ALBANY, N.Y., March 17, 2021 /PRNewswire/ -- Firms in the global tax software market are taking steps to assist their clients with stimulus check payment updates and regular information on deadlines of tax filing during these extraordinary times of the ongoing coronavirus (COVID-19) pandemic. For example, TurboTax, a software package for the preparation of American income tax returns, is dedicated to providing EAs (Enrolled Agents) and on-demand CPAs (Certified Public Accountants) to answer clients' questions.
Businesses in the global tax software market are raising understanding of the new coronavirus tax relief database brought in by Internal Revenue Service (IRS) of the US. These resources have the most updated information about how the disease outbreak is likely to impact the situation of a taxpayer. As a result of the COVID-19 fallout, many states in the US have changed their deadlines pertaining to tax filing for the concerned year. Firms that offer tax software advise their consumers about how to obey federal rules in order to meet filing deadlines of the state.
Depending on a variety of factors, the global tax software market is expected to grow at 12% CAGR over the assessment timeframe, from 2020 to 2030, in terms of revenue. Convergence of digital technology and devices with conventional business procedures as well as a rapidly evolving manufacturing climate, are steadily rising demand for tax software and, as a result, likely to stimulate growth of the global tax software market in the years to come.
Cloud Technology Enabled Platforms to Open up New Revenue Streams for the Market
Global corporations require real-time global data that informs them of tax payment related obligations, risks, and opportunities. Firms in the global tax software market are responding to these demands by providing platforms that aid in the collection of data from both unstructured and structured sources. Businesses are offering cloud-enabled platforms, such as Microsoft Azure, in order to focus on increased profitability. As a result, in the global tax software market, start-ups and new players are posing a serious threat to existing software companies.
Businesses benefit from the versatility and scalability of cloud-based computing systems. Firms are designing technologies that makes co-sourcing and adhering to industry guidelines simpler. They are designing applications that assist users in estimating taxes depending on the specific geography and operation. Cloud-based software aids in the recording of real-time changes in work papers.
Automation of End-to-End Indirect Tax Process to Gain Traction in the Tax Software Industry
End-to-end indirect tax process automation is becoming more common in the tax software industry. Proprietary content databases that comply with thousands of jurisdictions around the world are utilized to drive powerful software items. Pre-built integrations for core business applications are becoming more popular as companies expand their portfolio.
In the global tax software market, incorporating accounting services to developed software products has become a common practise. A case in point is Drake Enterprises Ltd., a leading supplier of professional tax preparation software, is stepping up its efforts to help clients grow their companies and draw new customers. The emerging trend of electronic tax filing is a major factor driving the growth of the global tax software market. Business owners in countries like the US favour unrestricted and free federal and state e-filing solutions. In order to make tax auditing simpler, software with data and document management capabilities is becoming increasingly popular.
Explore 279 pages of superlative research, current market scenario, and extensive geographical projections. Gain insights into the Tax Software Market (Component: Tax Software and Services; Software Deployment: Cloud and On-premise; Tax Type: Sales Tax, Income Tax, and Other Tax; End User: Individuals and Commercial Enterprise; and Industry: BFSI, Telecom & IT, Government, Healthcare, Retail & Consumer Goods, Transportation, Manufacturing, Energy & Utilities, and Others) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030at https://www.transparencymarketresearch.com/tax-software-market.html
Tax Software Market: Growth Drivers
The tax system is undergoing a digital transformation. Nowadays, taxpayers handle their tax dealings utilizing a variety of digital services, with more than 85 % of self-assessment tax returns being completed electronically.
The integration of digital platforms and technology with conventional business operations, as well as a rapidly evolving manufacturing climate, are slowly but steadily increasing demand for tax software.
Governments in North America are adopting digital platforms to make evaluation of data of taxpayers, which includes cross-referencing of data at the very origin, putting it through incredibly advanced analytics, and then sharing it amongst businesses.
Analyze global Tax Software Market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Global Tax Software Market: Key Competitors
Thomson Reuters Corporation
Sage Tax & Financial Solutions
Automatic Data Processing, Inc.
Wolters Kluwer N.V. (Kluwer Publishers and Wolters Samsom)
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