Global Sales Tax Software Market
Sales tax software is the automation process of filing sales tax that is provided by specialized financial and IT firms. This involves providing the specialized software service to consuming organizations organize their financial transactions and reduce the incidences of human errors whenever filing their sales tax. This software consistently updates the regulations presented by the particular authorities which make them an enhanced operational solution when compared to accounting professionals.
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Sales tax software market is growing due to increasing complications in regulations and compliances, rise in the levels of quantities of transactions; the effects of these factors are mentioned below:
- Increasing complications in regulations and compliances: The need for having highly enhanced software that can consider all of the regulatory needs and compliances presented by the authorities of various regions is of utmost importance. This need arises from the fact that the governments of these regions are trying to reduce the chances of tax defaulters, and organizations that find loopholes in the regulations thereby reducing their taxes. They have started highly complicated compliances which reduce the chances of any defaulter escaping the regulatory needs
- Rise in the levels of quantities of transactions: Another factor that has prompted various organizations to adopt specialized solutions for their tax filing is the volume of transactions being carried out by them on a daily basis, this enhances the chances of accounting professionals missing out on a transaction or not taking into account while calculating the tax. This is resolved with the help of sales tax software which is integrated with the financial transactional database, which are analyzed and subsequently tax to be filed by an organization is calculated
Strategic acquisitions and product innovations of the major market players:
- In June 2019, TaxJar announced the availability of “Technology Partner Program” which will help in the delivery of enhanced service quality to the partners in this program, along with the best technological certifications, largest supporting solutions as well as marketing resources which will be available to partners’ on-demand requirement. This program will bring larger customer base as more and more technological providers integrate their services in the program, enhancing the quality of service offerings
- In February 2019, QuickBooks announced the launch of a sales tax calculator on their site designed for small and medium-sized enterprises providing them with the knowledge and awareness regarding the effects of sales tax on their business operations. The solution is free-to-use for all visitors of the site and takes into account all of the different regulations of the jurisdictions in the United States, reducing the chances of human error
The market is segmented on the basis of solution as consumer use tax management, automatic tax filings, exemption certificate management, others; deployment model is categorized into on-premises, cloud-based, SaaS; platform type as web, mobile; industrial vertical as BFSI, transportation, retail, telecommunications & IT, healthcare, manufacturing, food services, energy & utilities, others; application as small businesses, midsize enterprise, large enterprise; end-users as individuals, commercial enterprises.
“According to Data Bridge Market Research, global sales tax software market is expected to reach USD 9.29 billion by 2026, growing with a healthy CAGR during the forecast period of 2019 to 2026”
Some of the major players operating in market are APEX Analytix; Avalara Inc.; CCH INCORPORATED.; Intuit Inc.; LegalRaasta.com; LumaTax, Inc.; Ryan, LLC; Sage Intacct, Inc.; Sales Tax DataLINK; Sovos Compliance, LLC; Thomson Reuters; Vertex, Inc.; Zoho Corporation Pvt. Ltd.; Xero Limited; The Federal Tax Authority, LLC d/b/a TaxCloud; Wolters Kluwer; CFS Tax Software Inc.; Service Objects, Inc.; TaxJar; Chetu Inc. and HRB Digital LLC among others.
One of the major benefits available in the favor of sales tax software market and its providers is the significant penetration of internet and cloud-based computing. This technological availability has given rise to the adoption of specialized software solutions and advanced technologies available through the internet and cloud-based deployment model to better organize their business operations.
