Technology-driven initiatives to overhaul outdated VAT regulations are changing the landscape for businesses in Europe. By requiring real-time, transaction-level data, tax authorities are making businesses rethink processes and seek solutions to ease the burden.
Tax authorities across Europe are cracking down on fraud and increasing tax revenue collection through new VAT initiatives. eLedger, eAccounting and eInvoicing requirements are forcing companies to dramatically overhaul their accounts payable, accounts receivable and tax reporting processes.
With constant government updates, mandated regulations, reporting formats, processes and deadlines, businesses must rethink their VAT compliance and reporting approaches. Four must-have solution features can help to simplify operations, decrease costs, and avoid audits, fines and penalties for non-compliance.
As businesses across Europe evaluate the technology needed to help them comply with the various VAT-related mandates being introduced, they should look for:
- Flexible end-to-end integration
- Powerful data analytics
- Reliable security
- Efficient scalability
With each government across the world having different requirements, the compliance costs for global entities can be huge. Sovos can help you:
- Ease the burden of compliance and reduce costs – especially in SAP building, monitoring and maintenance
- Keep up to date with local regulations in every country in which you operate simultaneously across thousands of jurisdictions and taxes
- Localise your ERP in hundreds of facets whilst maintaining your global template
- Efficiently translate your master data to meet government requirements
Simultaneously keep a constant and secure connection to a number of government servers.