For organizations of all sizes, it seems there’s never enough time or manpower available for corporate tax planning. But the larger your organization, the more planning is required, especially when it comes to property taxes.
As a technology services company that develops advanced property tax software, property taxes are our forte. We’re all too familiar with the struggles tax teams face in an effort to be timely, accurate, and efficient, as well as minimize their tax liability in this area. Below are our three top tips around property tax planning for companies—and how you can streamline the process for better results.
Corporate Tax Planning: 3 Tips For Streamlining Property Taxes
1. Automate data entry.
Paperwork is unavoidable in today’s property tax landscape—returns, valuation notices, appeals, tax bills, and more. With every piece of mail your office receives, someone on your team must review and enter that data electronically for recordkeeping and later manipulation. This manual process is time-consuming and prone to human error.
You can save a ton of time by automating your data entry with MetaTaskerPT. Our technology extracts all available content from your scanned tax documents with a high degree of accuracy, locates related system records, and instantly updates your system—freeing up your valuable human resources. Average turnaround time is less than 24 hours.
2. Conduct daily standup meetings.
Daily standup meetings ensure everyone is aware of work status; they also give team members opportunities to get questions answered. To make the most of these meetings, it’s important to have clear and actionable information on hand, preferably in visual form.
TotalPropertyTax (TPT), our leading property tax solution, comes with business intelligence analytics and insightful dashboards. You can use these dashboards during your standup meetings to show a high-level view of your property tax status, and drill down as needed to understand and discuss the details associated with data elements.
Dashboards can help you keep tabs on key areas of the property tax cycle, including work that’s completed vs. in-progress:
- Returns. See the number of total returns, unfiled returns, filed returns, and exempt returns.
- Notices. See the number of total accounts, unprocessed notices, notices ready to be processed, and appealed notices.
- Tax bills. See the number of total tax bills, unprocessed tax bills, tax bills ready to be processed, and incomplete payments.
Dashboards also include two useful visuals: a calendar and a pie chart. The calendar enables you to view deadlines for returns, notices, and tax bills your team hasn’t addressed yet. Simply hover over a date to see how many items are due then. The pie chart gives you a way to quickly gauge the percentage of work completed, such as filed vs. unfiled returns.
3. Organize responsibilities into work groups.
Organizing work can add an efficiency boost to your property tax tasks. For example, you may assign a team member to handle the work for a single state or certain jurisdictions. Or, perhaps you divvy up work based on property type.
Regardless of how you organize your work, you can reflect it in TPT with work groups so tasks are routed accordingly. For instance:
- Assign each team member their own work group, such as one for John Smith and one for Jane Doe.
- Assign property types—e.g., radio stations, towers, offices, etc.—as work groups.
- Assign work groups by region, such as southwest or northeast.
TPT fits the way your team gets work done. And as you navigate through returns, notices, and tax bills, you can filter according to these work groups so the system displays only what you want to see.
Property Tax Planning Solutions For Companies That Want To Get Ahead
CrowdReason is at the forefront of modern tax processes. Our tax experts have created two value-packed solutions to aid your corporate tax planning: the data extraction software MetaTaskerPT, and tax management tool TotalPropertyTax.
See for yourself how our advanced automation software works—schedule a demo of MetaTasker and TPT today.