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Streamline sales tax compliance with Kintsugi's Sales Tax Automation Software. Accurate, automated sales tax calculations and efficient e-commerce integration for all businesses.

How Kintsugi can help you:

Automates the entire sales tax life cycle across all sales channels.
Provides real-time nexus tracking and alerts for worry-free compliance.
Enables automatic registration in every jurisdiction required.
Facilitates easier remittance and sales tax filing with one click.
Helps apply for sales tax exemptions certificates effortlessly.
Offers a voluntary disclosure agreement service to reduce fees and penalties.

Why choose Kintsugi: Key features

Cloud-based platform for seamless integration and management.
Integration with major e-commerce, SaaS, and ERP platforms like Stripe, Chargebee, and Shopify.
TaxGPT, an AI tax assistant, provides instant support and accurate insights.
Aims to significantly reduce registration time, errors, fees, and penalties regarding sales tax.

Who should choose Kintsugi:

Businesses seeking to automate their sales tax processes.
E-commerce platforms requiring efficient sales tax management.
Companies looking for comprehensive nexus tracking and compliance solutions.
Organisations wanting to reduce the burden of sales tax registrations and filings.

About Kintsugi

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https://trykintsugi.com

Release Date

March 2024

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Sales Tax Software Market to Reach $17.2 Billion, Globally, by 2033 at 9.5% CAGR: Allied Market Research

