The tax software quickly ascertains a client?s overall financial situation and suggests insurance or investment products, or other services, such as auditing, bookkeeping, or even comprehensive financial plans, that may be needed. The additional revenue that can be generated from this approach can be substantial in many cases. Also, the tax preparation process has become faster and more efficient as vast information is now available in digital format, which would, in turn, help accountants preparing tax to import their client data from personal finance software directly onto their tax returns with a single click as a substitute of entering all of those numbers manually. Also, electronic signatures have been entered with the client?s permission, which often eliminates the need for clients to be physically present in the accountant?s office. Thus, digitization in the tax-paying system is expected to propel the growth of the tax software market.
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Top Key Companies:
1. Avalara Inc
2. Chetu, Inc
3. Drake Software
4. H & R Block; Intuit Inc.
5. Sage Group PLC
6. Thomson Reuters Corporation
7. Vertex, Inc.
8. Wolters Kluwer N.V.
9. Xero Limited.
10. Intuit Inc.
The tax software market in North America was valued US$ 3,536.7 million in 2019 and is projected to reach US$ 7,878.6 million by 2027; it is expected to grow at a CAGR of 10.8% from 2020 to 2027.
Based on end-user, the North American tax software market was led by a commercial segment in 2019 with a decent share and is expected to continue its dominance during the forecast period. However, the individual segment is expected to grow at a high CAGR in the tax software market. Commercial enterprises consist of small and medium (SMEs) enterprises and large enterprises. Large enterprises deal with a large volume of data; thus, the tax software is mostly adopted by them.
However, the growing awareness regarding tax software among SMEs is further supporting the growth of the market for SMEs. As the tax software simplifies the tax filing process, it is meant to increase productivity by automating and integrating ERP systems. They also help enhance profitability and operational efficiency and mitigate costs. Therefore, the growing focus of SMEs towards improving the efficiencies is supporting the growth of the tax software market in the region.
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