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Top 10 Tax Tech Solution Companies - 2021

At present, tax and finance leaders are witnessing a challenging tax environment globally. On the one hand, tax authorities are digitalizing tax administration—including sharing and reconciling of data between income tax, goods and services tax (GST), and customs—and increasing scrutiny at a transactional data level. And on the other hand, there is pressure to reduce costs within the tax function. In such circumstances, augmenting technology within the tax function today is now a “must-have” rather than just “nice to have”. It is thus becoming important to understand how and where technology can add value in a tax function with minimal investment.

For instance, tax teams spend significant time struggling with ERP data and spreadsheets from multiple systems for tax compliance as well as statutory and internal reporting. There is significant scope for automation in this area. Automation can provide control to the tax function on its data, enabling ease of reconciliation between various data sets. Besides, organizations can also implement digital tax compliance and litigation tracker. It can provide tax and finance leaders’ visibility on important areas such as tax and litigation status, tax refunds, tax losses, adequacy of tax provisions, etc. With smart alerts, tax leaders could also have full control over upcoming deadlines and hearings.

In the face of such tremendous advancements, we have compiled this issue of CFO Tech Outlook to help you in the task of finding the best tax tech solution providers. It is elaborately crafted to assist you in fostering productive partnerships and improving performance. In this edition, we have listed the most effective tax tech solution providers to highlight those making significant contributions to the financial sector. Equipped with innovative technological capabilities, these companies are set to transform the landscape. This edition also blends thought leadership articles from subject matter experts, CIOs, and CXOs. We hope this issue of CFO Tech Outlook helps you build the partnership you and your organization need to foster an ecosystem driven by robust and efficient technology.

We present to you CFO Tech Outlook’s, “Top 10 Tax Tech Solution Companies – 2021.”

    Top Tax Tech Solution Companies

  • Boast.AI is leading the tax credit technology category to help companies innovate. The company utilizes technology and automation to connect data sources like payroll, finance, engineering data, and project tracking and turn that data into eligible tax credit reports much more quickly and accurately. Boast.AI’s proprietary software syncs with project management systems (JIRA, GitHub, etc.) to automatically categorize every ticket, capture every project, and account for all R&D time and effort. It integrates directly with tech stacks to extract R&D data and automate the manual and redundant data collection and analysis process

    boast.ai

  • CoralTree offers an all-in-one document collaboration solution for tax professionals and accountants. Its platform—CoraCloud—packs a multitude of functionality into one highly specialized cloud-based product. CoraCloud includes finely tuned sharing features, in-browser document editing, secure real-time collaboration using file locks, e-signature functionality, and more. All features are customized specifically for tax professionals and accountants, ensuring that the software adapts to existing workflows. The platform is built with an intuitive, visually appealing UI that makes even complex workflows easy to manage. It has been designed to be self-service so that even small tax and accounting firms without a dedicated technical staff can get up and be running quickly

    www.coraltreetech.com

  • The company is a tax service bureau that provides professional tax software, financial services, banking solutions, and supports budding or seasoned entrepreneurs looking to start their own tax consultancy business. Umbrella Taxes is a 100 percent minority-owned, tax service bureau that provides professional tax software, bank products and support. The company offers aspiring entrepreneurs a path to financial freedom by providing licensing opportunities and assistance in opening Umbrella Taxes Licensee financial service/tax preparation offices. The company was founded for the majority of the country's earning population, i.e., the middle class, whose lack of education and assistance on taxation puts a restraint on their financial well-being

    umbrellataxes.com

  • Avalara

    Avalara

    Avalara helps businesses of all sizes get tax compliance right. In partnership with leading ERP, accounting, ecommerce, and other financial management system providers, Avalara delivers cloud-based compliance solutions for various transaction taxes, including sales and use, VAT, GST, excise, communications, lodging, and other indirect tax types

  • Blucora

    Blucora

    Blucora is a provider of Internet-related services that operates a diverse group of Internet businesses. Its aim is to deliver long-term value to its customers, partners, and shareholders through financial discipline, operational expertise, and technology innovation

  • Drake Software

    Drake Software

    Drake Enterprises, Ltd. develops tax preparation software for tax professionals. It offers Drake Software, a tax software that allows users to prepare various tax returns, including personal or business, and federal or state; TicTie Calculate, an Adobe Acrobat plugin that helps tax and accounting offices to create work-papers directly from PDFdocuments; Taxpayer services; 7216 Sample Letters that help taxpayers to control their tax information; Bonus Software that simplifies office workflow; and electronic filing, business development, and data conversion solutions

  • LumaTax

    LumaTax

    LumaTax is company that enables small businesses to comply with sales and use tax regulations with touch-of-a-button simplicity. We envision a world where small business owners are relieved of the burden of dealing with the complexity of sales and use tax compliance and are empowered to focus their efforts on growing their business.

  • Revenue Solutions

    Revenue Solutions

    Revenue Solutions’ mission is to streamline government operations and improve citizen services through the delivery of transformative technologies. RSI partners with clients on information technology initiatives to improve customer service, increase operational efficiency, and maximize compliance. With a dedicated team of full-time business andinformation systems consultants and a suite of software solutions, RSI is one of the largest organizations of its kind dedicated exclusively to tax, labor, and child support agencies

  • Sovos

    Sovos

    Sovos is one of the global leader in tax compliance and business-to-government reporting software, safeguarding businesses from the burden and risk of compliance around the world. As governments go digital, businesses face increased risk and complexity. The Sovos Intelligent Compliance Cloud combines world-class regulatory analysis with a cloud softwareplatform to create an adaptable, connected and global compliance solution that keeps businesses ahead of the ever-changing regulatory environment

  • TaxSlayer

    TaxSlayer

    TaxSlayer grew out of a family-owned company with 50 years in the tax preparation business. TaxSlayer provides online tax preparation software for electronic filing of federal and state tax returns. They strive to provide customers with the highest quality software and online technical support