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    4 Parts Of The Business Personal Property Tax Cycle You Should Be Automating

    Posted by Brandon Van Volkenburgh on Nov 28, 2018 9:16:40 AM

    4 Parts Of The Business Personal Property Tax Cycle You Should Be Automating

    By now, you’ve heard all about how automation saves time. Applied to the manual processes in any industry, it takes over the tedious and time-consuming (but necessary) tasks of everyday work so employees can focus on activities that provide a greater return. In the case of business personal property tax, automation means your team members can forego data extraction and data entry work in favor of long-term strategy activities like tax planning and predictive analytics—tasks that have real impact on an organization and make your team more valuable.

    Saving time may be the primary benefit of automation, but it isn’t the only one.

    Automation applied to these four areas of business personal property tax—document processing, asset classification, return filing, and tax bill processing and payment—will give your team an edge in other ways as well.

    4 Areas Of Business Personal Property Tax To Automate Now

    Document Processing

    Whenever you receive tax bills in the mail, one of the first things your team needs to do is extract the important information from those bills, such as amounts due, payment due dates, who gets paid, and the payment mailing address. One of the reasons this process is so laborious is because tax documents contain “unstructured” data—data that’s formatted differently depending on which jurisdiction sent the document. Advanced software like MetaTaskerPT uses machine learning algorithms to mine data from tax documents, saving knowledge workers from what could amount to hundreds of hours of manual data entry. That data is then automatically imported into your enterprise system and is ready to use.

    How you’ll benefit: You’ll increase productivity and improve the accuracy of your data.

    Asset Classification

    Maintaining, classifying, and depreciating assets can also be less burdensome with automation. Some software applications can automatically categorize your assets and allocate them to specific jurisdictions, also calculating the taxability and reportability of each asset based on jurisdiction rules.

    How you’ll benefit: You’ll spend less time buried in spreadsheets while at the same time creating a returns process that can be fully audited.

    Automation, machine learning, and artificial intelligence are all transforming tax practice. Find out how your tax team can start taking advantage of these technologies now.

    Return Filing

    Filling out multiple return forms is a time-intensive process, one that, when done manually, could take days. Software can automate the process by creating return packages complete with cover letters, return forms, and attachments (even custom attachments such as authorization letters). Our TotalPropertyTax (TPT) software is capable of generating and filing thousands of rendition packages in minutes.

    How you’ll benefit: You’ll generate error-free tax documents and increase your team’s efficiency.

    Tax Bill Processing, Payment, & Mailing

    Tracking that the bills arrive, ensuring they’re correct, requesting checks, staying on top of installment payments, and meeting all due dates are essential activities in this stage. Software like TotalPropertyTax (TPT) links directly to an accounts payable solution, which automatically takes care of check requests and bill paying. And once your bills are paid, they can then be linked to the relevant supporting documents stored in the system for future reference.

    How you’ll benefit: You’ll save money by avoiding the penalties associated with late payments.

    CrowdReason software is the simplest way to automate your business personal property tax processes.

    There are a number of property tax software applications available, but none offer automation to the same extent as CrowdReason. Using MetaTaskerPT and TotalPropertyTax (TPT) together, you can automate every manual, repetitive aspect of tax compliance, from the arrival of the first tax notice to paying the final bill. The tax teams that have implemented our solutions are seeing real results, completing tasks in a fraction of the time, processing tens of thousands of documents yearly with limited personnel, and managing billions of assets seamlessly. One of our customers who switched from a legacy system to CrowdReason’s applications has realized a 70% reduction of time spent on compliance activities, allowing it to have more time to concentrate on managing its assessments.

    If you’d like to see how easy it is to get started using our software—and how it can help address your team’s current process challenges—schedule a free demo today.

    Download Now: Trends In Tax

    Topics: Property Tax News

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