For multinationals with numerous 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.
Common challenges in creating, e-signing and handling Intra-company agreements include:
- Complexity by volume: Each agreement involves unique variables, such as a local tax arrangement, transfer pricing regulations and business-specific local particularities.
- Manual process and errors: Manual work leads to errors, laborious verification work and tax compliance issues.
- Large volume file 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 ensures compliance with tax laws, reduces human error and accelerates the entire contract cycle.
Key functionalities to streamline Intracompany agreements
Weagree offers robust functionalities to create, e-sign and monitor a high volume of intra-company agreements efficiently:
- Metadata migration: All contract data (including of legal entities, signatory details and all transfer pricing metadata) can be seamlessly migrated into Weagree’s CLM platform, minimising the need for repetitive data entry.
- Bulk contract generation: Using the customer’s templates and questionnaires can be bulk-populated and the intra-company agreements bulk-generated with accurate details, saving altogether half a year of full-time manual work.
- Bulk e-signing: Through integration with DocuSign (or another e-signing application), e-signing can be 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.
The below video walks you through Weagree’s key functionalities used for this project and shows you step-by-step how to manage large volumes of intra-company agreements effortlessly and flexibly within Weagree. Watch it yourself!
Results
The implementation of Weagree’s contract automation solution leads to:
- Dramatic time savings: What once took a significant 800 hours of manual work was completed in some 69 hours, further reduced to some 16 hours in the coming years.
- Enhanced compliance and accuracy: Thanks to automation; it reduces the risk of human error, ensuring that every intra-company agreement complies with local transfer pricing laws and tax regulations.
- Immediate insight and control: Real-time notifications and task management (Kanban) simplifies tracking of contract progress, deadlines, minimising the risk of missed signature and enhancing control over the entire portfolio of intra-group agreements.
- Happy team members: With the dramatically minimised manual work, team members can be redirected towards attractive work.
Ready to simplify your Intracompany agreements? Contact us today for a demo and explore how we can tailor our solutions to meet your business needs.
