Sovos launches the Sovos Compliance Cloud that unifies tax compliance and regulatory reporting software in one platform and provides a holistic data system of record for global compliance.
“It’s time to transform tax compliance from a business requirement to a force for growth,” says Sovos' CEO Kevin Akeroyd. “Sovos recognized this need almost a decade ago and invested in building the industry’s only truly integrated, complete compliance solution. Just as enterprise resource planning (ERP), customer relationship management (CRM), and human capital management (HCM) all shifted from disparate point solutions to holistic system of record platforms that unlocked tremendous business value, the Sovos Compliance Cloud does the same for tax and compliance.”
Key Takeaways:
- The launch of the Sovos Compliance Cloud comes amid a period of increased risk and inefficiencies for businesses trying to address compliance with individual point solutions. The move to a unified cloud empowers companies with greater visibility and more economies of scale into their technology infrastructure across the enterprise – saving time, money and reducing risk.
- Sovos’ Compliance Cloud will facilitate more than six billion tax and e-invoicing transactions across 80-plus countries this year; whereas the next largest provider will facilitate less than 100 million.
- The Sovos Compliance Cloud is the only platform solution to address the five fundamentals for modern compliance, enabling companies to:
- Connect to pertinent internal and external data and systems, including every government tax authority via the Sovos Compliance Network.
- Identify each party to a transaction or obligation and verify they are who they purport to be via the Sovos Identity solution.
- Determine every transaction is accurate and compliant via the Sovos Tax Determination for VAT & SUT, Sovos Tax Withholding, Sovos eInvoice and Sovos Shipping.
- Report every transaction or tax obligation and file it correctly while ensuring fidelity between business records and the tax agencies via the 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 changes via Sovos Intelligence solutions.
