For multinationals with group companies operating globally, managing a large volume of intra-company agreements is burdensome bureaucracy. Intra-group agreements must comply with as many local tax regulations and transfer pricing arrangements as there are group companies. Handling intra-company agreements manually quickly becomes inefficient, time-consuming and error prone.
The below video (1:59 min.) highlights the impressive benefits of automation – watch it yourself:
Challenges in creating, e-signing and handling 375 intra-company agreements include:
- Complexity by volume: Each intra-group agreement involves unique variables, such as a local tax arrangement, transfer pricing regulations and business-specific local particularities.
- Manual process: At these volumes, doing the work manually leads to errors, laborious verification work tax compliance challenges, let alone that the lapse of time leads to numerous updates.
- Many-files handling: Handling a very large volume of agreements is time-consuming and often lacks efficient controls.
Automating the creation, e-signing and handling of intra-group agreements reduces human error, accelerates the entire contract cycle.
The below video (10:18 min.) explains which contract automation-related functionalities enable such massive time-saving.
Weagree offers all functionalities to create, e-sign and monitor a high volume of intra-company agreements efficiently:
- Mass metadata migration: All contract data (including of legal entities, signatory details and all transfer pricing metadata) seamlessly migrated into Weagree’s CLM platform.
- Bulk contract generation: The three templates’ questionnaires can be bulk-answered and the intra-company agreements bulk-generated with accurate details, saving altogether half a year of full-time manual work.
- Bulk e-signing: Integrated with DocuSign (or any other e-signing application), e-signing was initiated and monitored from within Weagree, simplifying the signing process and reducing turnaround time.
- Real-time notifications: Alerts and notifications can be set up to follow up on e-signing progress, ensuring that no agreements are missed.
- Task management (Kanban): Real-time tracking of tasks ensures every stage of the contract lifecycle is monitored and managed effectively.
Impressive results
Weagree’s contract automation solution resulted in:
- Dramatic time savings: What once took 800 hours (half a year!) of manual work was completed in some 69 hours, in the coming years further reduced to some 16 hours only.
- Enhanced compliance and accuracy: The automation minimises the risk of human error, ensuring that every intra-company agreement complies with local transfer pricing laws and tax regulations.
- Immediate insight (‘control’): Real-time notifications and task management (Kanban) simplify tracking progress, deadlines, minimising the risk of a missed signature and enhance control over the entire portfolio of intra-group agreements.
Indeed:
- Happy team members: With the dramatically minimised manual work, team members can focus on attractive work…
Are you still doing it manually?
