Using Due Diligence Software to Speed Up the Due Diligence Process
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Due diligence is conducted by a firm before investing in a business. This includes reviewing the company’s documents, confirming references and looking for any hidden information. Due diligence software helps firms manage the process. By using it, they are able to document and centralize procedures like assessments financial diligence, environmental, social and corporate governance (ESG) diligence and more.
For instance, if you are performing a tech due diligence, the person doing it will require all the documentation of your product that includes architectural diagrams, integrations and tech solutions such as backup and recovery servers, and the process frameworks that were used to create the product. The documentation of all this can help to accelerate the process and minimize risks associated with a potential deal.
Another common due diligence process is a tax examination, in which the acquirer examines the target company’s tax profile. It can reveal tax liabilities, like overstated net operating losses, underreported tax expenses, and exposures to tax on sales and use. Furthermore, it is able to find tax credits that are not reported and deductions.
One of the best tools for due diligence is a virtual data room which can provide a safe and secure location to store and share files. It should be able to support formats for files like PDF, Word, Excel and many more. It should also come with a search and browse feature, collaboration tools and file sharing. In addition it should permit simple drag and drop uploads and various levels of security, and a built-in viewer. It should also work with all major browsers and mobile devices. SS&C Intralinks is a good option, since it provides a powerful collaboration tool and an intuitive user interface. It has a trial version with up to 10GB storage space and a 250MB upload limit. It works with Android or iOS devices. It also has security features such as AES 256-bit encryption and ISO 27701 certification.
