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Corporate Tax Services

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CATEGORY ALERTS

Global Tax Management pioneers online training institute to assist corporate tax teams

June 30, 2022
alert level: Low
CATEGORY ALERTS

Crowe LLP sells its Tax Technology products to K1X Inc

July 06, 2022
alert level: Low
CATEGORY ALERTS

Sovos announces new Global Partner Program to meet the tax and compliance market needs.

October 11, 2022
alert level: Low

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Corporate Tax Services Market Monitoring Dashboard


Supply Demand

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Corporate Tax Services Industry Benchmarks


Savings Achieved

(in %)

The average annual savings achieved in Corporate Tax Services category is 5.30%

Payment Terms

(in days)

The industry average payment terms in Corporate Tax Services category for the current quarter is 75.0 days

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Contract Length

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Lead Time

Supplier Diversity

Targeted Savings

Risk Mitigation

Financial Risk

Sanctions

AMEs

Geopolitical Risk

Cost Optimization

Price per Unit Competitiveness

Specification Leanness

Minimum Order Quality

Payment Terms

Inventory Control

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    Corporate Tax Services Suppliers


    22,393 
    Total Suppliers
    657
    Diverse Suppliers
    74
    Normalized Supplier Rating
    Corporate Tax Services Supplier

    Find the right-fit corporate tax services supplier for your specific business needs and filter by location, industry, category, revenue, certifications, and more on Beroe LiVE.Ai™.

    Sample Supplier
    Company
    ACCENTURE PUBLIC LIMITED COMPANY
    Location
    Jackson, Mississipi
    Duns number
    3862211

    D&B SER Rating

    dnb logo

    Up to 3 months

    1 9
    6
    Low Risk High Risk

    The Supplier Evaluation Risk (SER) Rating is Dun & Bradstreet’s proprietary scoring system used to assess the probability that a business will seek relief from creditors or cease operations within the next 12 months. SER ratings range from 1 to 9, with 9 indicating the highest risk of failure. We’ve prepared an infographic to help business owners better understand what influences their SER Rating.

    Moody`s ESG Solution
    ESG Profile

    Company and Sector Performance
    58

    100
    Robust (1)
    ESG Perfomance (/100)
    Environment
    90
    Social
    42
    Governance
    67
    6 Domains Performance (/100)
    Business behaviour
    58
    Human rights
    55
    Community Environment
    54
    Corporate governance
    72
    Human resources
    29
    Security Scorecard
    97

    Threat indicators
    A
    95
    Network Security
    Detecting insecure network settings
    A
    100
    Hacker Chatter
    Monitoring hacker sites for chatter about your company
    A
    100
    DNS Health
    Detecting DNS insecure configuration and vulnerabilities
    A
    98
    Application Security
    Detecting common website application vulnerbilities
    A
    94
    Endpoint Security
    Detecting unprotected enpoints or entry points of user tools, such as desktops, laptops mobile devices, and virtual desktops
    A
    100
    Cubic Score
    Proprietary algorithms checking for implementation of common security best practices
    A
    99
    Patching Cadence
    Out of date company assets which may contain vulnerabilities of risk
    A
    100
    Social Engineering
    Measuring company awareness to a social engineering or phising attack
    A
    100
    IP Reputation
    Detecting suspecious activity, such as malware or spam, within your company network
    A
    100
    Information Leak
    Potentially confidential company information which may have been inadvertently leaked

    Industry Comparison
    accenture.com
    Industry average
    Adverse Media Appearances
    Environmental Issues
    0
    Workforce Health Safety Issues
    0
    Product Service Issues
    9
    Human Rights Issues
    0
    Production Supply Chain Issues
    3
    Environmental Non Compliance Flags
    12
    Corruption Issues
    0
    Regulatory Non Compliance Flags
    5
    Fraud Issues
    2
    Labor Health Safety Flags
    6
    Regulatory Issues
    3
    Workforce Disputes
    1
    Sanctions
    0
    esg energy transition
    80
    Discrimination Workforce Rights Issues
    5
    esg controversies critical severity
    No

    Corporate Tax Services market report transcript


    Global Market Outlook on Corporate Tax Services

    In 2019, the global tax services industry was valued approx. $61 billion.

