Investing in Property Tax Management Software 101

Property Tax Management Software 101

Multi-property portfolio owners, occupiers and managers can often get bogged down with administrative complexities that significantly impact their ability to work effectively. With massive amounts of property tax data across multiple spreadsheets and departments, it can be next to impossible to work effectively and accurately. This is why so many organizations are looking to introduce technology to increase operational efficiencies and reduce costs by improving processes. While the positive impact of these initiatives is obvious, it can be difficult to know where to begin:  

Step 1: Understanding Your Current Situation

Before taking on a new property tax management software, it is important to understand and chronicle the limitations of your current systems and processes. What are the biggest  inefficiencies or pain points you can identify? Start by establishing which teams would benefit from a new system and consult with them to better identify overarching themes that will become part of the “must have” list for your new software. For example, if both the accounting and property tax team struggle with effectively sharing and updating large amounts of data among members of their own team and across other departments, then you know investing in a software that has real-time collaboration capabilities will have a huge impact on their daily operational efficiencies. 

Step 2: Identifying Significant Data 

While understanding the limitations of your organization’s current processes is an important first step when investing in property tax management software, it is equally as important to be able to describe the final vision of what this software will bring to your organization. Start by identifying your data management goals and listing the information that could add the most value to your overall portfolio. Confer with stakeholders to better understand how a new software can help achieve the objectives of the organization as a whole. The most important part of a successful asset management implementation is deciphering the actual drivers of value and then delivering on those goals with technology to maximize efficiencies and enable smarter decision-making.

Step 3: Communication is Key

Having a collaborative approach towards bringing in property tax management software has a huge impact on the ultimate adoption and success of any new software implementation. Host open discussions with key team members about their needs and expectations. Invite relevant end users and stakeholders to sit in on product demos, ask questions and engage in the acquisition process. This will encourage them to take responsibility for the success of the software and ensure that the product you are selecting does in fact meet all the needs of your organization. 

Regardless of how intimidating the process may seem, investing in property tax management software can be hugely beneficial to improving efficiencies, mitigating risk and reducing costs in an organization. For multi-property portfolio owners, occupiers and managers, it can be the key to unlocking strategic decision making that will significantly impact your bottom line.

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