The global sales tax software market is experiencing growth due to several factors such as the shift towards automation and integration, increase in demand for streamlined tax processes, and surge in demand for IoT devices. NEW CASTLE, Del., Aug. 15, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Sales Tax Software Market by Solution (Consumer Use Tax Management, Tax Filings and Others), Deployment Mode (On-Premises and Cloud), and Industry Vertical (BFSI, Transportation, Retail, IT and Telecom, Healthcare and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the sales tax software market was valued at $6.9 billion in 2023, and is estimated to reach $17.2 billion by 2033, growing at a CAGR of 9.5% from 2024 to 2033. Prime determinants of growth The sales tax software market is gaining traction due to the shift towards automation and integration, driven by rise in demand for streamlined tax processes and availability of cloud-based solutions at competitive prices. These factors are fostering growth in the market, with focus on simplifying tax calculations, management, and reporting through advanced software solutions like consumer use tax management and tax filing. Moreover, the market is witnessing rise in demand for IoT devices, further propelling the adoption of sales tax software to enhance operational efficiency and accuracy in tax-related tasks. On the contrary, growing emphasis on regional integration and harmonization of tax legislation, with rise in demand for accessible and cost-effective platforms is expected to provide lucrative growth opportunities to the sales tax software market. Request Sample Pages: https://www.alliedmarketresearch.com/request-sample/4215 Report Coverage and Details Report Coverage Details Forecast Period 2024-2032 Base Year 2023 Market Size in 2023 $6.9 billion Market Size in 2032 $17.2 billion CAGR 9.5 % No. of Pages in Report 254 Segments Covered Solution, Deployment Mode, Industry Vertical, and Region. Drivers Shift towards automation and integration Increase in demand for streamlined tax processes Surge in demand for IoT devices Opportunities * Growing emphasis on regional integration and harmonization of tax legislation Restraint * Substantial initial investments and the need for specialized skill sets Buy this Complete Report (254 Pages PDF with Insights, Charts, Tables, and Figures) at: https://www.alliedmarketresearch.com/purchase-enquiry/sales-tax-software-market/purchase-options Segment Highlights By solution, the consumer use tax management is expected to dominate the market during the forecasted period. The consumer use tax management segment is driven by the growing need for businesses to accurately track and report consumer use taxes, which are often overlooked or underreported. Sales tax software solutions that offer robust consumer use tax management capabilities enable companies to automate the calculation, reporting, and filing of these taxes, ensuring compliance and reducing the risk of penalties. By deployment mode, the on-premises segment is driven by the preference of some organizations, particularly larger enterprises, to maintain control over their tax data and infrastructure. On-premises solutions offer customization options and integration with existing systems, making them appealing to businesses with specific requirements or concerns about data security and privacy. On the basis of industry vertical, the retail segment is dominating the market due to the high volume of transactions and the complexity of sales tax calculations in the industry. As e-commerce continues to grow, retailers require efficient and accurate sales tax software to manage their tax obligations across multiple jurisdictions and channels. The adoption of sales tax software helps retailers streamline their tax processes, reduce errors, and ensure compliance with evolving regulations. Regional Outlook The growth of the sales tax software market in North America is primarily driven by the region's high levels of transaction quantities and values, leading to complex tax filing processes. The presence of numerous tax software providers such as Avalara, Sage Group Plc, Thomson Reuters Corp, and Xero Ltd. offers advanced solutions for efficient and error-free tax filing. In addition, rise in adoption of artificial intelligence (AI) solutions among businesses and individuals fuels the demand for AI-based tax software solutions, further propelling the market growth in North America. However, in Asia-Pacific, the growth of the sales tax software market is fueled by the region's focus on smart city projects and government initiatives that necessitate efficient tax management solutions. Rise in adoption of sales tax software in smart city programs and city surveillance projects is a key driver. Moreover, the presence of many third-party sellers and system integrators in the region, coupled with the rapid demand for sales tax software across various industries, including BFSI, transportation, retail, healthcare, and manufacturing, contributes to the market growth in Asia-Pacific. Enquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/4215 Major Industry Players APEX Analytix, LLC Avalara Inc. Intuit Inc. LumaTax, Inc. Ryan, LLC Sage Intacct, Inc. Sales Tax DataLINK Sovos Compliance, LLC Thomson Reuters Vertex, Inc. The report provides a detailed analysis of these key players in the global sales tax software market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. Recent Development In April 2023, Taxually, one of the leading European cloud-native VAT software providers, announced that California-based LumaTax joined its family of Enterprise-grade automated tax software solutions. This acquisition enables Taxually to accelerate growth globally across both Enterprise and E-commerce segments and to further expand its leading indirect tax product suite. In April 2021, Intuit ProConnect, from Intuit Inc., announced its partnership with Practice Ignition (PI) to increase productivity for tax professionals. Practice Ignition, an automated proposal and payment management software that eliminates administrative tasks, works in tandem with Intuit professional tax products, allowing for a better end-to-end workflow for tax professionals. AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model): AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports. Get an access to the library of reports at any time from any device and anywhere. For more details, follow the link: https://www.alliedmarketresearch.com/library-access About Us: Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. David Correa 1209 Orange Street, Corporation Trust Center, Wilmington, New Castle, Delaware 19801 USA. Int'l: +1-503-894-6022 Toll Free: +1-800-792-5285 UK: +44-845-528-1300 India (Pune): +91-20-66346060 Fax: +1-800-792-5285 help@alliedmarketresearch.com Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg View original content:https://www.prnewswire.com/news-releases/sales-tax-software-market-to-reach-17-2-billion-globally-by-2033-at-9-5-cagr-allied-market-research-302222329.html SOURCE Allied Market Research Market News and Data brought to you by Benzinga APIs

