Major players in the tax management software market are Avalara Inc, Outright, Shoeboxed, SAXTAX, H&R Block Inc, CrowdReason LLC, Drake Software, Taxify, Beanstalk, Blucora Inc, TaxSlayer LLC, Wolters Kluwer N.
New York, Sept. 30, 2022 (GLOBE NEWSWIRE) — Reportlinker.com Announces Release of “Tax Management Software Global Market Report 2022” – https://www.reportlinker.com/p06323894/?utm_source=GNW
V., Intuit Inc, Sovos Compliance LLC and Sailotech.
The global tax management software market is expected to grow from $15.66 billion in 2021 to $18.25 billion in 2022 at a compound annual growth rate (CAGR) of 16.5%. The tax management software market is expected to reach $30.47 billion in 2026 with a CAGR of 13.7%.
The tax management software market includes sales tax management software by entities (organizations, individual merchants, and partnerships) that is used to assist in the control and mitigation of tax-related transactions. Tax management software allows for centralized tax setup, management, and administration. reporting for businesses.
It is used in conjunction with other financial modules that consolidate tax information from all financial documents into a single repository and generate tax reports. It also interacts with financial management modules, allowing it to correctly calculate taxes on each transaction.
The main components of tax management software are software and professional services. Tax management software refers to a set of instructions, data, or programs used to operate computers and perform specific tasks.
It is the inverse of hardware, which describes the physical aspects of a computer. Software is a general term that refers to applications, scripts and programs that run on a device.
The different types of taxes include direct and indirect taxes. They are deployed on-premises and in the cloud in various enterprises, including large enterprises and small and medium enterprises.
The various verticals in which they are used include BFSI, Healthcare, Retail, Manufacturing, Energy & Utilities, etc.
North America was the largest region in the tax management software market in 2021. Asia-Pacific is expected to be the fastest growing region during the forecast period.
Regions covered in Tax Management Software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The Tax Management Software Market research report is part of a series of new reports that provide statistics on the Tax Management Software market, including the global market size of the Tax Management Software industry Tax Management, Regional Shares, Competitors Holding Tax Management Software Market Share, Detailed Tax Management Software Market Segments. , market trends and opportunities, and any other data you may need to thrive in the Tax Management Software industry. This Tax Management Software Market research report provides a comprehensive perspective of everything you need, with an in-depth analysis of current and future industry scenarios.
An increase in online digital transactions is expected to propel the growth of the tax management software market in the future. Many governments find it necessary to increase tax compliance and revenue collection in order to pay for public goods and services.
For this reason, tax administrations are automating their operations and undertaking digital transactions, which would make tax reforms successful and sustainable, ensuring the digital economy is taxed properly and reducing barriers to compliance. For example, according to Mint, a India-based financial newspaper, digital payments volume in India grew by 33% year-over-year (YoY) in financial year (FY) 2021-2022.
Total digital payment transactions of 7,422 crore ($933 million) were recorded during this period, compared to 5,554 crore ($698.24 million) in the fiscal year 2020-2021. Hence, an increase in online digital transactions is driving the demand for the tax management software market.
Technological advancement is a key trend gaining popularity in the tax management software market. Major companies operating in the tax management software industry are focusing on developing technologically advanced products to strengthen their position in the market.
For example, in 2021, Wolters Kluwer NV, a Netherlands-based information services company, launched the cloud-based expert solution CCH AxcessTM Validate, which uses blockchain to help auditors at CPA firms accelerate audits. bank confirmations. Its blockchain-enabled workflow provides businesses with the simplicity, speed, and confidence that auditors need in today’s environment, reducing the authorization portion of the audit process to 5 minutes or less. Such technological advancements will ensure that operations are handled easily and in less time.
In April 2021, Avalara Inc., a US-based software company, acquired DAVO Technologies LLC for an undisclosed amount. With this acquisition, Avalara plans to help DAVO’s teams and products in critical areas, including small business compliance requirements and partner synergies, as well as advancing its goal of becoming the platform for universal cloud compliance for businesses of all sizes. DAVO Technologies LLC is a US-based company that helps emerging small businesses automate day-to-day and ongoing sales tax requirements.
The countries covered in the Tax Management Software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea , the United Kingdom and the United States.
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