VAT

Streamline your process & take the stress out of VAT compliance

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VAT — An International Obligation

Value Added Tax (VAT) compliance is a major challenge for many organisations. There is only a short window of time to do the processing. Requirements are changing rapidly and vary from country to country. Tax administrations around the world are increasingly shifting from random VAT checks to full value added tax data analytics by making use of technological advances. In this complex and digital VAT landscape, errors are a common occurrence, especially when businesses are still attempting to execute compliance in-house via manual processes with random checks.

Sovos VAT streamlines compliance processes with sophisticated data extraction, data accuracy, data analytics, reconciliation, reporting, and workflow management functionality. It reduces the processing time substantially, which enables businesses to shift focus from merely process execution to process improvements while submitting accurate and compliant reports. Our solution can be broken down into the following main components:

Sovos VAT Reporting & Analysis Software

Sovos VAT offers a web-enabled data analytics and value added tax reporting solution that can be used in conjunction with any source system.

Data Extraction & Upload

Our solution allows you to extract extensive data from your host system(s) into one single extract when using SAP. This data includes logistical data for statistical filing, accounting data for reconciliation, and transactional data for filing.

Likewise, any other data extract from any legacy or host system, can easily be uploaded in our web-based solution in different formats (xml, xls, Word, etc.) with the use of import templates. This flexible way of uploading data offers the possibility to upload multiple extracts at the same time within seconds.

Data Accuracy, Analytics, & Reporting

Our technology allows you to automatically adjust, add, validate, and correct data based on pre-defined custom data accuracy rules and analysis plans. This includes real-time VAT number validation directly with the EU VIES database. Our solution also allows for the use of look-up tables, so that automatic data editing can be used in a targeted way. All changes are automatically logged in an audit trail report that allows for full visibility so you can track what, when, and why changes were made.

The type and number of analysis and data accuracy rules that can be set-up and used in Sovos VAT are unlimited. Our solution can group the analytics and data accuracy rules per country, per company, per transaction types, etc. In other words, it is very flexible and scalable and therefore very efficient and practical.

We have added reconciliation logic that will significantly lower the time spent on reconciliations by companies and also improve reporting standards on reconciliation for audit purposes.

Once the data is analysed, corrected, improved, and reconciled with our solution, you can run all reports that are required to submit in the various tax jurisdictions as well as management reports or any other reports. These reports are automatically kept up-to-date by our tax research team. Our solution includes specific Mini One Stop Shop (MOSS) reports for both the Union and the non-Union scheme and supports standard audit files for MOSS.

The Benefits of VAT Process Automation:

  • Significant decrease in processing time
  • Ability to integrate with any host systems
  • Increased accuracy, efficiency, and consistency
  • Clear audit trail
  • MOSS reporting and audit capabilities
  • Multi-jurisdictional coverage that automatically stays-up-to date on all regulatory changes
Automate your VAT infographic

Workflow Management & Archiving Tools

Sovos VAT also has the capability to manage your workflow, submissions, calendar, emails, return history, payment deadlines, and backup information for a full audit trail from one convenient dashboard. Since our technology is delivered as Software as a Service (SaaS), you can monitor the status of the process anywhere, at any time, and control user security levels, backup, and access.

Determination & Calculation

Through the convergence of robust content and leading technology, Sovos VAT Determination is a robust calculation engine that delivers accuracy, consistency, and control over sales, use, and value-added tax management. Our proprietary tax content database helps you map all different types of codes and scenarios so you can easily change tax structures and business flows.

Our determination engine is a reliable enterprise-wide platform that supports multiple users within an easy-to-use and customisable system. Not only can our platform be integrated with your ERP, web store, point-of-sale system, or other business application, but it can also be deployed on premise or in the cloud as a SaaS product.

Compliance Outsourcing & Support Services

Compliance Outsourcing Services

For our VAT Compliance Outsourcing Services we have incorporated a Compliance Center (CC) existing of a team of multi-lingual VAT specialists. Our CC can perform each part of your compliance process: from data collection to submission and post filing follow-up. Each step is executed with documented controls and audit trails. The CC uses the full suite of Sovos VAT compliance technology solutions.

Support Services

Our Support Services offer expert professionals to assist you with your compliance process in the most efficient way possible. Our services include:

  • Interim – Onsite VAT Management and Compliance Support
  • Implementation of our Compliance Technology solutions
  • Fiscal Representation
  • VAT Registration
  • VAT Compliance Training
  • Tax Control Frame Work
  • Financial Shared Service Center (FSSC) Evaluation
  • VAT Compliance process reviews

Sovos VAT compliance technology solutions and services take the stress out of compliance. We offer you peace of mind by automating and/or executing your VAT compliance process in a streamlined and compliant way.

Are you ready to get started with Sovos VAT?

Additional Resources

Watch our video to learn how Sovos VAT reporting transforms your VAT compliance process.