Corporate Tax Services - Procurement Best Practices & Sourcing Strategies

Procurement Market Intelligence Report

Corporate Tax Services – Procurement Best Practices & Sourcing Strategies

Corporate Tax Services Market – Executive Summary, Market Analysis, Market Monitoring Insights, Billing Rate Benchmarking, Supplier Analysis, Procurement Best Practices, SLAs and Negotiation Support Inputs, RFP Builder, Sustainability Initiatives

1. Executive Summary
1.1. Global Trends
1.2. Supply & Demand Outlook
1.3. Category Strategy
1.4. Category Opportunities & Risk
1.5. Negotiation Leverage
1.6. Impact on COVID-19
1.7. Talking Points to Business
2. Market Analysis
2.1. Market Maturity and Trends
2.2. Regional Market Outlook
2.3. Drivers and Constraints
2.4. Procurement Centric Five Forces Analysis
2.5. Tax Technology Trends
3. Market Monitoring Insights
3.1. Cost Structure: Tax Services Firm
3.2. Cost Drivers
3.3. Cost Analysis and Expected Savings
4. Billing Rate Benchmarking
4.1. Average Indicative Tax Billing Rates: US, UK, Switzerland, Germany, Australia
4.2. Outlook and Factors Influencing Rates
4.3. Billing Rates: Methodology
5. Supplier Analysis
5.1. Supplier Landscape
5.2. Key Global Suppliers
5.3. Key Regional Suppliers
5.4. Top Global Supplier Profile and SWOT Analysis
5.5. Supplier Market Share
6. Procurement Best Practices
6.1. Sourcing Model
6.2. Engagement and Contract Model
6.3. Pricing Model
6.4. KPIs
6.5. Ideal Resource/Personnel Mix
7. SLAs and Negotiation Support Inputs
7.1. SLAs
7.2. Ideal Resource/Personnel Mix for Tax advisory Engagements
7.3. Negotiation Levers
7.4. Cost-Saving Opportunities
8. RFP Builder
8.1. RFP Builder
9. Sustainability Initiatives
9.1. Sustainability Initiatives
9.2. Sustainability Commitments by Big Four Firms

What is the estimated worth of the corporate tax services procurement market?


ELINT industry research projects that the market will grow at a robust CAGR of 4.7%, reaching $71 billion by 2023–2024.


What are the main factors contributing to the corporate tax services market growth?


Qualified tax professionals must comply with various regulatory frameworks due to the global interconnectedness of businesses. Enterprises’ need for efficiency and compliance is another factor driving demand.


Which industry sectors lead the corporate tax services procurement market?


With the highest percentage, the tax compliance category highlights how substantial strict tax compliance is to reducing legal risk and maintaining open financial practices. The financial services category dominates the market because of the dynamic nature of financial regulations and the increasing complexity of financial transactions.


Corporate Tax Services Procurement Market Size


The corporate tax services procurement market research report published by ELINT Market Research is an invaluable resource for understanding the corporate tax services industry dynamics. There will be a significant global demand for these services, as evidenced by the market’s projected valuation of $68 billion by 2022. Future projections show a 4.7% annual growth rate, suggesting things will improve. The corporate tax services market is expected to reach a valuation of $71 billion by 2023. The management of taxes is also affected by technology, forcing companies to develop creative ways to run more lawfully and profitably.


North America and Europe, which continue to be vital regions for the corporate tax services market, are the two leading economies driving this increase. Demand for specialized tax knowledge is fueled by these regions’ solid economic activity and high concentration of multinational corporations. Certified tax service providers are needed due to the dynamic regulatory frameworks in these areas. Based on the statistics provided in the corporate tax services procurement market research report, the corporate tax services industry is expected to expand and show innovation in providing tax-related services to companies in different sectors and geographical areas.


Market Definition


Companies in the corporate tax services industry can choose from various professional services to help them minimize their tax obligations and ensure legal compliance. Corporate tax services cover a wide range of duties, including tax planning, tax return preparation, following tax laws, tax advisory services, and representation in tax audits and hearings.


Corporate Tax Services Procurement Market Drivers


  1. Complexity of Tax Rules: Professional tax assistance is becoming increasingly necessary to help navigate the complex regulations as international tax rules become more difficult.


  1. Tax Optimization is a Priority: Businesses place a high priority on tax efficiency. Several organizations have collaborated with tax services agencies to help them prepare tax plans.


Corporate Tax Services Procurement Market Challenges


  1. Constant Fluctuation in Rules and Regulations: In the present scenario, the constantly changing rules and regulations relating to tax pose a significant challenge for corporate tax service providers.


  1. Technology Disruption: Businesses must integrate advanced technologies into their operations, which creates several budgetary challenges.


Corporate Tax Services Procurement Market Opportunities


  1. Expansion of Advisory Services: The businesses could offer strategic tax planning, consultation on mergers and acquisitions, sustainability tax services, bookkeeping, payroll processing, and financial planning and budgeting.


  1. Digital Transformation: Businesses are pushing their boundaries by incorporating digital integrations, which helps diversify their service offerings with ease.


