Sovos, the always-on compliance company, announced the launch of Sovos Compliance Cloud , the industry’s first and only solution that unifies tax compliance software and regulatory and compliance reporting into one platform, providing a holistic data recording system for worldwide compliance. Sovos Compliance Cloud represents the culmination of more than eight years and hundreds of millions of dollars of investment in native engineering. Such investment is combined with integrations into most ERP, P2P and e-commerce technology ecosystems, incorporating several billion dollars in better products acquired around the world.
“It’s time to transform tax compliance from a business requirement into a force for growth,” said Sovos Chief Executive Kevin Akeroyd. “Sovos recognized this need nearly a decade ago and invested in forming the industry’s only truly integrated, end-to-end compliance solution. Just as enterprise resource planning (ERP), customer relationship management (CRM), and human capital management (HCM) have moved from disparate point solutions to holistic platform systems of record that unlock tremendous business value, Sovos Compliance Cloud does the same for tax and compliance.”
The launch of Sovos Compliance Cloud comes amid a period of increased risk and inefficiencies for companies trying to address compliance with individual point solutions. In fact, 82% of companies believe they are more exposed to tax compliance risk than they were five years ago ( source: Bloomberg ) and 90% expect their compliance costs to continue rising ( source: Accenture ). Moving to a unified cloud empowers companies with greater visibility and greater economies of scale across their enterprise-wide technology infrastructure, saving time, money and reducing risk.
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Sovos Compliance Cloud also helps CFOs and chief investment officers maximize their existing investments by integrating into a rich ecosystem of partners and technology providers. To date, the company features more than 75 built-in integrations into leading enterprise resource planning (ERP), accounts payable (AP), and accounts receivable (AR) systems, as well as more than 425 connectors in the Sovos App Marketplace. This means companies don’t need to replace or modify expensive infrastructure to provide more accurate tax reporting and compliance.
Sovos Compliance Cloud will facilitate more than six billion tax and e-invoicing transactions in more than 80 countries this year; while the next largest provider will facilitate less than 100 million. Sovos Compliance Cloud represents the most scalable and secure global compliance solution ever introduced for modern businesses.
“Compliance is now within the transaction, elevating its importance and leading companies to look beyond simply meeting a minimum threshold. Now, the goal is a global view of compliance with a single source of data that allows us to generate processable business intelligence “, stated Kevin Permenter, Director of Financial Research and Applications at IDC.
A New Platform for Modern Compliance
Sovos Compliance Cloud is the only platform solution that addresses the five fundamentals of modern compliance, enabling companies to:
- Connect to relevant internal and external data and systems, including all government tax authorities through the Sovos Compliance Network .
- Identify each party to a transaction or obligation and verify they are who they say they are through the Sovos Identity solution .
- Determine whether each transaction is accurate and compliant using Sovos Tax Determination for VAT & SUT , Sovos Tax Withholding , Sovos eInvoice , and Sovos Shipping .
- Report each transaction or tax obligation and present it correctly, ensuring fidelity between business records and tax agencies through Sovos Tax Information Reporting and Sovos Filing .
- Analyze and derive data from all transactions and taxes to gain a single source of truth, mitigate risk, and find key patterns that show business change through Sovos Intelligence solutions.
Sovos Compliance Cloud provides comprehensive capabilities that address the full breadth of an international company’s needs, ensuring companies accurately report income from employees, suppliers and partners. Its tax determination, presentation and reporting for value added tax (VAT), continuous tax control (CTC) and sales use tax (SUT) produces accurate calculations in more than 19,000 tax jurisdictions worldwide. Sovos Tax Information Reporting already handles more 1099 forms than any company in the world.
SOURCE: BusinessWire