INTUIT INC., THOMSON REUTERS CORPORATION, WOLTERS KLUWER, DRAKE SOFTWARE, AND H&R BLOCK -PROMINENT MARKET PARTICIPANTS IN TAX SOFTWARE MARKET
Since the last few years, the tax software market is receiving high momentum throughout the globe. Due to the advent of digitalization across regions, companies are adopting advanced technologies for reducing manual business process and implementing automated process for increasing productivity and achieving efficient business outcomes. Owing to the internet and various platforms, such as desktop and smartphone, there is no need for individuals to visit a Tax Office; they can file a tax return and make a tax payment remotely. End users such as commercial enterprises and individuals are adopting tax software as it automates tax processes and reduces the manual efforts of computing tax. The software allows registering the information of the taxpayer, and it is then automatically entered into tax returns; it also enables automatic calculation.
The market for global tax software market is concentrated with some very well-established players. Some of the key players in the global tax software market are Avalara, Inc. The Sage Group plc, Thomson Reuters Corporation, Vertex, Inc., Wolters Kluwer (cch incorporated), Xero Limited, Chetu Inc., Drake Software, H&R Block, and Intuit Inc. among others.The above listing of key players is derived by considering multiple factors such as overall revenue, portfolio, new product launches, market initiatives, investment in technology upgrade, mergers & acquisitions and other joint activities.
The market players present in the tax software market mainly focus toward product enhancements by implementing advanced technologies. By signing partnerships, contracts, joint ventures, funding, and inaugurating new offices across APAC, North America, and other regions, the companies strive to maintain their brand name globally.
Few of the important market initiatives and product developments from the tax software industry are mentioned below:
|
Year |
News |
Region |
|
2019 |
EY announced Tax partnership with Thomson Reuters |
North America |
|
2019 |
Vertex announced Salesforce Commerce Cloud Integration |
North America |
|
2019 |
Avalara, Inc. announced 17 new integrations into business applications |
North America |
|
2018 |
Avalara MyLodgeTaxintroduced new API for streamlined customer onboarding at Rezfest 2018 |
North America |
