PTMS Benefits in Greater Detail
Reduce Your Tax Compliance Labor Cost
PTMS eliminates redundancy and minimizes tax processing time allowing tax departments to focus on tax management.
Populating Tax Returns Automatically
PTMS populates and prints all property tax returns with corresponding mailing labels eliminating the hours spent filling them out by hand, and saves electronic copies of printed returns as Adobe Acrobat® PDF files eliminating the need for extensive paper file storage. Where offered by the jurisdiction, PTMS electronically files returns eliminating printing, packaging, and postage expenses.
Gathering Jurisdictional Information to File Taxes
PTMS tax research data is kept current through real-time automated Internet updates of locally and centrally assessed tax returns, depreciation tables, tax rates, assessor and collector information, taxing jurisdictions, and jurisdictional deadlines.
PTMS validates all incoming property data for errors like omission of cost, classification, or location and tags them for immediate correction. PTMS identifies non-assessable property and eliminates non-taxable property costs like labor, sales tax, and capitalized interest. Workflow and process automation ensures precise cost, value, and accrual calculations.
PTMS centralizes tax documents into a multi-year database, which minimizes time spent complying with audit requests. PTMS online reporting tools provide a complete history of filings (in PDF format) for any year and their supporting data. Reconciliation reports tie reported assets property back to source data by identifying any reductions through exclusion of non-taxable dollars embedded in original cost or any reclassification for property tax purposes. Time spent on audits may be further reduced by granting auditors view-only access to select data relevant to the audit.
PTMS tracks each step of the appeal process including valuation changes and critical follow-up dates to facilitate real-time performance evaluation. The software calculates potential tax savings for each appeal based on the difference between the target and assessor’s value throughout the appeal process. PTMS tracks and calculates applicable fees for appeals assigned to outside consultants on a flat or contingency basis. Itemized appeal expenses are taken into account when calculating final tax savings. Management reports provide instant visibility of the appeal process at a granular or summary level.
Interfacing with Accounts Payable
PTMS creates check requests for submission to A/P to ensure proper and prompt payment of tax liabilities. Check requests may be printed or exported as a file to A/P systems. PTMS allocates tax payments among multiple G/L accounts.
Managing SOX Compliance
PTMS retains tax history each year, including PDF forms, making property tax data easily accessible. On-line approval processes and management controls ensure the integrity of filings, payments, and accruals. PTMS locks data related to processes such as tax return preparation and tax bill processing. Reconciliation reports link property tax payments with their associated accruals and general ledger accounts. PTMS uses complex passwords and customizable rules for password validity. PTMS saves and secures all filings as Adobe Acrobat PDF files. Electronic audit trails track property movement, inactive property, and cost changes. Users performing actions or editing records within the system are logged.
Daily Tax Compliance Duties - Misc. Activity
PTMS reporting tools minimize time spent on daily tasks such as answering requests for property tax data by other departments or others outside the organization. Assessor and collector correspondence is greatly simplified through the use of mail-merge and mailing label functionality. A built-in Tax Calendar keeps track of all relevant deadlines eliminating the need to maintain multiple calendars and task lists.
Additional Labor Issues
Since PTMS processes are efficient and scalable, the need for extra staff as organizations grow is greatly reduced.
PTMS automated procedures eliminate yearly redundancy mitigates the effects of seasonal crunches associated with property tax.
Avoid Hiring Additional Staff
While property tax burden typically grows in proportion to business growth, PTMS automated procedures eliminate yearly redundancy. PTMS creates automated, scalable processes, minimizing the impact of annual growth on overhead costs.
Reduce Your Tax Liability on Obsolete, Ghost or Over-Valued Assets
PTMS identifies retired property, itemizes and eliminates embedded non-taxable costs like sales tax, capitalized interest, freight, and labor, and uses Replacement Cost New, Index and Depreciation tables to more accurately calculate the property’s fair market value.
Reduce Taxes Paid with Proper Bill Backs to Lessees and Tenants
PTMS assigns apportionment factors for each leased personal property asset and real property component. Processed tax bills can be apportioned and the correct "bill-back" amounts exported to any A/R system to ensure accurate and timely reimbursement.
Reduce Your Cost to Store and Retrieve Tax Documents
PTMS automates tax document management policies and strengthens process controls. PTMS saves electronic copies of printed returns as Adobe Acrobat® PDF files, eliminating the need for extensive paper file storage.
Reduce Your Cost to Create Reports
PTMS reduces time spent creating reports central to tax department operations. Reports may be generated on demand from any window. PTMS includes dozens of standard reports to provide insight into fixed asset reconciliation, valuation analysis, G/L account activities, and accruals and budgets. Customers may configure reports on an ad hoc basis to widen or narrow the scope of their queries.