Top Five Reasons to Automate Your VAT Compliance Process

October 1, 2015

Sovos recently published a new Smart Brief called Top Five Reasons to Automate Your VAT Compliance Process. The Smart brief describes the most important reasons to automate, including:

  1. Reducing Processing Time
  2. Increasing Accuracy and Consistency
  3. Staying Up-To-Date
  4. Refocusing on Higher-Level VAT Work
  5. Improving Staffing Plans

Learn more about these reasons and about the VAT reporting cycle by downloading the Smart Brief today.

Solving VAT Reporting Challenges

With nearly 150 countries operating VAT or similar regimes, reporting represents a major hurdle for any company conducting business across international borders.

Key Challenges:

  • Reporting to multiple jurisdictions that vary in regulations, requirements and deadlines.
  • The reporting cycle needs to be completed within a very short timeframe. Typically, a business can only start the process after the close of a reporting period in their accounting systems and need to finish reporting before the first legal submission and/or payment deadline.
  • VAT reporting is evolving and changing, which requires organizations to allot time and energy to stay up-to-date with compliance research.
  • Maintaining control of your VAT position.

Need to automate your VAT Compliance processes? Learn more in our Education Center or contact us.

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Sovos was built to solve the complexities of the digital transformation of tax, with complete, connected offerings for tax determination, continuous transaction controls, tax reporting and more. Sovos customers include half the Fortune 500, as well as businesses of every size operating in more than 70 countries. The company’s SaaS products and proprietary Sovos S1 Platform integrate with a wide variety of business applications and government compliance processes. Sovos has employees throughout the Americas and Europe, and is owned by Hg and TA Associates.
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