For many companies, sales tax collection is a mandatory component of the sale and supply of services. You have to learn how to measure sales tax before you start paying.Thanks to complex sales tax regulations, sales taxes can be difficult. Calculating sales tax is relatively easy after determining the rate of sales tax.
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The global sales tax software market accounted for US$ 6.21 Bn in 2018 and is expected to grow at a CAGR of 8.8% over the forecast period 2019-2027, to account for US$ 13.13 Bn by 2027.
The global sales tax software market is predicted to draw significant growth during the coming years, majorly due to the growing demand for sales tax process automation, and availability of low cast cloud-based sales tax software solutions.
This trend is expected to continue during the forecast period also majorly due to the rising adoption of cloud-based platforms by companies worldwide.
The advanced features and evolving architectures of todays cloud platforms are further boosting the adoption of cloud-based sales tax software solutions, and sales tax software market.
With investment in cloud-based solutions, the companies are anticipated to reduce their operational costs, decrease human errors in tax calculations and filing, and thus to increase their productivity and revenues in this process.
Governments of developing economies such as India and China are taking various initiatives to boost the adoption of digital services by consumers and industries.
Sales Tax Software Industry 2021AbsoluteMarketsInsights Presents “Sales Tax Software Industry Research Report –Global Forecast to 2030” New Document to its Studies DatabaseThe sales tax software is being increasingly used in businesses including shipping, contracts, products and accounting.
The sales tax management process generally involves includes calculation, filing, and reporting with an aim to fulfill all the tax obligations.
In addition, advent of technology automation results in significant reduction of average cost for small and medium sized organizations.
Automation of sales tax management is pushing the organizations to enhance their operational efficiency and overall profit.
For instance, SOVOS introduced an automated government certified sales tax software, Taxify, which provides real time tax rates, and is a print ready platform.
The sales tax software is equipped with self-service portal that provides easy procedure of filing the taxes.