Home>Managing Accruals and Tax Estimates with PTMS
New tax bills, updated assessments, newly acquired property — every little transaction can affect the accuracy of your estimate or accrual.
PTMS creates accurate and timely tax estimates and accruals. It automatically tracks each transaction and performs accrual true-ups, according to your company’s requirements—so you can spend less time tracking down information to update your tax projections and more time on tasks that reduce your tax liability. PTMS automates the invoicing of your customers at lease termination regardless of whether the tax bill has been received, so that you can improve cash flow.
How PTMS benefits you
Improves accuracy of forecasts and budgets
Reduces the time spent managing and updating accruals
Improves cash flow by billing customers at lease termination
PTMS solution features
Projects future tax liability using jurisdictional calculation methods and tax rates, or any user-defined calculation method
Applies user-defined inflation or deflation factors to values or tax rates to account for changing market trends or new acquisitions
Generates tax estimates and accruals at any level, e.g., state, county, bill, site, cost center, customer, asset, or lease, so that you can provide estimates according to your company’s practices
Helps users spread tax liability over various timeframes, e.g., calendar year, fiscal year, jurisdiction fiscal year, or any user-defined interval
Calculates monthly accrual amounts evenly or based on number of days in the month
Auto-updates and recalculates accruals based on new information, such as new value notices, updated tax rates, newly acquired property, and recently processed tax bills
Tracks accrual account balances over time and transaction details for each account, including beginning and ending balances, journal entries, and periodic accrual amounts
Exports customizable journal entry files for integration with accounting software
Generates customizable cash flow reports to ensure that you know how much is due and when
Advanced functionality for PTMS
How does this help my business?
PTMS has been a huge time-saver for us, from filing returns, the assessments, tax bills — really the whole process from beginning to end. We can prepare two or three hundred returns for a state in four to five hours, and get them out the door same-day if needed. If you did that by hand, you’d need several people on hand to be able to handle that volume!
