Legal compliance is an integral part of running your business. It's essential to know which laws and regulations affect your operation and how to stay compliant to avoid fines or penalties from government agencies.
In addition to being required by law, it's also crucial for businesses to stay in good standing with local authorities so that they can continue doing business as usual without interruption. Suppose a company doesn't comply with these requirements. In that case, it may be fined or closed down entirely by regulatory bodies such as the FDA (Food & Drug Administration), EPA (Environmental Protection Agency), OSHA (Occupational Safety & Health Administration), etc., which could cause financial hardship for any individual involved with the company—from employees who lose their jobs because they were unable to work overtime during busy periods like Christmas Eve sales season; all the way up through senior executives who might lose their positions altogether depending upon how severe management team members committed an infraction over whom they had no direct control."
Time is the most valuable currency in the legal world, and managing an array of licenses and permits can be a time taking job for legal professionals. To help them ease their workload and keep track of all the necessary permits and licenses, software like Traact is a godsend.
With the progress in cloud technology, internet security and the digital transformation movement, it is now feasible to digitize the full license and permitting procedure. This shift makes licensees more optimistic while enabling regulatory agencies to work more efficiently through automation.
Here are a few ways such SaaS-based platforms help the legal team become efficient so the businesses can scale up:
Stage 1: Application
With digitization, applying for a license or a permit is easy, from filling out the application to uploading the required forms.
Stage 2: Approval
Once you submit the form, it is automatically forwarded to the regulatory agency in charge of approvals. The person in charge reviews the application along with all the supporting documents, confirms if they are complete, and then marks the application fit to be registered.
Stage 3: Registration
The legal professional receives the update from the agency, checks if there is any missing information, and fills out any remaining details to complete the formalities.
Recurring Stage: Renewal
The digital dashboard lets you know about the upcoming date of renewal of the license or a permit and how you can proceed with the same.
Now that we have understood how a cloud-based dashboard can help track licenses and permits, let's take a look at some of the plus points of using such platforms:
Reduce the cost of compliance by being able to identify any non-compliance issues before they become an issue on your project
Reduce the cost of fines by knowing who did what, when and where so that if there is an issue, it doesn't impact other parties or projects
Reduce lost opportunities due to missed deadlines, which means more money spent on unnecessary things
Tracking your permits and licenses can save you time. If you know exactly what permits you need, it's much easier to keep track of how long it takes to get them. And if you're looking for a permit or license that needs to be added to the list of approved documents, we can help!
The smartest thing to do in 2022 is to go paperless and reduce your carbon footprint! Digital platforms help you achieve that
Data for risk assessment and compliance during audits is readily available for scrutiny. This helps your legal team save time in searching for the asked license and permits, and be more productive
Permits and licenses are a vital part of the regulatory system. They help ensure that companies comply with regulations and laws. With tracking, you may be able to know when a permit expires or if there is another requirement that needs to be met before having your business start up. At the same time, tracking permits and licenses can also help you keep track of which ones need renewal so that you can avoid a lapse in regulations for long periods of time or become illegal again after being compliant for some time. This all can be done efficiently with the help of a legal operations software.
You can book a session with us to dive deeper into how Traact can help you scale your business by simplifying your legal operations. Or drop us a line at email@example.com