Get In Touch

Online CPAs Offering On-demand Services to Tax Payers amidst COVID-19 Outbreak

During these unprecedented times of the ongoing COVID-19 (coronavirus) pandemic, companies in the tax software market are stepping in to help their clients with updates about tax filing deadlines and stimulus check payment updates. For instance, TurboTax— a software package for preparation of the American income tax returns, is committed to provide online CPAs (Certified Public Accountants) and EAs (Enrolled Agents) on demand to solve the queries of clients.

Companies in the tax software market are increasing awareness about new coronavirus tax relief database issued by the U.S. Internal Revenue Service (IRS). These databases are proving up-to-date information about how the pandemic is likely to affect a taxpayer’s situation. As such, several states in the U.S. have altered their tax filing deadlines for the year 2020, due to the COVID-19 fallout. Companies in the market for tax software are educating clients to follow the federal guidelines to abide with state filing deadlines.

Request a sample to get extensive insights into the Tax Software Market 

Personalized Services for Software Handling Help Increase Client Base

The global tax software market is projected to surpass valuation of US$ 33.6 Bn by the end of 2030. Online websites are ranking the most popular tax software based on their advantages, disadvantages, and pricing. This is helping business owners to make an informed decision with the help of comparison. For instance, the H&R Block Deluxe is being publicized for its clear navigation but has a limited virtual assistant.

Companies in the tax software market are increasing the availability of products that offer personal tax preparation services. In-office services and DIY software are highly preferred by businesses. In order to gain a competitive edge in the market landscape, companies are offering personalized services to clients where the client shares their tax documents and the tax professional prepares the return. Companies are developing software products that offer a comprehensive coverage of tax topics.
To understand how our report can bring difference to your business strategy, Ask for a brochure

CPA V/S Tax Software: Which is better?

Today’s available tax software is easy to use and do not require in-depth knowledge about tax preparation. However, it is potentially challenging for handling difficult monetary transactions through a software. In such cases, it becomes convenient for business owners to hire CPAs that offer them customized services. As such, cost efficiency and prompt calculations by software in complicated tax returns tend to offset its disadvantages.

In order to strike the right balance between opting for software and CPAs, companies in the tax software market are offering both products and services to gain market recognition. On the other hand, tax software are gaining popularity in India. ClearTax— a startup providing tax preparation services in Mumbai, India, is gaining market recognition for its software, which offers targeted GST (Goods & Services Tax) solutions to business owners.

Software Companies Troubleshoot Issues of Unorganized Services to Minimize Technological Gap

Cloud-subscription based software are gaining popularity in the tax software market. For instance, EZTax— an online tax preparation company headquartered in Hyderabad, India, is providing cloud subscription-based software, which is both web and mobile enabled. In order to boost their credibility credentials, companies in the tax software market are increasing efforts to bring both software and services under one roof, as it is generally a complex procedure to file income tax and GST in India.

It has been found that less than 20% of the SMEs (Small & Medium Enterprises) in India are adopting software technology for taxes. Despite resistance from clients to adopt the technology, the global market of tax software is estimated to advance at a striking CAGR of ~12% during 2020 to 2030. Since customers fall prey to unorganized services by professionals, software companies in India are troubleshooting these problems.

Cloud-based Software Help Record Real-time Adjustments in Workpapers

Multinational organizations demand access to real-time global data that provides them with opportunities, risks, and obligations in tax payments. In order to meet these demands, companies in the tax software market are offering platforms that help to gather data from structured and unstructured sources. With the aim to capitalize on revenue opportunities, companies are providing cloud-enabled platforms, such as the Microsoft Azure. As such, emerging players and startups are posing a stiff competition to established software companies in the tax software market.

Cloud-based software platforms allow scalability and flexibility for businesses. Companies are providing software that facilitate co-sourcing and compliance to industry standards. They are innovating in software that help users calculate taxes as per the right geography and right service. Cloud-based software help to record real-time adjustments in workpapers.

