Using an automatic tax management system with your accounting software workflow can save you valuable time and money while ensuring your data is as accurate as it can be — but with so many software options out there, how do you choose the one that’s best for you?

In this article, we’ll go over five of the best tax management software options available to help you make sense of the market. We’ll also list a few features and benefits to consider when making your decision so you can come away prepared to start your search.

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What To Look For in Tax Management Software

Every business and industry has different needs depending on their situation, so be sure to have a list of the features and functionalities you’ll require in an accounting or tax management platform to meet your specific business needs. Here are a few worth considering:

• Automated Data Entry: Tax management software eliminates the need for your employees to manually enter numbers into tax forms. Financial data is automatically added to necessary documents, so you won’t need to worry about mistakes or inconsistencies that a human might make.
• Global Tax Support: Tax management software can automatically calculate and report the data you need for any country you’re doing business in. Save time and personnel by allowing your accounting platform to convert between currencies at a click as well.
• Consistency Across Forms: Tax management software typically comes as a single module or element in a larger suite of accounting software, ensuring that data is automatically shared between different forms and databases to eliminate inconsistencies and typos.
• Easy-to-Read Records: Tax management software automatically tracks each taxable financial action, making sure you and your accountants can see where any unexplained changes may occur and helping you locate and account for any unusual activity.

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Best Tax Management Software

If you’re ready to start looking into adopting a tax management software solution, look no further — we’ve compiled a list of accounting software with the best tax management features. Use this list and our product scores to help you identify which software solution is the perfect fit for your business.

Manager

Manager is a completely free accounting suite for any size of business with a full set of features that belie its no-cost price tag without any ads or trial time limits. It’s best for smaller retail, food and beverage, nonprofit and educational businesses looking to get started using a software solution to improve their tax management process.

Keep finances moving with a simple interface and a full set of accounting features.

Tax Management Feature Ratings According to Our Data

• Sales Tax Reporting — 100/100
• Tax Adjustment — 100/100
• Tax Audit Reporting — 100/100
• Tax Calculation — 100/100

Other Highly Rated Accounting Modules

• Financial Statements & Bookkeeping Services — 100/100
• Estimate and Invoice Management — 81/100

Top Benefits

• Completely free to implement and use.
• Offline mode in case of an internet connection problem.
• Comprehensive accounting features in a single package.

Primary Features

• Remittance Advice: Easily notify suppliers and vendors of completed payment.
• Bank Reconciliation: Locate and fix discrepancies before they become an issue.
• Recurring Billing: Automate repeated payments and never miss another deadline.
• Profit and Loss Statements: Easily track expenses and revenue.
• Cash Management: Manage expenditures and keep track of spending.

Limitations

• Doesn’t display all payslip details on one page.
• No integration with online bank accounts.
• Difficult to import data.

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Xero

Offering one of the most customizable platforms available for accounting software needs, Xero can be configured to meet tax form management software requirements through its marketplace of over 700 third-party add-ons. Small businesses should find Xero easiest to set up and operate.

Xero uses the cloud to generate clear representations of your financial data.

Tax Management Feature Ratings According to Our Data

• Sales Tax Reporting — 100/100
• Tax Adjustment — 100/100
• Tax Audit Reporting — 100/100
• Tax Calculation — 100/100

Other Highly Rated Accounting Modules

• Financial Statements & Bookkeeping Services — 100/100
• Expense Management — 98/100
• Revenue & Billing — 91/100

Top Benefits

• A fully-featured free trial available before purchase.
• Over 700 add-ons to ensure full integration.
• Centralized data and files that can be shared with stakeholders.
• Automation to save time and money.

Primary Features

• Payroll Processing: Track and deliver payments through all 50 states.
• Banking: Facilitate account transactions through a secure connection.
• Expense Management: Track, manage and analyze expense claims.
• Customer History: Maintain a database of clients and transactions.
• Mobile App: Access and manage information from any device.

Limitations

• Doesn’t allow users to update invoices after they’ve been saved.
• Difficult implementation process.
• Not enough volume for larger businesses.

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Dynamics 365 Finance

Dynamics 365 is particularly useful for small and mid-sized businesses in need of tax management software. It’s available in the cloud, so your company can start with only the features it needs and add more as it grows. The tool remains simple to use and easy to adapt even as new business needs come up over time.

Dynamics blends a simple interface with a web-based platform and all the automation you need.

