BillSoft Achieves New Milestones with 2.36 Billion Tax Transactions

BillSoft (News - Alert), an indirect-tax technology company, announced it processed 2.36 billion tax transactions using its EZTax licensed product.

EZTax calculates hundreds of taxes for more than 70,000 tax jurisdictions and handles tax rates for more than 85 countries.

“We are constantly upgrading our systems so we have the fastest, most reliable tax software in the industry,” said Jim Johnston (News - Alert), director of Software Engineering at BillSoft, in a statement. “This benchmark proves we constantly work to bring the best products and services to our customers.”

Performing well financially, BillSoft also signed 86 new contracts between August 2010 and July 2011, and reported annual growth of 18 percent and net profit of 9 percent for its fiscal year that ended March 31, 2011.

The company also expects the compliance filing service to double by December of 2011. The tax technology company is expected to grow 20 percent by the end of this fiscal year, which ends on March 31, 2012.

Recently, BillSoft announced that for the year ending March 31, 2011 it reported an annualized growth in excess of 18 percent and a net profit of 9 percent. Tim Lopatofsky (News - Alert), CEO of the privately held company, said BillSoft is also projecting an acceleration of the growth rate.

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