Stuck in a neck-to-neck competition with other brands? Request a custom report on Tax Software Market 

Powerful Pre-built Integrations in Software Support Core Business Applications

Adding accounting services to offered software products has become a mainstream trend in the tax software market. Drake Enterprises Ltd.— a top-tier provider of professional tax preparation software is increasing efforts to build the businesses of clients and attract new customers. The growing trend of online tax filing is acting as a key driver contributing toward growth of the tax software market. Free and unlimited federal and state e-filing solutions are highly preferred by business owners in the U.S. Data and document management features are growing popular in software in order to simplify tax audit.

Automation of end-to-end indirect tax processes is a growing trend in the market for tax software. Powerful software products are being fueled with proprietary content databases that comply with several thousand jurisdictions worldwide. Companies are increasing their portfolio in offering pre-built integrations for core business applications.

Analysts’ Viewpoint

Companies in the U.S. tax software market are educating clients about updates in federal tax filing deadlines during the unprecedented times of the COVID-19 crisis. Cost efficiency and prompt service of software are contributing toward market growth. However, these software lack human touch and have limitations in handling complex monetary transactions. Hence, companies should increase their R&D efforts to minimize the technological gap in software to meet the demanding applications of users. They should pitch cloud-enabled platforms for multinational corporations, since such business owners require real-time adjustments in data. The automation of tax processes is a growing trend in the market. Moreover, the proliferation of artificial intelligence and machine learning is helping to attract new clients.

Tax Software Market – Scope of the Report

A latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global tax software market to accurately gauge its potential future development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the tax software market to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the tax software market will progress during the forecast period, 2020 - 2030.

The report offers intricate dynamics about different aspects of the tax software market, which aids companies operating in the market in making strategic development decisions. TMR’s study also elaborates on significant changes that are highly anticipated to configure the growth of the tax software market during the forecast period. It also includes impact analysis of COVID-19 on the tax software market. The global tax software market report helps to estimate statistics related to the market progress in terms of value (US$ Mn).

The study covers a detailed segmentation of the tax software market, along with key information and a competitive outlook. The report mentions company profiles of key players currently dominating the tax software market, wherein various developments, expansions, and winning strategies practiced and executed by leading players have been presented in detail.  

Key Questions Answered in TMR’s Report on Tax Software Market

The report provides detailed information about the tax software market on the basis of comprehensive research on various factors that play a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the tax software market, so as to help them formulate successful strategies and take target-driven decisions.

  • How are key market players successfully earning revenue out of the tax software?
  • What will be the Y-o-Y growth of the tax software market between 2020 and 2030?
  • What are the winning imperatives of market frontrunners in the tax software market?
  • What are the major drivers and restraints of the market?
  • What will be the size of the tax software market from 2020 to 2030?
  • Which will be the fastest growing segment in the tax software market?
  • Which are the leading companies in the tax software market?
  • What are the strategies of companies operating in the market?

Research Methodology – Tax Software Market

The research methodology adopted by analysts to compile the tax software market report is based on detailed primary as well as secondary research. With the help of in-depth insights of industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the tax software market. During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine resources, analysts have emphasized the changing scenario of the tax software market. For secondary research, analysts scrutinized numerous annual report publications, white papers, and data of major countries of the world, industry association publications, and company websites to obtain the necessary understanding of the tax software market.

Tax Software Market – Segmentation

TMR’s research study assesses the tax software market on the basis of component, software deployment, tax type, end user, industry, and region. The report presents extensive market dynamics and progressive trends associated with different segments, and how they influence the growth prospects of the tax software market.

Component

  • Tax Software
    • Standalone
    • Integrated
  • Services
    • Managed
    • Professional

Software Deployment

  • Cloud
  • On-premise

Tax Type 

  • Sales Tax
  • Income Tax
  • Other Tax (VAT, Service Tax, Estate Tax)

End User 

  • Individuals
  • Commercial Enterprise
    • Small & Medium Enterprises
    • Large Enterprises

Industry

  • BFSI
  • Telecom & IT
  • Government
  • Healthcare
  • Retail & Consumer Goods
  • Transportation
  • Manufacturing
  • Energy & Utilities
  • Others (Hospitality and Education)

Region

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America

Custom Market Research Services

TMR offers custom market research services that help clients to get information on their business scenario required where syndicated solutions are not enough.

REQUEST CUSTOMIZATION

Tax Software Market

Buy Now