    Before COVID-19 pandemic, global tax services industry was estimated to grow at 6–6.5 percent annually.

    As per revised growth estimates of 2–4 percent annually, the global tax services industry is expected to reach $63 billion in 2020. The tax industry growth in the current pandemic situation is fueled by consistent demand for tax compliance and preparation services.

    Indicative Global Tax Industry Market Size

    • Industry Growth: The global tax industry is expected to grow at CAGR of ~6.15 percent between 2015 and 2020
    • Tax Revenue (FY 2016/17): Tax services revenue for global accounting firms increased by ~8 percent
    • Tax Industry Growth Drivers: Tax services demand related to OECD BEPS reforms, Brexit, transfer-pricing, cross-border transactions; and other tax services related to mobility and compliance.

    Market Share of Top Accounting Firms for Tax Services(2017) 

    • Engagement with Big Four: Big Four are the preferred choice of Fortune 500 companies for procuring tax compliance and advisory services
    • Engagement with non-Big Four Firms: Buyers are facing pressure to achieve cost optimization in compliance spending. Non-Big Four are gaining market share due to homogeneous nature of tax services
    • Non-Big Four Preferred Suppliers: BDO, Grant Thornton, Crowe Horwath, and RSM provide equivalent service at reduced rates.

    Tax Services Industry Statistics-US

    US accounting industry's growth is primarily fueled by advisory and consulting services. Big four hold ~ 45 percent market share of the US tax services industry.

    US tax services industry was valued at ~ $30 billion in 2017, out of which more than 14 billion was contributed solely by the Big Four firms. US tax industry is expected to grow at a CAGR of ~ 6 percent between 2015 and 2019.

    US Tax Industry Characteristics

    • 40% revenues of US tax industry is contributed by tax compliance & processing services; and remaining 60% is contributed by tax advisory services
    • The compliance services are usually priced as per, fixed fee or negotiated fee model, owing to its transactional nature.  The advisory services, due to their strategic nature, are usually priced according to service hour rates
    • Buyer organizations use Tax KPIs to manage tax costs( and associated risks) and to measure efficiency of tax processes; which could later translate into savings on direct and indirect tax costs.

    Growth Drivers and Constraints - Global & US

    Big four* hold 40-50 percent market share of the US accounting and tax industry. Big four companies are a preferred choice of most Fortune 500/S&P 500 companies because of absence of scaled competition, their industry experience and goodwill.

    Drivers

    • Increased Merger & acquisitions(M&As), US economic growth, rising equity & financial markets, growing number of new businesses in US, rise in IPO and Joint Venture Activity
    • Tax Services industry growth is primary fueled by MNC's demand for the following services: OECD BEPS CbCR requirements, Brexit, US Tax Reform, international tax, State & Local Tax(SALT), GST Implementation by Indian tax authorities, VAT implementation by Gulf Cooperation Council(GCC) and Transfer Pricing Requirements
    • Tax services quality improvement through technology, innovation and digital tools implementation
    • Higher private investments, tightening regulations, VAT changes
    • Industries such as manufacturing, construction, real estate and technology; are drivers of demand for tax services in US.

    Constraints

    • Shortage of quality and qualified personnel/consultants in tax services industry
    • Challenges associated with recruitment and retention of top talent in the industry
    • Mid-tier suppliers are experiencing downward pressure on their fee income. Firm consolidation(M&As among mid tier accounting firms) and aim for client market capture(from other accounting firms) are reasons thereof
    • Falling staff productivity levels due to automation- Although, automation has expedited work, but tax services firms are unable to use this additional capacity
    • Large organizations are setting up in-house consulting groups and recruiting former consultants into management positions, thereby reducing the usage of external consultants(for tax advisory).