The emergence of digital transformation fundamentally changed how many governments and tax authorities around the world handle modern tax and compliance. What is unique about this process is that each individual government operates under its own set of rules, and global businesses are expected to keep up.
In their efforts to address compliance, ironically, many businesses have made it worse by embracing a set of disconnected point solutions. I talk to finance and IT leaders regularly who tell me that they are facing an emerging crisis when it comes to compliance due to disconnected technology, processes and resource drains from this fragmented approach.
This approach is straining the confidence of CFOs and CIOs that every transaction or tax obligation is accounted for properly, and that they’re meeting their obligations globally for tax, reporting, and filing. And with good reason. Each time a new point solution is added, the risk that you missed a critical change increase. According to a recent report in Bloomberg, 82% of companies believe they are more exposed to risk than they were five years ago.
Then there is the cost factor. Point solutions in and of themselves may not seem significant, but over time, they add up. In a compliance risk study conducted by Accenture, they stated that 90% of companies expect their compliance operating costs to continue to increase.
Enter the Sovos Compliance Cloud
As a market, we’ve reached the point where multi-national companies no longer have an appetite to work with multiple vendors. CFOs have recognized that paying for additional resources to try and patch together disparate systems that don’t communicate with one another is a bad strategy and bad business. They want to standardize across one solution that ensures compliance for all areas of their business, while providing a singular source of trusted data.
The Sovos Compliance Cloud delivers on that vision.
At Sovos, we recognized nearly a decade ago how the market was trending and what government investment in digitization would ultimately mean for compliance. The Sovos Compliance Cloud represents the culmination of multi-million-dollar investments in our own native engineering efforts, combined with integrating acquired, best-of-breed products. The result? The industry’s first and only solution that unifies tax and regulatory reporting software in one platform with a singular data view of your global compliance posture.
When it comes to compliance, the genie is out of the bottle. Governments will continue to implement new technology and modify standards until they receive all mandated data and revenue due. The choice? Continue to pursue a strategy of disconnected point products and hope you get it right or take a look at the Sovos Compliance Cloud.
Feels like an easy one to make.
Take Action
If you are ready to learn more about what the Sovos Compliance Cloud can do for your business, start that conversation today.
