Building an Effective Global Property Tax Management Strategy
The globalization of business has pushed the limits of strategic management for large corporations in all types of industries. From a property tax perspective, the challenges associated with managing a multi-property portfolio are compounded when those properties are situated in various countries across the globe. Currencies, measurement standards, and languages spoken become huge hurdles when organizations don’t have the proper procedures in place to address these variables. In order to effectively overcome these types of obstacles, businesses must develop a proactive, technology-enabled property tax strategy designed to help teams achieve their goals on an international scale.
Identifying Global Needs
It can be difficult enough to build a strategy that standardizes processes across an organization with only one office location, let alone a company with teams across the globe. However, the standardization of internal technology is key when building an international property tax team. Having uniform operational mechanisms means information can flow more easily, accurately and quickly from one team to another. In order to achieve this, you must ensure you are investing in a property tax technology that can be used without geographic limitations.
Property tax management technology usually focuses on maintaining and updating data. A global-ready property tax software should not only create efficiencies in handling large data sets, but it should also enable communication among teams. This means organizations should be looking for a collaborative software that allows multiple users to update information in real time. It also means investing in a software that is flexible enough to adapt to variations in procedure from one jurisdiction, or country, to the next. Dashboards and form fields should be customizable enough to meet the requirement of teams located in different physical locations, yet standard enough so that different sets of data can still be imported and analyzed in one system.
The other thing to consider when implementing a global property tax software is its capacity to handle different currencies, measurement standards, and languages depending on each user’s preference or location. The ability to handle these elements within the property tax management software itself reduces the risk of inaccurate measurements and data. Having information translated into native languages assists staff in performing their duties more efficiently. If your property tax software cannot accommodate these variables, than it is not fit for an international or growing organization.
Technological Must Haves
Even though everyone may be part of the same organization, great diversity exists between most global property tax teams. However, establishing fundamental approaches and tools can help transcend these challenges. In order to achieve strategic success your property tax technology should be able to accomplish the following regardless of geographic location:
- Establish overall portfolio benchmarks and for each geographic location
- Consolidate and organize valuation, taxation, financial, real estate and legal data
- Manage and enable communication among external and internal contacts
- Provide easy access to timely and accurate portfolio-wide information
- Host and search supporting files and documents
- Assist in determining potential areas for recoveries and savings
Contact our sales team to learn more about how to build a global property tax management strategy through technology and find out itamlink makes managing a world-wide portfolio easier.