Benzinga

Thu, 15 Aug, 8:00 AM UTC

Payments Innovation Can Take Stress Out of Small Business Tax Prep | PYMNTS.com

Small- to medium-sized businesses (SMBs) face a variety of challenges. Tax prep shouldn't be one of them. Yet for many SMB owners, tax season is synonymous with stress. Manual data entry, reconciliation of payments and the sheer complexity of tax regulations increasingly consume valuable time and resources, with business owners buried under stacks of receipts and dizzied by spreadsheets that won't tie. Many SMBs lack in-house expertise, often relying on external accountants or consultants. This reliance can lead to increased costs, communication gaps and potential delays. However, a wave of payments innovation is rewriting the script on tax preparation, transforming what was once a tedious, paper-heavy ordeal into a streamlined, automated process. As underscored by executive commentary during QuickBooks and TurboTax parent company Intuit's Tuesday (Feb. 25) second-quarter earnings report, as well as marketplace news like Digits adding new features to its artificial intelligence accounting platform designed for startups and SMBs Feb. 13, advancements in automation and AI are increasingly providing SMBs with the tools needed to streamline tax preparation, reduce human error, and maintain compliance with local and global tax regulations. Read also: Making Sense of FinCEN's Jan. 1 Business Ownership Reporting Requirements Payments innovation has emerged as a powerful antidote to the tax preparation headache. By integrating smart payment solutions with accounting software, SMBs can automate much of the tax preparation process, from data collection to reporting, helping to mitigate mistakes in tax filings that can lead to penalties and audits. As the SMB ecosystem becomes increasingly dynamic, small firms must consider taking proactive, rather than reactive, action. Corporate delinquencies are at the highest rate they have been over the past eight years, and regulatory changes like the Financial Crimes Enforcement Network's (FinCEN) Small Entity Compliance Guide are now coming into effect under the Corporate Transparency Act. "Anytime that there is something new in the tax law, there aren't a lot of people who are really experts, which makes it easier to mislead taxpayers through false advertising and tactics like spreading it on social media," Wendy Walker, vice president of Regulatory Affairs at Sovos, told PYMNTS in September, adding that businesses should ensure that their tax preparers are reputable and thoroughly vetted, especially when switching to a new preparer. The marketplace itself is responding with innovative solutions. Over the summer, Docyt added an "AI bookkeeper" called GARY to its digital back-office solutions for SMBs. GARY is built on the Docyt AI software-as-a-service (SaaS) financial management platform that integrates expense management, revenue accounting, industry vertical reporting and financial reporting of key performance indicators. See also: SMBs Need to Cut the Check Before Checks Cut Them While tax season will likely never be a cause for celebration, payments innovation is making it more manageable for SMBs. By automating data flows from payment systems to tax forms, businesses can ensure accuracy and compliance. New payment technologies like virtual cards and embedded FinTech are not just working to cut the stress out of tax prep, they are also helping businesses reclaim time and resources. "For [SMBs], virtual cards are about control -- managing spending and improving expense tracking through automation," Widad Chaoui, vice president and general manager, corporate program product management at American Express, told PYMNTS in December. For SMBs expanding internationally, AI tools can automatically adapt to local tax regulations, apply appropriate tax rates, and generate compliance-ready reports for each jurisdiction. This level of automation not only mitigates compliance risks but also simplifies the complex accounting processes associated with international trade. "Everything's going more cross-border and getting regulated, so tax compliance regulation is huge for new business models in new markets," Sovos CEO Kevin Akeroyd told PYMNTS in April. Faulty cross-border payments cost merchants in the United States at least $3.8 billion in sales last year, according to the PYMNTS Intelligence report "Cross-Border Sales and the Challenge of Failed Payments." Despite the advantages, some SMBs are hesitant to adopt automation and AI due to concerns about cost, complexity and data security. However, many modern solutions are designed with small businesses in mind, offering scalable pricing models and user-friendly interfaces.

