This blog was written by Mordechai Katzman, President and Founder of Rethink Solutions.
Rethink Solutions., a certified MRI Software partner, is the developer of itamlink, the only dedicated property tax management software for owners and occupiers of multi-property portfolios. itamlink centralizes all property tax data, helping companies improve efficiency and reduce risk by eliminating manual processes. Learn more about the itamlink-MRI integration here.
Manually re-keying data between property tax and accounting software could be introducing expensive errors, exposing your company to risk, and putting pressure on time-strapped teams. Given the complexities in managing multi-jurisdictional portfolios and the increasing pressure to do more with less, a reliance on disparate systems and spreadsheets can quickly add up to time lost from higher-impact activities.
This duplication of efforts could be creating more harm than just slowing your teams down. A lack of auditability and inability to confirm data accuracy could open you up to significant risks that cost you money, including:
- Late or missed property tax payment penalties
- Duplicated payments
- Misrepresentation or errors in financial reporting
Luckily, integrated software systems, where data is transmitted seamlessly from one to the other, can reduce risk and errors, improve efficiency, and support strategic decision-making. Here are our top five reasons why you need an integrated property tax solution.
1. Reduce risk and errors by eliminating manual processes
Manual data entry is prone to error. Without the appropriate controls and processes in place, inaccurate or incomplete data may cause you to miss important payment deadlines, overpay, or not pay enough.
An integrated system enables you to submit property tax and expense installments directly to your accounting/payment system. This helps you maintain data integrity across systems, reduce the likelihood of errors, and avoid costly penalties or duplicated payments.
2. Improve security and auditability
For large companies, security is a primary concern. Yet if your systems and processes aren’t synced, auditing user access and permissions can be near-impossible.
Integrated systems ensure data accuracy. IT administrators can audit payments, financial information, and data transfers. In some cases, such as with itamlink’s integration with MRI Software, IT configurability is even more robust: administrators can set up email notifications for different actions, such as when and what data is exported. They can also see log records, set up appropriate permissions, and view data trails for activities like approvals and records updates.
3. Increased data accessibility for confident decision-making
When data is scattered across multiple spreadsheets and systems, it can be difficult to make timely decisions – not to mention reliable ones. In some cases, the lack of centralized data may cause you to forego important tasks altogether, like determining what to appeal. Particularly for dispersed or work-from-home teams, this can lead to missed opportunities.
When data transfer is automated between systems, you can rest assured that data is accurate and current. This ensures you have the right data to support important activities and decisions.
4. Accommodate long-term company growth
If you’re already low on resources, how will your team manage a growing portfolio as your company scales? Introducing an integrated property tax solution helps you maximize productivity, as team members are able to dedicate time to tasks they’re specialized for, now and in the future.
5. Reduce costs and missed opportunities
Taken together, each of the reasons listed above add up to time and money saved. Expensive errors can be avoided altogether, important decisions can be made with confidence, and duplicated systems and processes can be eliminated. If you aren’t already, isn’t it time you considered an integrated property tax solution?
As we mentioned above, itamlink integrates directly with MRI Software! You can submit approved property tax and expense installments directly to MRI. To learn more about Rethink Solutions, visit their website.