Advantages of Working with a Global Service Provider

Tamer Taşdelen
February 23, 2021

The rapid rise of digitisation continues to transform companies’ business processes. Companies have either begun their digital transformation as a result of compulsory mandates or are voluntarily making the change. While digitalisation provides time, cost and workforce efficiencies, it has enabled greater cross-border business.

The increasing digitisation of tax has seen companies look to third-party service providers to access solutions to assist with taxation, continuous transaction control (CTC) compliance, tax reporting and more.

Things to consider when choosing a tax compliance provider

Companies should look for providers that can offer:

  • Compliance with legal processes: With regulations and tax requirements constantly changing, it’s important to find a provider that can update and adapt their solutions and services to adhere with the latest regulations in the countries your company operates in.
  • Data security: It’s important to find a provider with stringent data security standards. Ensure they have a secure and reliable infrastructure for storing data and they comply with any data security regulations your company must adhere to, to avoid any fines or unnecessary data breaches.
  • Easy integration: Consider compatibility and easy integration with other software programs and business process platforms you use to avoid any issues.
  • Fast and accurate solution: Just like with internal processes, service providers should be able to offer fast, reliable and accurate software and solutions to avoid any penalties resulting from late submissions or software malfunctions.

Advantages of a global service provider

Digitisation has powered the globalisation of the business landscape by improving cross-border business processes. Operating in multiple countries does however require an understanding of each tax authority’s specific requirements to ensure compliance.

This is where service providers can help.

  • Expertise and knowledge across multiple authorities: Navigating tax can be complex, especially ensuring that knowledge is up to date for every country. For a company to do this internally it would require significant resources, expertise and budget. A service provider with an understanding of multiple tax authorities’ requirements can ensure compliance and reduce the burden on internal teams.
  • A single global service provider increases efficiency: Working with a single global service provider makes it easy for companies to integrate all business processes. Systems are fully compatible with each other. Reporting processes are also completed in much shorter periods. Working with a global service provider enables companies to have more efficient business processes compared to their competitors both locally and globally.

Sovos serves as a true one-stop-shop for managing all e-invoicing compliance obligations across the globe. Sovos uniquely combines local excellence with a seamless, global customer experience. Learn more about our solution.

Sign up for Email Updates

Stay up to date with the latest tax and compliance updates that may impact your business.

Author

Tamer Taşdelen

Tamer, 6 years of expertise in SAP, total 8 years of experience in software, has received a Bachelor’s Degree in Instructional Technologies and holds a MIS Master’s degree. Tamer has gained expertise in application development, project management, integration and system architecture. He uses his expertise in Sovos to guide its business partners and customers in technical and legal terms, to optimize business processes, to support Urge – marketing and customer compliance. Tamer also supports e-transformation in every platform as a speaker in Webinars and events.
Share This Post
Share on facebook
Share on twitter
Share on linkedin
Share on email

Tax Information Reporting
April 15, 2021
Managing Form 1099-NEC Reporting After Publication 1220

Form 1099-NEC changes in 2020 Since the IRS released Publication 1220, announcing that Form 1099-NEC—for nonemployee compensation—would not be included in the Combined Federal/State Filing (CF/SF) program starting tax year 2020, 37 states have implemented direct state reporting requirements for new Form 1099-NEC.  Though there are 32 states that participate in the CF/SF program, the […]

North America Unclaimed Property
April 15, 2021
Delaware Unclaimed Property VDA Notices

Delaware VDA Responses Due Monday, April 19, 2021 If you received one of the recent unclaimed property DE VDA invitations sent February 19, 2021 your response is due Monday, April 19, 2021. Holders that received an invitation and do not respond by April 19th will be referred to State Escheator for audit examination. Double check […]

North America Unclaimed Property
April 14, 2021
When Are Unclaimed Property Reports Due and Other FAQs

When are unclaimed property reports due? This is a fairly common question asked by holders that are new to the escheat reporting process, or not as well versed in the intricacies of escheatment reporting. Fortunately, Sovos has provided answers to some of the most frequently asked escheat reporting questions to help your organization survive unclaimed […]

North America Unclaimed Property
April 14, 2021
Unclaimed Property Landscape for the Life Insurance Industry

Most unclaimed property professionals are familiar with the story of Verus Analytics, LLC’s (“Verus”)[1] appearance on the contract audit “field of play” some ten years ago, as it cut a swath across the life insurance industry with audits focused on the industry’s failure to report and remit unclaimed life insurance proceeds based on the insurers […]

Brazil E-Invoicing Compliance Tax Compliance
April 13, 2021
E-invoice Data Reveals the Impact of COVID-19 on Brazil’s Economy

Increased visibility into, and control over, taxpayer financial and trade data is the key benefit highlighted by governments that have introduced continuous transaction controls (CTC) regimes. Its importance cannot be overstated. Transactional data cleared by or exchanged through a tax administration authorised platform becomes the new source of truth for tax authorities to assess the […]