Corporate Tax Services Procurement Market Segmentation


  1. Service Type: As per service type, the corporate tax services market research report segments the market into Tax Compliance, Tax Advisory, Tax Planning, and Tax Representation.


  1. End-user Industry: Based on the end-user industry, the corporate tax services procurement market intelligence research report divides the market into Manufacturing, Financial Services, Healthcare, Retail, and Technology.


  1. Region: As per region, the corporate tax services procurement market research report segments the market into Asia Pacific, North America, Europe, Latin America, the Middle East, and Africa.


Regional Outlook of the Corporate Tax Services Procurement Market


To assess the potential of the corporate tax services industry on a different scale, one must comprehend the dynamics of buyer and supplier power within various sectors. In North America, the relative power of suppliers and buyers encourages healthy competition and tactics during negotiations. Nonetheless, providers are positioned more in the EMEA region, suggesting a highly competitive environment. Due to comparatively less buyer resistance, providers may find it easier to negotiate terms in the Asia-Pacific region, which adds to the region’s medium-low degree of provider power.


In North America, buyers have a moderate to medium degree of influence in terms of buyer power. It suggests that customers have a lot of negotiating power with service providers in this market, which could lead to offers of competitive products and services. The buyer-provider relationship is balanced, though, as there is moderate buyer power in both the APAC and EMEA regions. This balance creates a conversational atmosphere on level playing fields that encourages fair competition and reciprocal gain. Corporate tax services market players must comprehend how buyer and supplier power interact to navigate and take advantage of emerging opportunities successfully.


Cost Component in the Corporate Tax Services Procurement Market


Businesses looking to maximize their corporate tax services budgets must understand the various cost factors. Labor costs, technology costs, costs for regulatory compliance, and overhead are just a few of the many components that make up the main cost components in this business. Salaries, benefits, and training for tax professionals are examples of payroll expenses that usually account for a significant amount.


Sourcing Models in the Corporate Tax Services Procurement Market


When a business needs tax services, it usually employs one of the two main strategies: co-sourcing. Co-sourcing uses external service providers for some internal tax-related operations while keeping some internal operations in-house. This tactic allows businesses to obtain outside expertise while keeping internal control over crucial tax procedures. However, outsourcing means turning all administrative authority over the tax department to external service providers.


Pricing Outlook in the Corporate Tax Services Procurement Market


The complexity of the tax code, the level of competition, and the range of services provided all impact how much corporate tax services cost. The type of service rendered and the required experience are significant factors in determining costs in this industry. Several pricing structures are available to businesses, including fixed fees, hourly rates, and project-based pricing. The price may differ based on the area, particular business regulations, the service provider’s track record, and reputation.


Contract Period in the Corporate Tax Services Procurement Market


Contracts for corporate tax services typically run one to three years, which illustrates the need for flexible and adaptive tax arrangements. Businesses can remain adaptable to shifting market conditions and regulatory requirements by entering into contracts with maturities ranging from one to three years. In addition, shorter contract terms allow businesses to monitor the performance of their tax service providers regularly and look into alternative options to maximize value and cost-effectiveness.


Engagement Strategies in the Corporate Tax Services Procurement Market


It is common practice in the corporate tax services industry to use a variety of suppliers, including a combination of the big four and regional/local firms. Through supplier diversification, companies can reduce the risks of over-reliance on a single source and access a more excellent pool of resources and expertise. Businesses may effectively adapt their tax strategy to fit their requirements and objectives by utilizing the expertise of multiple service providers.


Pricing Models in the Corporate Tax Services Procurement Market


The corporate tax services industry uses two main pricing models: time and materials for consultancy services and fixed fees for compliance and reporting services. Fixed fee agreements provide clients predictable costs and clear communication regarding standard tax compliance tasks such as tax return preparation and filing. For advisory services, on the other hand, that call for variable engagement terms and involve varying degrees of complexity, time, and materials pricing makes more sense.


Negotiation Factors in the Corporate Tax Services Procurement Market


During the negotiating process, several factors are crucial to remember to obtain the best value and savings in the corporate tax services market. Critical to the bargaining process is the possibility that manager-level resources could replace partner hours to save money without sacrificing quality of service. Transparency and competition are encouraged when supplier fees are compared to industry average billing rates. Businesses can create mutually beneficial partnerships with tax service providers and improve their financial results using these negotiation techniques.


Leading Players in the Corporate Tax Services Procurement Market


As per in-depth procurement intelligence and insights, leading participants with a critical position in the corporate tax services market are KPMG, Deloitte, BDO, PwC, and EY. Recognized for their vast experience and wide range of services, PwC, EY, KPMG, BDO, and Deloitte are well-known. The market is also significantly impacted by Ebner Stolz, DHPG Dr. Harzem and Partners, Dornbach, FALK GmbH & Co KG, Solidaris, ShineWing, Findex, Pitcher Partners, Hall Chadwick, and HLB Mann Judd, who provide customized strategies and specialized solutions to satisfy their clients’ varied needs.

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