TAXWARE Software was Instrumental to a Durable Medical Equipment Company’s Growth
Companies in the medical field are constantly looking for ways to increase efficiency. The following example shows how Sovos Compliance was instrumental to the growth of a medical device company that has $100 million in annual sales. For more than 16 years and through numerous acquisitions, this company has relied on Sovos Compliance’s technology and tax research. Before implementing Sovos Compliance, key personnel were overburdened, wasting 50% of their time manually inputting tax rates and researching ever-changing tax laws. Sovos Compliance was able to free up more than 95% of their time and resources.
In the medical device industry, sales and use tax compliance is especially challenging. Sovos Compliance understands these challenges and supports robust tax content geared specifically toward this specialized industry. Sovos Compliance has designed its tax engine to simplify compliance and provide automation that accounts for the device type, the presence or absence of prescription, the identity of the payer and the customer, and many other factors.
Prior to Sovos Compliance, the client was calculating sales and use tax manually on hand-held calculators and attempted to keep track of the numerous tax law changes that impacted 13,000 state and local jurisdictions. This tedious process proved to be extremely inefficient as they were unable to research and determine as much of the sales and use tax as was required, thereby greatly decreasing accuracy and increasing the potential for audit risk.