Legal entity structures and their underlying data are core building blocks for global organizations – serving as a launchpad for business activities. Akin to an orchestra that requires its musicians to use identical sheets of music, the business can thrive when all functions such as finance, legal, treasury, as well as tax, rely upon the same source of truth. However, when multiple business functions separately track this critical dataflow, disruption can arise due to discrepancies and process inefficiencies.
So why haven’t most businesses fixed this problem? Leveraging one, ‘single source’ of information that evolves in real-time and provides ample transparency to all relevant business functions has been viewed as a futuristic, ‘would be nice’ solution. Historically there have been practical barriers for implementing this type of approach for legal entity data, such as the lack of an end-to-end automated solution that fits the needs of most or all corporate function stakeholders.
The landscape has changed and a leading-edge solution – Entity Ops – exists that can centralize and standardize the legal entity data itself, the governance surrounding the continual evolution of such data, while also meeting specific stakeholder needs. And it keeps getting better as we are continually adding more functionality that helps set us apart from other products on the market. Click here to learn more.
A ‘single source’ of legal entity data can alleviate pain points across functions, including the high risk of cascading financial errors, process inefficiencies that are a drag on strategic tasks, constant reporting pressures for an up-to-date version of data, and staff performing manual tasks when they could be doing more value-added work.
Tax and other corporate functions are balancing priorities and investing their time and resources into actions that provide recurring benefits over the long haul – not just alleviate near term burden. Taking a holistic, digital approach to core legal entity data, such as Entity Ops, can help contribute bottom-line value by, for example:
The result is a host of benefits that can cumulate year-after-year – a ‘win-win’ for the entire organization, with tax leading the way.
Entity Ops, a PwC product, is your enterprise’s single truth source for legal entity data for tax, legal, finance, and other in-house professionals. It’s a data management, tracking, sharing and governance powerhouse that turns complex data into simple visualizations. The platform helps solve problems – big and small – and facilitates data-driven decisions, whether it’s for 30 entities across the US or 30,000 across the globe.
Multiple needs met. One source of truth.
Developed specifically for tax, corporate secretarial and legal needs, while being easily shared and understood by cross-functional teams.
Endless flexibility. Scales as your business grows.
Can be customized to add and modify as many unique data fields as needed and seamlessly integrate data from other sources and tools.
Powerful analytics. Simple visualizations for reporting.
Interactive charting for easy visualization and robust analysis.
Detailed tracking. Enhances your enterprise-wide governance.
Role-based management and permissions, including a robust entity archive history and audit trail. Helps avoid the cascading effects of inaccurate or outdated data shared across teams.
Scenario modeling. Plan out your future.
As regulations and business priorities change, assess the potential impact that entity changes might have on your business.
Industry-leading features today. Building for tomorrow.
Continuously enhanced by PwC tax and legal technologists and taps into the brain trust of the PwC global network.