The Problem with In-House Tax Notice Management Programs
Did you know that companies, on average can save 25% or more of their time monthly by applying sound tax management practices to client tax notices? If you’re spending 10 hours every month, like many companies do, this represents a significant time savings annually.
What’s so interesting is that so few companies even realize that there is an issue with their tax notice processes. 95% of the time, there is. Case in point: how many of your clients get the same tax notice, time after time, even after it was supposed to be handled? Many do. The paperwork and time involved to close recurring notices can get expensive.
In order to make the most of your tax notice management, it is critical to have a plan. Scanning your Notices and saving them on your network is a good start, but not enough. Here are the important “to do’s” that should be considered when reviewing your current tax notice management processes:
1. Tax notice management policy:
This is where it all starts. And it is where most companies have difficulty defining. A well written and understood tax management policy is the foundation of any good program. Your policy doesn’t need be long or overly complex. Some of the best policies are only a few paragraphs long. The ANTS system can support any tax policy, even the most complicated ones.
2. Develop Notice and User Matrices:
Make sure to have time frames for all notices. You want to have basic times frames that your staff can give your clients to ensure them that you have standard processes and procedures to resolve all of their tax notices. Track the times it takes you to enter, confirm, update, complete, and close all notices. Have a quick guide that you can give to all staff members for notice guidelines.
3. Use reporting to consistently improve matrices:
This one is another “big one” and needs to be mentioned. Well managed tax notice management programs require frequent monitoring and notice controls. Insist on timely and customized reports that provide you with the information you need most. Regular reporting will help you achieve notice reduction goals and identify future time saving opportunities.
Following these guidelines is a great start for any company seeking to improve their tax notice management.
ANTS the Agency Notice Tracking System provides help to payroll companies all over the country. No matter what your group, program or service needs may be ANTS provides the highest level of tax notice management software for your company.
If you are curious to find out more, feel free to check out our Online demo.
Questions? Contact us today.
I look forward to sharing with you more valuable tax notice management information in future issues.
Until next time,