States and municipalities often use tax incentives to attract different industries, and capturing these incentives plays an important role in cost control. But many organizations risk missing out on these tax credits due to poor internal communication. Using expense management software can help your organization comply with tax regulations and collaborate to secure tax credits.
According to a recent article on CFO.com, the details of these incentives aren’t always getting through from an organization’s tax department to its C-level decision makers. In a new Ernst & Young survey of tax and finance executives at Fortune 1,000 companies, 20 percent of respondents described their C-suites as unaware of potentially important tax incentives, and 36 percent reported only marginal awareness.
When it comes to business incentives offered by cities, for example, these conversations may take place primarily at the local level and not draw the attention of a company’s top brass. To effectively secure these incentives (as well as broader state and federal credits) requires collaboration between tax departments and business strategists throughout an organization, CFO.com explains.
A cost-control software suite can support this compliance and collaboration. Chrome River, for example, uses the latest cloud-based technology to combine expense reporting with invoice management, auditing and analytics tools. That means all of your organization’s non-payroll expense spending can be managed in one place and optimized to ensure you get the most from local, state and federal tax incentives. The result is increased ease of use, configurability, and value, which can improve communication and collaboration within your organization.
We’d like to hear from you. Do you agree that a significant number of C-suite executives are unaware of valuable tax and business incentives that could help control costs? Please share your thoughts below in the comments section!
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Our choice of Chrome River EXPENSE was made in part due to the very user-friendly interface, easy configurability, and the clear commitment to impactful customer service – all aspects in which Chrome River was the clear winner. While Chrome River is not as large as some of the other vendors we considered, we found that to be a benefit and our due diligence showed that it could support us as well as any large players in the space, along with a personalized level of customer care.
We are excited to be able to enforce much more stringent compliance to our expense guidelines and significantly enhance our expense reporting and analytics. By automating these processes, we will be able to free up AP time formerly spent on manual administrative tasks, and enhance the role by being much more strategic.