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Thursday 16 Jul 2020 , 1:42 pm

Filing and Paying Tax Becomes Effortless; Thanks to Tax Software

Currently, the global tax software market has very well-established companies. Last year, with more than 30% revenue share, North America dominated the global tax software market followed by Europe and APAC.
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The tax software is receiving high momentum around the globe since past few years. Due to the advent of digitization across many regions, commercial enterprises and individuals are adopting tax software to automate tax processes and reduce the manual efforts of computing tax. The software allows registration of the information of the taxpayer, and then it is automatically entered into tax returns. The system also enables automatic calculation. This transformation has showed positive results that include increase in the productivity with efficient business outcomes.

For busines growth, some companies in the tax software market are performing organic strategic activities such as new product launches, market initiatives, and investment in technology upgrade etc. For instance, Tax Master Network Inc. (TMN), a Financial Gravity Companies Inc. portfolio company, recently announced the launch of its Automated Tax Operating System tool.

In its press statement, Tax Master Network CEO Ed Lyon said, “This new system will save hours of staff time that used to go into coordinating different tasks in different systems”. He continued, “They'll also avoid costly mistakes and 'dropped balls' that could cost clients aggravation and IRS penalties”.

Unfortunately, due to coronavirus pandemic, social distancing has become an essential practice when we go in public places. Now, individuals are not required to visit a Tax Office to file a tax return. They are able to make a tax payment remotely and effortlessly due to the availability of internet and various platforms such as smartphone and desktop.

But, at some regions, municipalities are still not using software-based infrastructure and seen performing with paper based manual work. Considering this scenario, many companies are coming with initiatives to help society as well government. MUNIRevs, a provider of automated tax collection software, announced that it offering municipalities a free but limited version of its trusted solution.

With this announcement, Erin Neer, CEO, MUNIRevs stated, “As a former town finance director, I understand the challenges cities are facing with sharp drops in revenue and budget cuts. We created the MUNIRevs Cares initiative because we want to help cities capture much-needed revenue as quickly as possible. We're offering free, simple setup, free online tax collection, and free support for municipal staff by our expert account management team”. She also added, “Business owners will also benefit by being able to pay their business taxes online from home or wherever they may be working”.

Last year, with more than 30% revenue share, North America dominated the global tax software market followed by Europe and APAC. Currently, the global tax software market has very well-established companies. Some of the companies that are dominating the market include The Sage Group plc, Avalara, Inc., Thomson Reuters Corporation, Wolters Kluwer (cch incorporated), Vertex, Inc., and Xero Limited, etc.

Market research analyst state that the companies present in the tax software market mostly focus on product enhancements by implementing latest technologies. With this practice, inorganic strategic activities such as signing of partnerships and contracts, merger and acquisitions, joint ventures, funding, and inaugurating new offices across various regions also help them to maintain their brand name on global platform.

Owing to the factors such as rising demands for tax process automation and increasing investments by government bodies in many regions, industry experts predict that this tax software market will witness significant growth between 2020 and 2027.

Neha Mule

Neha writes articles on sectors including medicine, food, materials, and science & technology. A qualified statistician, she has the ability to observe and analyze the trends in global markets and write compelling articles that help CXOs in decision making. She is a bookworm and loves to read fiction, lifestyle, science and technology. Neha comes with 6 years of experience in content writing and editing that involves blog writing, preparation of study materials and OERs.

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