How to Build the Business Case for Investing in Property Tax Management Software
The streamlined functionality of a powerful web-based property tax management solution brings numerous benefits: automated processes, easy accessibility, informed decision-making and huge savings in time and money.
But convincing your staff and management team that a new system can reduce manual processes and provide insights for making better, data-backed, business decisions that meet the unique needs of your multi-property portfolio is no easy task.
In creating a compelling business case for investing in a property tax management solution, make sure to highlight the following benefits, so your team better understands how a modern solution can improve operational efficiencies and increase your portfolio’s performance and value.
Centralize and Control Data
Imagine all your data in a secure, centralized and easily accessible system, available from anywhere. That’s what a powerful web-based property tax management solution can do for you – provide complete control over all of your property tax related data. Storing your enterprise-wide property tax data in a central repository provides greater transparency for internal and external stakeholders, increases efficiency and reduces risk. A powerful property tax management solution will also be able to easily scale as your real estate portfolio grows. And, a secure, centralized database will allow you to integrate with other business systems, such as accounting and property management, to further improve efficiency and reduce duplication.
Mitigate Property Tax Risk
Property taxes are one of the largest expenses for your business and the ability to reduce costs by finding opportunities for tax savings is critical. An all-encompassing solution allows you to identify and analyze trends, measure benchmarks, and efficiently manage appeals for multiple properties across numerous jurisdictions. A modern property tax management solution will also allow you to review and analyze specific tax savings scenarios, track your refunds and offsets, and even monitor your third-party advisors.
Avoid Penalties and Missed Opportunities
To reduce tax risk on multi-property portfolios you have to manage dates and deadlines associated with assessments, taxes and appeals across multiple jurisdictions. A modern solution will allow you to manage this data as well as track and notify you of upcoming dates and deadlines across your entire portfolio to avoid missing a tax payment or appeal deadline, and potentially benefit from early payment discounts. A modern solution will protect your business against risk from penalties, interest charges or forfeiting your right to appeal.
Manage Data Efficiently
Manual data entry is both time-consuming and susceptible to errors. A robust solution will be able to easily manipulate all of your data. Everything from editing and creating new records to copying, updating and inserting multiple data records at once. It will also provide tools to extract and store property tax data and relevant information from your assessment notices and tax bills. Automating data entry to support your workflows to reduce errors, and save your staff time, will allow them to focus on the activities that bring true value to your organization – such as helping you mitigate risk and identify tax appeal opportunities.
If your business wants to manage property taxes efficiently, while proactively planning for a successful future, a cutting-edge powerful property tax management solution can help you take your processes to the next level.