Like all other areas of tax, corporate property tax teams have been facing a sea of new challenges in recent years. Not only is the amount of data they have to work with increasing at a rapid pace, but expectations for tax teams are shifting, as well. One recent study indicates that, while compliance is a necessity (and remains a top priority for 27% of companies), it’s no longer the sole priority for most organizations. Other top concerns include:
- Tax planning—22%
- Providing proactive support for the organization’s wider business and capital agenda—21%
- Managing the cost of the tax function—16%
- Positioning the tax team to provide insights—13%
In addition, most tax teams are being asked to handle tax activities with fewer resources. Nearly all of the organizations surveyed (94%) said they plan to reduce the cost of their tax and finance function over the next 24 months.
Nearly every single respondent indicated that these realities have spurred them to take action to transform their tax function’s operating model, to keep pace with change and better manage their compliance processes.
While some organizations are outsourcing for help, others are looking to technology, including advanced corporate property tax solutions like MetaTaskerPT and TotalPropertyTax (TPT). Together, these solutions:
✓ cost less than outsourcing (in most cases);
✓ allow you to keep your data and property expertise in-house; and
✓ have the added benefit of automating your processes for better management of future work.
Corporate Tax Solutions For Future-focused Teams
CrowdReason’s MetaTaskerPT and TPT are contemporary corporate tax solutions that use a combination of machine learning and humans to automate the lower-level work associated with most property tax compliance tasks. Taking advantage of this technology gives tax teams the ability to get more done with fewer resources, use cost-effective solutions to solve tax challenges, and focus on activities that deliver greater benefits to your organization.
Here’s how your team benefits from our advanced software:
You complete compliance tasks faster without sacrificing accuracy.
- Replace manual data entry with automated data extraction.
- Generate thousands of tax returns automatically, in minutes.
- Pay bills automatically.
- Replace manual allocation calculations with automatic calculations.
You’re positioned to scale up.
Adopting modern software that serves to digitize your tax practice will set your team up for future successes. According to Moore’s Law, once you’ve made the switch to digital, your electronic processes will only continue to improve exponentially instead of linearly, becoming faster and more efficient in the long-term. The benefits will continue to expand throughout the lifetime of your practice—your cost of doing business will steadily decline over time, and your team will increasingly generate higher-quality work product in a shorter amount of time.
Your value as a tax team increases.
If your team members are skilled at business valuation or tax strategy but they’re only doing that 10% of the time, leveraging advanced technology can flip the script so they’re doing the more valuable work 90% of the time, and administrative work 10%. Your worth will be greater to the organization as a result.
Your team can gain access to property tax data anytime, from anywhere.
Recent circumstances have shown the importance of business continuity planning, as many tax teams could not gain access to data via legacy software running only on office computers. All our applications are web-based, which means they can be accessed from any computer and any browser, as long as you have the credentials to log in. (Users can easily access the applications from home.)
Want to see CrowdReason corporate tax solutions in action?
We’d love to show you how easy it is to use—and how it can benefit you and your team. Schedule a customized tour of the software today!