Files can be added, accessed and updated in seconds, so there is never a delay or concern.

Banking, financial, and legal industries have traditionally been slow to adopt innovative technologies. As other industries view modern technology as an innovative solution that streamlines workflows, several of these traditionally managed sectors have resisted efforts to modernize their operations.

However, the game is beginning to change. Corporate and transactional practices such as banking, finance, real estate, and litigation have increasingly explored the impact of innovative technologies on their respective practice areas.

Future of banking and finance is digital

As younger consumers demand more flexibility and convenience from banking services, the future of retail and mobile banking is growing more digitized. Insider Intelligence conducted their fourth Mobile Banking Competitive Edge Study, and the insights point to this growing trend towards digitized consumer banking.

In their findings, 45% of respondents say financial institutions that offer mobile app-based banking solutions are at the top of their list of preferred bank providers. Clearly, there’s a growing consumer demand for more innovation in these spaces, but the advantages of modern technology can also improve internal business processes at these institutions.

Banking executives see technology as a means to save costs

In the same report, 39% of banking executives say that incorporating technology into their own internal workflows can help lower costs for their businesses. The right solution can also deliver more autonomy and flexibility to how executives access important business records. Up to 77% of business leaders say they want the freedom to view business data from remote locations, continuing the hybrid workflows adopted throughout the COVID-19 pandemic.

Incorporating methods that innovate and streamline administrative and clerical processes can save valuable time and working capital for banking and financial institutions. Incurred labour costs to finalize important agreements between banks and their clients are dramatically slashed by adopting modern technology.

Why document automation solutions drastically cut costs

Document automation is one such solution designed to innovate industries and reduce operating costs. Document automation refers to the design of systems and workflows that streamline the creation of electronic documents.

Since banking and finance industries conduct daily transactional practices, document automation can make checklists or virtual closing lists more efficient for the institution. Many of the documents involved in these processes are virtually identical, except for specific information about the client in service.

With document automation technology, most of the workflows to create those deals are consistent from client to client. Once the templates are created, they can be cookie-cuttered, duplicated, and customized to each client experience.

How document automation improves B2B client relationships

When documentation is completed more efficiently, the deals attached to those documents can be finalized with more speed and precision. If large deals are being conducted between one large banking institution and another corporate entity, the speed and efficiency delivered through document automation solutions generates more revenue at faster rates for both entities.

As a banking institution, client satisfaction is essential to earning repeat business. Providing clients with faster models to finalize important business documents makes the process more efficient for the end client. Fast precise completion of their business deals means those satisfied clients are far more likely to come back to your institution when they require financing for another important deal.

Entity management platforms automate documentation

When banking and financial institutions are ready to modernize their workflows with automated solutions, it’s important they select the right solution to support their needs. Entity management software is one of the best solutions on the market.

Entity management platforms are cloud-based solutions, which means users can access all information stored within the platform from a location of their own choosing. This flexibility perfectly aligns with what banking executives are looking for in a document automation solution. They can view the records remotely, secure with the knowledge that their documents and business records are protected in the cloud using biometric and hardware key authentications.

Entity management platforms have pre-built document templates. Any legal documents to finalize a major banking transaction can be duplicated and modified in a matter of minutes.

Once an initial template of that document is created, the platform allows users to quickly duplicate those documents. Minor edits and revisions can be implemented to customize the documents from client to client or use case to use case. It’s a much faster process that simplifies everyone’s lives!