If you read our blog on intelligent outsourcing, you know that tax technology is shaping the future of outsourcing by working in tandem with external providers to create value. In the case of property tax, this means using a centralized management software that delivers transparency, boosts efficiency and improves reporting. There is little doubt that this kind of solution can dramatically improve the efficiency of a given organization’s internal and external teams. So, the question remains, where should you begin your search for a property tax software that also works well with external vendors? In order to get you off on the right track, we’ve come up with a list of criteria to look for when choosing software to compliment your outsourcing strategy:
1. Complete Information Transparency
Look for a solution that is centralized and facilitates both internal processes and the transfer of data to third-party providers. As an example, itamlink’s centralized, permissions-based software ensures data can be securely received and entered from inside and outside the organization. Once entered, data can be reviewed, analyzed, and shared with appropriate stakeholders and other internal and external systems. itamlink allows clients and outsource providers to fully manage the property tax process in a transparent, secure and efficient way.
2. Easy Document Maintenance and Storage
All data and documents should be stored and retrieved within the ideal system with no need to file data requests, no waiting on responses to emails, or having to send sensitive information via ftp or email. Efficiencies are created for both client and vendor when data is shared and retrieved instantly, without going through multiple compilations and requests. Documents should be associated with the appropriate property and parcel without having to dig through file cabinets and wasting time.
3. Automated Processes and Data Gathering
From automating data collection and entry to sending payment requests to accounting, your property tax solution should reduce manual labor for both internal staff and consultants managing the property tax process. Automation helps reduce and prevent loss of data and enables simple association of tax data to appropriate properties and/or parcels.The itamlink Capture software makes automating processes and data gathering simple, effective and efficient.
4. Clear Reports and Dashboards
Reports and dashboards should provide actionable insights and up-to-date information about a given portfolio. By providing a series of reports and dashboards across various categories, clients and consultants can review and assess key portfolio statistics and benchmarks to make more strategic decisions. Some of those key statistics may include:
- Market Value and Assessment Trends
- Tax and Tax Forecast Trends
- Appeal and Savings Success Rates
- Cost Savings, and much more.
5. Flexible Access Controls
With flexible, customizable access controls, property tax managers are empowered with the ability to dictate who populates or has access to different segments of their real estate portfolio. Users can be given read-only, write, or no access to the specific modules, individual reports or the overall portfolio.
Our property tax management solution, itamlink, offers all these capabilities and more. Contact us to learn more about starting your technology enabled journey to intelligent outsourcing with a live demo.