A centralized corporate record is a system that stores entity data and information for tax, legal, finance and compliance business units. Working within this single source of truth, all business units, executives and board members draw from data that’s correct, current and consistent across the organization.

In addition to the immediate time savings, a centralized record provides a foundation for good governance practices such as developing policies, building measurement and reporting systems, assessing risk, and assigning ownership and accountability. When an organization prepares to grow, having a centralized record in place is critical.

As even one corporate entity can involve hundreds of data points, a centralized corporate record that organizes this information at scale makes due diligence more efficient, facilitates post-merger integration and allows for quick movement on growth opportunities.