Is Your Financial Strategy Creating Value for Your Organization?
Many businesses are climbing back to or exceding the level of prosperity they achieved prior to the 2008
economic recession. According to Deloitte’s most recent cost survey, 88% of companies plan to continue
pursuing cost reductions, regardless of the state of their revenues. More than half of the companies polled report they’re pursuing cost-reduction targets of 10% or more, with 33% pursuing 20% cost reductions.
In light of this continuing emphasis on cost management, it’s important to determine where your company may be exposed to risk and where hidden cost savings exist. For many businesses, real estate and business personal property taxes are a source of both risk and opportunity.
More than ever, CFOs are being tasked with bringing strategic contributions to overall organizational strategy. Typically, CFOs and VPs of Tax shoulder the responsibility to maximize cash flow and financial returns while influencing how to utilize assets in the company’s best interest. But property taxes, for both real estate and business personal property, pose a unique challenge. Unlike other tax obligations, these taxes can increase without warning, while also presenting significant opportunities for savings.
The only way to manage the risk of unforeseen increases and maximize cost savings from property taxes is through proactive tax management. In doing so, financial executives can create significant value for their organization by directly and strategically contributing to the financial well-being of the company.
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