The first and only solution to integrate tax compliance and regulatory reporting software and data into one platform
Atlanta, February 20, 2024–(BUSINESS WIRE)–Sovos, the always-on compliance company, today announced that it is the first company in the industry to combine tax compliance and regulatory reporting software into one platform, providing a comprehensive data system. Announcing the launch of the only solution, Sovos Compliance Cloud. We maintain a worldwide compliance record. Sovos Compliance Cloud is the culmination of more than eight years of his investment and hundreds of millions of dollars in native engineering. This investment is combined with integration into most ERP, P2P, and e-commerce technology ecosystems, incorporating billions of dollars of best-in-class products acquired from around the world.
“The time has come to transform tax compliance from a business requirement to a growth driver,” said Sovos CEO Kevin Aykroyd. “Sovos recognized this need nearly a decade ago and invested in building the industry's only truly integrated complete compliance solution, which combines enterprise resource planning (ERP), customer relationship management (CRM), and Just as capital management (HCM) migrated from disparate disparate sources, Sovos Compliance Cloud delivers point solutions to a comprehensive system of record platform to unlock tremendous business value. Sovos Compliance Cloud will do the same for tax and compliance.”
The launch of Sovos Compliance Cloud comes at a time of increasing risk and inefficiency for businesses looking to address compliance with discrete point solutions. In fact, 82% of businesses believe they are more exposed to tax-related compliance risks than they were five years ago (Source: Bloomberg), and 90% expect compliance-related costs to continue to rise ( Source: Accenture). Moving to a unified cloud gives businesses greater visibility into their enterprise-wide technology infrastructure, increasing economies of scale, saving time and money, and reducing risk.
Sovos Compliance Cloud also helps CFOs and CIOs get the most out of their existing investments by being part of a rich ecosystem of partners and technology providers. To date, the company features more than 75 built-in integrations to 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 businesses do not need to replace or modify expensive infrastructure to provide more accurate tax compliance and reporting.
Sovos' Compliance Cloud will facilitate more than 6 billion tax and e-invoicing transactions in more than 80 countries this year. Meanwhile, the next largest provider supports him less than 100 million. Sovos Compliance Cloud represents the most scalable and secure global compliance solution ever deployed in modern enterprises.
“Compliance is now embedded in transactions and has become more important, with companies looking beyond just meeting minimum standards. , to gain a global view of compliance using a single data source that can generate actionable business intelligence.” Kevin Permenter, Research Director, Financial Applications, IDC.
A new platform for modern compliance
Sovos Compliance Cloud is the only platform solution that addresses the five fundamentals of modern compliance, enabling businesses to:
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Connecting relevant internal and external data and systems (including all government tax authorities); Sobos Compliance Network.
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identify Verify that each party to a transaction or obligation is who they say they are. Sobos identity Solved.
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decide All transactions are accurate and compliant. Determination of Sovos tax for VAT and SUT, Sobos tax withholding, Sobos e-invoice and sobos shipping.
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report Properly declare all transactions or tax obligations while ensuring fidelity between business records and tax authorities. Sobos Tax Information Report and sobos filing.
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analyse Derive data from all your transactions and taxes to get a single source of truth, reduce risk, and find key patterns that signal changes in your business. sobos intelligence solution.
Sovos Compliance Cloud provides comprehensive capabilities for all the needs of global businesses, enabling companies to accurately report income for employees, vendors, and partners. Tax determination, filing, and reporting for Value Added Tax (VAT), Continuing Tax Control (CTC), and Sales and Use Tax (SUT) with accurate calculations across more than 19,000 tax jurisdictions worldwide. Sovos Tax Information Reporting already processes more 1099s than any other company in the world.
About Sobos
Sovos is a global provider of tax, compliance and trust solutions and services that enable businesses to navigate an increasingly regulated world with real confidence. Built for always-on compliance capabilities, our scalable, IT-driven solutions meet the demands of an evolving and complex global regulatory environment. Sovos' cloud-based software platform provides an unparalleled level of integration with business applications and government compliance processes.
More than 100,000 customers in more than 100 countries, including half of the Fortune 500 companies, trust Sovos with their compliance needs. Sovos processes more than 3 billion transactions annually across 19,000 tax jurisdictions worldwide. Powered by a 400+ strong partner program, Sovos brings an unparalleled global network to companies across industries and geographies. Founded in 1979, Sovos operates in the Americas and Europe and is owned by Hg and TA Associates. For more information, please visit https://sovos.com and follow us on LinkedIn. twitter.
View source version on businesswire.com. https://www.businesswire.com/news/home/20240220015978/en/
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