Rethink Solutions: Optimizing Property Management Lifecycle

Rethink Solutions: Optimizing Property Management Lifecycle

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Mordechai Katzman, President, Rethink SolutionsMordechai Katzman, President
Property taxes are both a subject ripe for heated discussions and a cause for perennial pain. Real estate tax makes up the majority of expenses in a multi-property organization and continues to increase every year. Consequently, enterprises are in desperate need for something that can both manage and optimize all facets of the complex and crucial property tax management lifecycle. As a leading developer of property tax management solutions, Rethink Solutions places its focus on the real estate side of property taxes to offer clients a secure, cloud-based, multi-property portfolio solution. Rethink Solutions’ itamlink software offers an easy and seamless option to help enterprises manage their property tax lifecycle and beyond, with its comprehensive results-driven potential.

Mordechai Katzman, the President of Rethink Solutions states, “With Rethink Solutions’ easily adaptable and integration-friendly software, itamlink, multi-property portfolio organizations can efficiently manage their entire property tax lifecycle, including taxes, assessments, appeals, tax savings, budget& forecasts, asset allocations, and more.” The itamlink property tax software ensures the best in delivering enterprise compliance objectives by adopting an online model, which enables clients to subscribe to it easily. This flexible model allows entities to add internal as well as external users and possesses and extend them appropriate permissions and access rights. From an efficiency standpoint, the “old-school” decentralized approach is no longer viable as this time-consuming and complex series of processes impacts data accessibility, culpability, and risk management across multiple departments in the enterprise. To this end, itamlink provides a centralized model for property tax management, which automates workflows to minimize overpayments, mitigates risk, and streamlines the entire property tax management process in order to maximize portfolio value. Consequently, it eliminates legacy manual processes and encourages collaboration of multiple departments in tax activities by centralizing and sharing all this critical information.

Readily accessible data enables organizations to analyze and benchmark key performance indicators and save millions of dollars in taxes. With this central data repository and the solution’s intelligence and analytics capabilities, property tax departments are able to meet payment deadlines, resolve disputed assessments, and take advantage of payment discounts and incentives. The software provides transparency in reporting processes that helps enterprises align with today’s regulatory and investor scrutiny.

Rethink Solutions provides comprehensive customer support and handles all software implementations in-house using its own expert teams. The firm assists clients in setting an individualized property tax management strategy and trains users on how to administer their entire process by using Rethink Solutions’ robust solution suite.

The company’s powerful offering enables it to garner a wide client base across many industries. In a recent engagement with a retail customer, the client was found to have a siloed, spreadsheet-based system to manage their property tax processes. With itamlink, the client was able to centralize all their property tax related data and automate their tax bill entry to the software by using the firm’s itamlink capture tool, which employs optical character recognition (OCR) and capture technology. In itamlink, the client was able to approve tax bills for payment and automatically forward this information to their internal payment solution. This was accommodated by itamlink’s seamless web-based integration with the payment solution. The integration also updated the payment status back into itamlink in order to fully close the loop. This client also utilized itamlink for forecasting, budgeting and property tax accrual purposes. By leveraging an itamlink integration with their ERP solution they were able to save numerous man hours related to property accounting and were able to provide access to and share this information with other departments as well. The client was thus able to streamline the entire property tax processes successfully.

With several clients since, and many more to come, Rethink Solutions is on a high growth trajectory. The firm recently released a brand-new user interface for itamlink making it even more efficient and simpler for clients to use. The product road-map remains ambitious as the company looks to continue upgrading the software’s reporting and analytics, introduce new modules and features, and further enhance the overall user experience. “In order to maximize portfolio value, organizations need to equip their teams with effective tools to manage this significant expense. Our mission is to assist companies in rethinking their property tax management strategy to do just that,” concludes Katzman.

Rethink Solutions

Company
Rethink Solutions

Headquarters
Toronto, Ontario

Management
Mordechai Katzman, President

Description
Rethink Solutions Inc. (RSI) is an industry leading developer and vendor of web based, real estate asset management solutions in the areas of property tax and assessment, occupancy cost, and insurance. RSI has been proudly serving clients since 2001 and continues to be a market leader with a client base that includes many of the Fortune 500. Their continued success is derived from their long term cooperation with the world’s leading businesses. They work closely with their clients and their unique portfolios in order to offer a proactive partnership which assists us with future development, new system features, reports, integrations and flexible customization options to create solutions tailored specifically for their clients