PYMNTS

Thu, 27 Feb, 6:23 PM UTC

How Indian export businesses are using AI to stay ahead on global tax rules

Indian organisations have long embraced Artificial Intelligence and Machine Learning technologies in various aspects to achieve their business goals. Now, they are actively exploring ways to implement these advancements responsibly and profitably. This goal closely aligns with the Digital India initiative, launched in 2015 to build a next-generation empowered economy. By many measures, the country is steadily progressing toward this vision, with its digital economy projected to contribute nearly one-fifth of the nation's GDP by 2030. This shift holds significant potential for businesses operating domestically, as well as for those planning to expand into global markets.. However, they must address regulatory compliance, cross-border taxation, and evolving trade policies to navigate international trade efficiently. Recognizing these concerns, many organisations are turning to technology-driven tax solutions. A recent survey stated that 92% of companies have adopted or planned to implement digital tax platforms within the next five years. Moreover, over half are actively integrating AI-driven technologies to streamline tax functions, paving the way for a smarter, more automated compliance space. Why the growing interest in AI? The constant stress of creating a tax-transparent and globally connected trade environment has driven Indian exporters to seek the best-in-class solutions. This stress arises from the multilayered regulations they need to tackle from the outset. In the US, for instance, tax compliance becomes challenging due to the multijurisdictional nature of sales tax. Each state imposes their own rates and economic nexus laws requiring businesses to collect and remit sales tax once they exceed certain revenue thresholds, even if the company has no physical presence there. Moreover, there are over 13,000 sales and use tax jurisdictions in the US with their policies and deadlines. Similarly, the VAT system in the European Union (EU) has its own set of requirements. An Indian exporter selling across member states may need to charge different VAT rates based on the product type and the buyer's location, leading to a convoluted network of compliance responsibilities. This can be overwhelming, especially as compliance errors can lead to penalties and disruptions in trade. To overcome this, AI-powered tax systems offer an integrated solution that consolidates tax laws from multiple jurisdictions, automating calculations, filings, and regulatory updates. By reducing manual efforts and decreasing the risk of errors, AI helps exporters redirect their focus from regulatory burdens to strategic expansion. Additionally, AI-enabled platforms can help track real-time transactions, proactively flagging potential issues before filing returns. For example, if an Indian exporter selling apparel online approaches California's economic nexus threshold of $500,000 in sales, AI systems can alert the business to register for sales tax in that state. By utilizing ML algorithms, AI can also predict future tax liabilities based on historical data and projections, helping businesses avoid unforeseen tax burdens. Simultaneously, AI and ML make accessing and interpreting vast amounts of tax data stored in the cloud easier. AI-driven platforms can source and structure this data, helping businesses understand what has changed, track new tax rates, and automatically find the correct rates for each product and location. In line with this, companies are increasingly adopting advanced technologies, such as GenAI, blockchain, and data analytics, to revolutionise their tax functions. According to recent studies, 87% of tax and finance professionals believe GenAI will significantly enhance the efficiency and effectiveness of their operations. GenAI helps businesses automate complex tax-related processes, such as generating accurate tax reports, predicting potential liabilities, and identifying discrepancies across jurisdictions. This allows organisations to swiftly adapt to regulatory shifts, ensuring greater compliance and reducing the risk of costly mistakes in cross-border transactions. Beyond the basics The push for Digital India is propelling significant progress in various sectors, focusing on leveraging technology to streamline operations and compliance. A recent example of this impel is the launch of Bharat Trade Net (BTN), a unified digital platform designed to simplify cross-border trade. BTN focuses on enhancing logistics, customs clearance, and trade documentation processes, which are often burdensome for exporters. Moreover, it significantly improves transparency and provides easier access to financing, making it simpler for Indian businesses to expand. Given this, as AI drives tax compliance and automation, it has the potential to enhance the capabilities of platforms like BTN, ensuring that Indian businesses remain innovative and efficient globally. Notably, the collaboration between the government and businesses will be crucial in shaping a future-ready tax ecosystem. With this, the increasing adoption of third-party, automated tax solution providers signals towards more secure, scalable, and cost-efficient solutions for managing tax compliance. Looking ahead, all these advancements will smoothen the tax processes and empower businesses to respond faster to regulatory changes, ensuring greater accuracy and transparency. As the industry evolves, Indian exporters need to be better equipped to meet the obstacles of a rapidly changing tax world, enabling sustainable growth and unfolding new opportunities for businesses and the economy alike. The author is VP, Product Management, Avalara. Disclaimer: The views expressed are solely of the author and ETCIO does not necessarily subscribe to it. ETCIO shall not be responsible for any damage caused to any person/organisation directly or indirectly.

