Vendor Assessment

IDC MarketScape Names Sovos a Leader in Sales Tax and VAT Automation Applications

IDC MarketScape highlights:

IDC MarketScape Worldwide SaaS and Cloud-Enabled Sales Tax and VAT Automation Applications 2019 Vendor Assessment named Sovos a leader for our global presence and coverage, strong cloud platform, and e-invoicing compliance solution. Read the brief now.

“Sovos offers these organizations tremendous value by providing coverage for every form of transaction-level tax compliance in one solution.” –Kevin Permenter, Research Manager, IDC

Here’s what the IDC MarketScape measures:

  • Overall market evaluation and assessment of tax automation applications
  • Insights for selecting a vendor based on your organization’s requirements
  • Strengths, challenges and considerations when deploying tax automation applications
IDC MarketScape Worldwide SaaS and Cloud-Enabled Sales Tax and VAT Automation Applications 2019

Automate Unclaimed Property Compliance with a Hosted Solution

Complying with regulations regarding unclaimed property is extremely complex and can quickly turn into a huge hassle for employees in tax, finance, accounting, and legal departments. Learn how an automated solution can help.

Infographic: State 1099 Reporting Deadlines

By far, the biggest challenge facing organizations during 1099 reporting season this year was state reporting. With states tightening deadlines and multiple jurisdictions and reporting thresholds to deal with, Sovos customers found state reporting more complex than any other element of reporting season.

This updated infographic shows why. The map shows 1099 reporting deadlines by earliest deadline per state. In just a few years, the vast majority of 1099 first deadlines have shifted from March to January. Combine that shift with changing thresholds for 1099-K forms and other state-specific policies, and it is clear why state reporting has become such a challenge and will likely continue to be.

Executive Summary: Reducing the Impact of Sales and Use Tax Compliance in the New Retail Environment

Aberdeen Group survey report reveals complex challenges retailers face today in sales and use tax compliance and provides a roadmap to navigate the increased complexity to come.

Sales and Use Tax Study for Software Organizations – Executive Summary of Aberdeen Data

Regardless of size, today’s software organizations are significantly challenged in the quest for Sales and Use Tax (SUT) compliance, as they continue to evolve their businesses, create new product offerings, explore new business channels and expand geographically.

Analyst Report

IDC’s Quick Take On Sovos Use Tax Manager

On March 5, 2018, Sovos announced a new cloud solution for use tax. The solution automates use tax determination for purchases. The product was demonstrated at the SAP Ariba Live event which was held March 5-7 in Las Vegas, Nevada. The announcement adds more fuel to the rapidly growing cloud tax automation software market.

Latin America Is Setting the Bar for Shared Services

Why Shared Services in Latin America is Fundamentally Different from the Rest of the World

As companies around the world look for ways to make shared services even more efficient, they should look toward Latin America, where government regulations are necessitating that companies set the bar for innovations.

As a result, shared service departments in Latin America are setting a new standard in automation, error reduction and efficiencies, making these departments a model for shared services centers worldwide.

SAP® in Latin America: Top 10 Implementation Hurdles

Mandated e-invoicing and tax reporting requirements in Latin America make SAP implementations in this region more complex than anywhere else in the world. Here, we examine the Top 10 Hurdles to Implementing SAP in Latin America.

Five Factors Driving Financial Institutions toward a Centralized Tax Solution

Financial institutions are moving toward a centralized tax solution, but why? There are five major drivers.

The High Cost of Compliance Errors in Latin America: Fines and Penalties by Country

Failure to comply with business-to-government regulations in Latin America can impact critical business functions, not only resulting in millions of dollars in fines and penalties, but also shipping delays and operational shut-downs. In the most complex regulatory environments, such as Brazil, these mandates even affect sales, procurement and HR functions.

Though the end goal of these regulations – increased tax revenues – is the same, each country in Latin America varies significantly in terms of specific requirements and risks of compliance errors. With strict government regulations that can change almost overnight, companies are struggling to keep up with how these requirements differ by country. Here we have outlined the fines and penalties per country

Spain SII eLedger

On 1st July 2017 the Spanish Tax Authority (AEAT) introduced the Immediate Supply of Information (SII) on
VAT – request of purchases invoices, sales invoices and intra-community operations within 4 days of issuing and capital assets annually. Suddenly more than 60,000 companies have become obliged to adapt
technology and adjust current Tax process and IT infrastructure to comply and avoid penalties

Based on Sovos’ previous experience in countries where this kind of mandate was adopted and followed by the successful results of the first quarter and AEAT updates, Spain SII will continue to improve and expand its geographic, information and companies in scope.

eInvoicing Italy

The 2018 Italian Budget Bill requires, starting January 2019, that companies operating in a business-to-business environment submit and approve/reject electronic invoices for goods and taxable services through the government’s electronic invoicing platform, the Sistema di Interscambio (SDI).

This represents a drastic change in finance, accounting, compliance and reporting processes which demands technology. Luckily, Sovos was built for that.

Datasheet

Sovos TIR for Netsuite

With the growing complexity of the 1099 reporting space NetSuite has decided to trust independent software vendors, such as Sovos, to support organizations throughout the 1099 reporting process. As of NetSuite version 18.2, NetSuite will discontinue supporting 1099 reporting functionality. Sovos has created a bundle within NetSuite that offers 1099 reporting capabilities. NetSuite will continue to track 1099 vendor information as it has in the past.

VAT Reporting for Finance Professionals

Value Added Tax (VAT) is applied in 165 countries worldwide and although is a tax on the final consumer, companies are the ones with the burden of reporting what they collected and/or paid. This can be very complex and challenging for businesses operating across different countries to manage. 

Ultimately, the requirements in any two countries are never the same, therefore; companies need to be more than compliant, they need to be intelligent and innovative by streamlining tax compliance to manage multi-country requirements. Luckily, Sovos was built for that.

It’s Time to Prepare Your SAP Solutions for the Digital Future of Tax

Technology has transformed your business and your products, and it’s about to change your ERP. But, it’s also transforming tax, and it could have a significant impact on your plans for S/4HANA.

Sovos keeps you ahead by offering the first complete solution for modern tax. And with more than two decades of experience with SAP, Sovos has built its solutions to make sure tax doesn’t disrupt your ERP initiatives.

Sovos S1: Delivering Modern Tax Software

The Sovos Intelligent Compliance Cloud sits on a unique cloud software platform that is built to bring previously disparate tax solutions and data together for use wherever your business operates—through a single platform.

The S1 architecture allows Sovos to do the hard work for you, adapting to changes in technology requirements and government regulations – and giving you access to the tools and data you need to run your business anywhere in the world through a consumer-grade user experience.

Use Tax Manager

Sovos Use Tax Manager is a cloud-based solution designed specifically to enable Tax to have the visibility and control needed over tax data on every purchase. Reduce the risks and costs of tax over and under payments, while managing the process in a fraction of the time. Tax is able to work in the background without IT intervention to easily import and aggregate purchase data from various systems and sources, enhancing the purchase information with all of the detail needed for correct sales and use tax determination and filing allocation.

Choosing the Right Compliance Technology Partner

Increasingly complex VAT regulations are sweeping across Europe and Latin America, demanding technology adoption to support compliance and reporting-related activities.

Now is the time for businesses to reevaluate their processes and technology to ensure they can meet complex VAT compliance and reporting initiatives, tightly integrate with government tax authorities, support real-time access to transactional data and adapt for the wave of change to come.