IDC MarketScape: Worldwide SaaS and Cloud-Enabled Sales Tax and VAT Automation Applications 2019 Vendor Assessment

Category : Information Technology

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Digital Transformation Driving Change

Digital transformation (DX) is responsible for changing financial applications. This means businesses can now transform their decision making that will enhance their business outcomes in the digital economy.

SaaS and Cloud-Enabled Software Driving Investment

Today businesses need flexible and agile financial applications which will be easy to implement, configure, and update for all companies. They need the most advanced systems which can be found in SaaS and cloud-enabled finance systems.

Sales Tax Automation

There is a growing complexity while filing for the Sale and Use tax. To combat this problem, the sale and use tax software vendors are looking towards advanced technologies like artificial intelligence (AI), big data and analytics, blockchain, and cloud computing, the ones responsible for leading the way for corporate tax management professionals to much higher levels of visibility, productivity, and scalability.

Advice for Technology Buyers

There are a few queries that businesses should ask before purchasing SaaS or any other cloud-enabled financial and accounting software. One should ensure that the vendor have experience with the type of product, service, and company size before working with said vendor. He should also be knowledgeable about financial regulations and guidelines as well as understand all regulations that will impact the business and how they could change in the future. One should inquire about the levels of support available, the internal support resources and capabilities of the software. The vendor should also be financially able to provide the support needed and if it can support the needed investment in the development of future financial software and the requirements that will come with them. One should ensure that the ROI is achievable and if the vendor has a track record of meeting all ROI requirements. The software should be able to support foreign operations as well as integrate with all the company's and the partner's IT systems. The frequency of updates and future innovations of the vendor and its impact on the business should also be taken into consideration, along with the impact it will have on your business.

Market Definition

Corporate tax management applications calculate taxes for all current transactions, estimate the tax burden for transactions taking place in the future, manage all filing, compliance and house tax related forms and documents. These applications integrate smoothly with other applications such as accounting and expense management.

Key Takeaways:

  • There is a need for flexible and agile financial applications that are easy to implement, configure, and update for all companies
  • The assessment of some SaaS and cloud-enabled sales tax and VAT automation software solutions
  • Importance of the criteria for companies to consider when selecting a system

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