Tax Management Feature Ratings According to Our Data

• Sales Tax Reporting — 100/100
• Tax Adjustment — 100/100
• Tax Audit Reporting — 100/100
• Tax Calculation — 100/100

Other Highly Rated Accounting Modules

• Budget Management — 100/100
• Financial Statements & Bookkeeping Services — 100/100
• Banking Management — 95/100

Top Benefits

• AI-powered data analysis tools.
• Budget planning capabilities.
• Swift adjustment to local and global regulations.
• Easily integrates with Power BI.

Primary Features

• Reporting: Quickly balance accounts with in-depth analysis.
• Machine Learning: Compile financial data to forecast the best moves to make.
• Role-based Workspaces: Align modules with users’ needs.
• Compliances: Ensure every action is up to standards in 37 countries.
• Financial Planning: Automate the planning and analysis process.

Limitations

• Doesn’t offer much storage space.
• Occasionally slow to load.

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SAP S/4HANA Finance

SAP’s flagship S/4HANA finance software streamlines and centralizes your accounting operations, making it easy to access and send important tax documents where they need to go. If you’re already using other SAP-developed products, it’s easy to integrate them with this platform’s tax management software capabilities for a seamless workflow.

SAP is deployable in any configuration you prefer and uses a dashboard to help you control and visualize everything you need.

Tax Management Feature Ratings According to Our Data

• Sales Tax Reporting — 100/100
• Tax Adjustment — 100/100
• Tax Audit Reporting — 100/100
• Tax Calculation — 100/100

Other Highly Rated Accounting Modules

• Revenue and Billing — 92/100
• Financial Statements & Bookkeeping Services — 89/100

Top Benefits

• Avoid redundancies by easily tracking duplicate information.
• Optimize processes to focus on the most important needs of your business.
• Obtain and analyze competitors’ data.
• Receive insights and evaluations of financial performance.
• Merge HR, IT and business teams to streamline workflows.

Primary Features

• R&D: Define, analyze and use iterative design.
• Real-time Financing: Predict and simulate financial trends.
• Marketing Analysis: Plan and execute marketing campaigns.
• Snapshot Manufacturing: View every part of the supply and demand chain.
• Accessible Sales Data: Give users access to real-time catalogs, inventory and pricing.

Limitations

• High price tag.
• Only integrates with other SAP products.
• Inconsistent interface.

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Sage Intacct

With strong tax management capabilities alongside its basic accounting functions, Sage Intacct is another software platform that gives companies the freedom to customize their experience to best fit their workflow. It also features role-based functionality and security, making sure information only remains in the hands of employees and partners that have specific access to it.

Configure and customize your interface to whatever best fits your business.

Tax Management Feature Ratings According to Our Data

• Sales Tax Reporting — 100/100
• Tax Adjustment — 100/100
• Tax Audit Reporting — 100/100
• Tax Calculation — 100/100

Other Highly Rated Accounting Modules

• Budget Management — 100/100
• Revenue and Billing — 99/100
• Financial Statements & Bookkeeping Services — 98/100

Top Benefits

• Robust reporting and data analysis tools.
• Visible and customizable data reports.
• Control over many financial management tasks.
• Salesforce and Avalara integration.
• Deployable in-cloud and on-premise.

Primary Features

• General Ledger: Input custom dimensions for accurate reporting.
• Accounts Payable: Automate payments and define spending limits.
• Accounts Receivable: Configure dashboards and generate recurring invoices.
• Purchasing: Monitor how spending compares to the budgeting plan.
• Order Management: Set up pricing requirements and individual workflows.

Limitations

• Bugs in the reporting and search appliances.
• Slow responses from customer support.

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How We Choose Products

Our team of writers and analysts at SelectHub is committed to giving you the best recommendations based on our data. To make our list, products had to meet two criteria:

1. Closely match the topic
2. Earn a top-5 analyst score in our selection platform

Our analyst scores are based on an in-depth research process using primary and secondary sources. This includes SelectHub Analyst Briefings, direct communication with vendors, and reviewing materials such as user reviews, product brochures, specification sheets, case studies, user manuals, and technical documentation.

Our platform’s Scoring Engine processes the research and computes the analyst score. The score also factors in platform settings such as industry and company size.

Learn more about our research methodology and editorial standards

Next Steps

Plenty of powerful and useful tax management systems are available — now it’s time to figure out which one works best for you. Make sure whichever solution you choose is right for the size of your business and the style of deployment you’re looking for, and don’t forget to consider other accounting needs like payroll, invoicing and budgeting.

Use our free accounting software comparison report to get a complete list of which products are best and what features they provide. And of course, feel free to contact us directly at any time for more free assistance during your tax management software selection journey.

Are there any important tax management features we missed? What do you look for in accounting software? Let us know below!