More time for core competencies: How we increase the efficiency of fiduciaries thanks to automation

Major challenges for fiduciaries

Fiduciaries are currently facing some challenges: The fiduciary sector is one of the industries that is currently most affected by the shortage of skilled workers. Many fiduciaries therefore have to take on the tasks of their vacancies in addition to their own tasks and work overtime to meet important deadlines. In doing so, they are constantly confronted with routine tasks that make up the bulk of their work and consume an immense amount of time. The combination of a lack of skilled workers and administration-heavy tasks means that they have less time for their core competencies, such as direct client contact, strategic advice and the planning of asset-related measures. 

However, reducing repetitive tasks and focusing on core competencies would not only bring much more recognition, respect and satisfaction, but would also relieve staff bottlenecks and open up potential for more turnover from higher-margin advisory business. For this reason, we offer fiduciaries software that makes their daily work more efficient thanks to automation, leaving them more time for their most important tasks. By using smart technology, we create the perfect conditions for fiduciaries to better meet their goals and satisfy more clients.

Efficiency and overview thanks to automation

Konsento, the corporate housekeeping software for fiduciaries, offers a range of automation features that simplify the daily workflow, reduce unnecessary manual work and increase efficiency. Another advantage of our automated processes is the embedded legal know-how, which already maps numerous requirements of company law. This further improves the efficiency and quality of services. With Konsento, fiduciaries can create real added value for their clients.

Fiduciaries can manage all their corporate housekeeping clients from a single user account and have the option to add work colleagues to specific or all mandates, so that they can ensure deputisation or share work. Furthermore, clients can be invited to the respective business profile on Konsento, which automatically increases transparency for the latter and at the same time reduces the fiduciary's accountability efforts. If a notary or an auditor is required for individual transactions, such as a capital increase with a contribution in kind or withdrawal of subscription rights, they can also be invited to this transaction and their work carried out in the same documents that were previously prepared by the fiduciary. 

Konsento digitises all relevant business administration tasks and supports with automation and embedded legal know-how. 

Brevity is the spice of life, which is why we are only mentioning two examples of Konsento's numerous solutions here that promise to save time for the fiduciary: 

Reduction of error sources with electronic share register

The first example relates to our electronic share register, which allows the intuitive recording of share transfers: the issue or transfers of financial instruments are entered in the same way as the transaction took place in real life. This automatically updates the share register with all legally required information. Furthermore, the built-in logic controls that not too many shares are transferred and thus eliminates weaknesses from Excel. Saving transactions and positions in our database and automatically creating logs then prevents gaps in the chain of share transfers. And soon, even all legally required documents will be created, signed and stored from this process, which further strengthens the seamless, legally compliant chain of ownership. 

Meeting automation

The second example comes from our meeting and voting module: Konsento currently has several dozen templates for AGM and BoD agenda items, written in the wording required for notarisation and registration in the register of commerce. In combination with the guided process for setting up AGMs and BoD meetings, legally compliant AGMs can be created within minutes. Our automatic minutes assistant attends the AGM and assists the formal minute taker. After the meeting, with just a few clicks of the mouse, it creates draft minutes that can be reviewed and, if necessary, adjusted by the minute taker and then released for joint signature with the necessary board members and shared electronically with the participants. The turnaround time for preparing and following up on meetings of corporate bodies is thus reduced from what used to take hours to just a few minutes. 

Doing what you are most passionate about …

Thanks to digitalisation and automation, many repetitive administrative tasks that used to take hours or even days can be done effortlessly and in the blink of an eye. Thanks to our corporate administration software, fiduciaries, lawyers and other professionals can significantly reduce the time spent on this part of their work. In doing so, you can be sure that your client administration is of the highest standard, while focusing on what you care about most: Providing your clients with excellent advice and finding solutions that fit them and their specific needs.

Create the foundations for more space for your consulting activities today, by booking a free demo here.

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