Sovos introduces its Indirect Tax Suite, a comprehensive, integrated solution to modernize how companies meet global indirect tax obligations. Part of the Sovos Compliance Cloud, the Indirect Tax Suite empowers enterprises to manage all of their indirect tax obligations with governments, buyers, suppliers and consumers.
“Companies operating across multiple markets – or looking to enter new markets – face three distinct challenges in meeting their indirect tax obligations: variations in tax rates and rules; reporting cadences that can range from months later to real-time; and vastly different documenting and storage requirements for transaction data. Keeping up with all of this is a tremendous drain on resources, especially when using multiple, disconnected point systems for different obligations or in different countries,” says Kevin Akeroyd, CEO, Sovos.
Key Takeaways:
- Global companies that have invested heavily in digital transformation to optimize business processes for document exchange, procure-to-pay and transactions must adapt to these requirements, while still managing costs and risks. The Sovos Indirect Tax Suite maximizes a company’s technology investments, providing always-on compliance without the need to replace existing systems.
- Through Sovos Embedded Integrations and the Sovos Connector Marketplace, businesses can embed indirect tax compliance into existing workflows within more than 70 of the most widely used enterprise resource planning (ERP) and transaction management systems and integrate into any other applications you choose for your business. The Sovos Indirect Tax Suite offers in-built, seamless connectivity to government tax authorities across the globe.
- Sovos’ Global Tax Determination engine provides automated, accurate tax rates and rule updates for Sales and Use Tax (SUT), Value Added Tax (VAT) and Goods and Services Tax (GST) in 195 countries. We also help you understand and validate key exemptions and reduce audit risk.
- Add transaction compliance to accounts receivable and accounts payable processes with industry-leading B2B e-invoicing and B2C e-receipt capabilities. Whether for emerging standards such as PEPPOL. or France’s PDP, enterprises can connect once to the Sovos Compliance Network and deploy worldwide, avoiding massive cost and time commitments with other compliance vendors that require country-specific deployments.
- Sales Tax Filing and VAT Filing provide global reporting coverage. Customizable reporting to automate, centralize, and standardize processes for all periodic reporting and SAF-T obligations, enriched with detailed transaction insights via dashboards, trend analysis and reports. Companies benefit from a single source of data for use in business intelligence and other built-in analytical tools to improve insights.
