Where Should Legal, Tax, and Finance Teams Put Spend in 2023?

Today, businesses are primed with navigating a new and ever-changing landscape for managing employees, increasing productivity, preventing burnout, and remaining compliant with relevant laws and regulatory standards. Yet, while it’s no secret that there are many boxes to check, there is some uncertainty that many businesses face as to where they should put their money each fiscal year. 

Each business is different regarding needs, size, budget, and external market factors, so there is no one-size-fits-all approach to determining how you should divvy your business budget for 2023. However, there are some specific tools that you should highly consider using some budget toward, such as entity management software. 

As a legal, tax, or finance professional, there is much to stay on top of. Growing your ARR, staying on top of tax laws and regulations, and organizing all your internal data are just some of the inherent tasks you will find yourself facing. A business budget focusing on a cloud-based entity management system is an investment in your company’s organizational systems, scalability, processes, and revenue growth.

Trends to Help You Determine Where to Put Spend

To decide where to put spend in 2023, legal teams should be looking at the newest technology trends that can best assist with staying ahead of the curve and maintaining resilience. Budgeting will require understanding where inefficiencies within your organization lie, the monetary losses that result from these inefficiencies, and how to implement a solution that can cover all of these bases. 

Legal professionals in 2023 will be moving toward increased reliance on technology that aligns data and increases corporate transparency. If you are specifically looking at budgeting for what’s ahead, your plan should start with how to make the most of your internal resources to maximize that budget and revenue. Specifically, technology that can benefit your company’s growth and probability include:

• Cloud-based entity management. Cloud-based data storage is becoming the norm today due to globalization and increased reliance on remote workers. With this type of program, you can manage, track, and access any piece of information you need from anywhere in the world. 
• Streamlined remote work. In a post-coronavirus world, it looks like remote work is here to stay. Companies around the country and globe now have a heavy reliance on tools that make work-from-home options effective and streamlined.
• Document automation. Manual entry and other time-consuming processes do nothing but hinder growth and business longevity. With document automation, employees can spend less time on administrative tasks and more time on creative strategy, relationship building, and other work that can’t be done with a computer program. 
• Improved client experience. User experience and transparency are becoming a top priority for consumers today. As such, allowing easy access to data and records from anywhere around the world is an absolute must. 
• Increased cyber security. Hacking and other cyber threats have become more and more sophisticated daily. Legal professionals must have a system that protects their internal data and their client’s sensitive information. 
  

Technology Can Help You Stay Ahead of the Competition in 2023

Understanding these trends is the first part of the equation. The second part is actually implementing a solution that can help you stay ahead of the curve and ahead of the competition. New technology is crucial for any business that wants to outpace their counterparts while remaining as efficient as possible. You see, you can have the best personnel and best product to offer your consumers, but without the right technology, you could be working twice as hard with only a fraction of the results of your counterparts. This does nothing but hinder growth and allow your top competitors to get ahead.

Technology in the form of a multi-purpose entity management software can give you the edge up by allowing you to scale your business and stay up-to-date with trends in 2023 and beyond. While no one truly knows what the future holds, you can be confident in the fact that an entity management software, like the one we offer at Athennian, won’t be something that you need to find a replacement for down the road. It’s an investment in the future of your business, your personnel, and your overall brand. 

Solve Your Business Inefficiencies With Entity Management Software

As industries change, so does the need for how you arrange your company’s budget and put your spend. With a multi-purpose entity management software program, you can increase overhead, company transparency, and efficiency while reducing costs and staying ahead of the competition in terms of user experience and growth. Your business may have to utilize a portion of its budget on entity management software, but doing so will ultimately help you incur less costs. 

With all that entity management software has to offer, putting money toward this type of internal solution to inefficiency has never been more of a necessity. At Athennian, our mission is to help legal professionals and businesses of all sizes utilize the newest technology to increase efficiency and protect their businesses at the core. If you would like to learn more about our cloud-based entity management system, reach out to an entity management expert  today for a custom demo.