Economic Times

Sat, 7 Jun, 6:01 AM UTC

AI-Powered Tax Automation Startup Kintsugi Secures $18M Funding, Doubles Valuation

Kintsugi, an AI-driven tax automation startup, has raised $18 million in funding led by Vertex Inc., doubling its valuation to $150 million. The company aims to revolutionize sales tax compliance for small and medium businesses using AI technology.

3 Sources

Thu, 1 May, 12:06 AM UTC

Sales tax automation startup Kintsugi doubled its valuation this year | TechCrunch

A 2018 Supreme Court ruling eliminated the requirement that an e-commerce retailer needed a physical location in a state in order for said state to be able to collect sales tax on purchases made by residents. While the decision was a boon for states, it created a headache for e-commerce sellers. Kintsugi is looking to offload and automate calculating and filing sales tax for companies. The San Francisco-based company's AI technology connects to a company's billing and payment systems and figures out in which states they are liable to pay sales tax. It then registers users in the correct states. From there, the system can automatically calculate and remit what a company owes in sales tax to keep companies in compliance. Kintsugi raised a $6 million Series A round earlier this year led by Link Ventures that valued it at a $40 million post valuation in April. The company has since reopened its Series A round, taken on additional $4 million in capital led by Airwallex, and has doubled its valuation to $80 million. Pujun Bhatnagar, Kintsugi co-founder and CEO, said that he got interested in the sales tax space while working as a senior machine learning engineer at Meta in 2018. Bhatnagar told TechCrunch that both his father and grandfather worked in taxation their entire careers. Bhatnagar found himself in 2018 wondering what he wanted to do with his life. It just so happened to be around the same time as the Supreme Court ruling, which opened up a whole new market that was worth exploring, he said. "It's basically an amalgamation of 52 different types of little countries, which have their own laws and jurisdictions when it comes to local governments," Bhatnagar said. "And 48 of these jurisdictions have sales-tax-related laws." To really understand the problem, Bhatnagar said he started doing sales tax for e-commerce and SaaS companies by hand for a year and a half to really understand the pain points before writing any code. He made Kintsugi's first few employees calculate sales tax by hand, too. From there they built a platform and algorithm to modernize and automate sales tax compliance. Bhatnagar said that building the model in-house has made their results more accurate than competitors that rely on large, all-encompassing language models. He said that the company keeps humans in the loop to monitor for accuracy, too. The company was formally founded in 2022 and launched its website in August 2023. Bhatnagar said inbound interest was immediate, and Kintsugi has been able to grow its customer base to more than 1,100 users in the past year. It has earned $1 million in revenue. Kintsugi isn't unique in wanting to modernize the sales tax process for companies. Competitors include Anrok, which has raised more than $50 million in venture money, and CereTax, which has raised $19 million in venture capital, in addition to numerous legacy companies that outsource the process to folks in countries like India. This is the same type of work that Bhatnagar's family had worked on. Bhatnagar thinks that part of the reason demand has been so high for Kintsugi is its approach to landing customers. The company allows potential customers to sign up for free and test out whether they like it. If they choose to proceed, they can pay $100 per tax filing or create a custom plan. Bhatnagar added that some of their competitors charge hefty fees just for onboarding to their platforms. "We are the only company in the space that has a 'get started' button, that has a 'we will do your sales tax analysis for free [button],'" Bhatnagar said. "And that's not going to be just done once. You can create a free account, and every seven minutes the report is going to be updated for you. And that's a value prop that we want to provide to founders for free, even if they decide to not pay a single dime for Kintsugi." Kintsugi plans to use its new capital to keep expanding its tech and to help the company gear up to expand into Canada and Europe. "We are a bunch of nerds," Bhatnagar said. "We are not trying to sell any snake oil. Connect your data, see the results."

TechCrunch

Thu, 14 Nov, 4:21 PM UTC

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