SAP® Central Finance and Digital Tax Compliance

Critical Prerequisites to Successful S/4HANA Digital Transformation

WHITE PAPER

Overcome the hidden barriers to your SAP Central Finance migration

For some SAP customers planning a move to Central Finance, tax compliance will not be a priority. Unfortunately, that will be a costly oversight. Today, those who fail to comply with global tax mandates face costly audits, financial penalties, decreased cash flow and damaged relationships with suppliers and customers. Non-compliance can even derail your Central Finance and SAP S/4HANA migrations altogether. And in some countries, it can bring your entire business to a screeching halt.

Get the free Compliance at the Core white paper and learn:

  • the tax compliance barriers you may have overlooked
  • how to prevent costly roadblocks
  • how tax compliance mandates will affect your Central Finance migration
  • precise steps your business can take to ensure your migration isn’t derailed due to non-compliance
  • what a successful migration to SAP Central Finance looks like

Trends in E-invoicing Compliance, 10th Edition

This paper outlines in detail the global trend towards real-time tax ‘clearance’ of invoices and how this impacts businesses in their day-to-day operations and business-to-business transaction automation strategies.

Since the last edition, the trend towards compulsory transaction-oriented integration of e-business systems with public authorities has continued to accelerate. The growing consensus among e-invoicing and VAT professionals is that indirect tax controls are quickly evolving towards real-time whereby tax administrations essentially become a ‘third trading partner’ in the exchange of sales and purchasing data between suppliers and buyers.

Download this paper for our insight into how companies can ensure their push towards automation with tax administrations doesn’t end up fragmenting their digital transformation of business processes.

19 Things About Compliant Invoice E-archiving

Most enterprises already have one or several solutions for
storing electronic data and documents. Such content management or other applications often include excellent features for aggregation, indexing, analyzing and general management of
a company’s information resources.

However, when storing original electronic invoices and similar legally critical documents, such solutions may not offer the level of legal requirement monitoring, specific regulatory compliance features and documentation that is needed for multi-country legal archiving.

In this guide our experts look at the international requirements for compliant e-archiving and how we ensure our partners and clients remain compliant with the Sovos eArchiving solution.

Trends: Insurance Premium Tax

Tax Compliance for Tomorrow

It’s no surprise that the pressures on governments globally to raise revenue, close loopholes and reduce fraud, continue to mount.

Across Europe within the last 12 months we’ve seen this increasingly with tax authorities taking steps to improve efficiencies with technology at the forefront.

This report takes a holistic look at the insurance premium tax compliance landscape.  It looks at what’s driving increasing governmental demands and the challenges insurers face.  It contains the views and thoughts from the Sovos global practice including our indirect tax, e-invoicing and other subject matter experts from across the organisation.

Bridging the IT-Tax Compliance Gap

Compliance mandates around the world have elevated the importance of tax.

It is more important than ever that IT decision- makers and in-house tax and finance professionals enter into meaningful, strategic conversations about how—and why—to accelerate digital transformation to respond to invasive new tax mandates.

Read more below or download the pdf.

Overcome the hidden barriers to AP tax compliance

Meeting the challenges of accounts payable (AP) automation in the new world of digital tax requires two important components: modernization and consolidation of disparate AP systems and integration into SAP. Companies that don’t have their AP resources in line with domestic and international tax mandates risk not only resource-sapping and potentially costly audits, but also diminished cash flow, supply chain interruptions and strained supplier relationships.

AP tax compliance is a critical component of any SAP shop’s implementation strategy, including the move to SAP S/4HANA. AP leaders ignore it at their own risk. 

Get the free Accounts Payable Tax Compliance white paper and learn:

  • How to solve AP automation challenges that occur when tax authorities require data at the transaction level
  • How to overcome supplier errors and AP system diversification
  • How to avoid costly AP-induced audits
  • How to ensure both compliance and data purity in AP e-invoicing processes
  • The different variations of digital e-invoicing and VAT reporting AP teams will face

Online Reporting for Unclaimed Property

With each state, plus a few other areas, having its own rules for compliance, managing unclaimed property is massively complicated. Reporting online can ease a lot of the pain, but the process comes with challenges as well. Learn how to master online processing and stay compliant despite the murky regulations surrounding unclaimed property.

The Gartner Competitive Landscape: Supplier E-Invoicing Software, 2020

REPORT

The Gartner Competitive Landscape: Supplier E-Invoicing Software, 2020

The global tax landscape has changed. Governments have embraced digitization as a way to recognize revenue more quickly, remove tax gaps and eliminate fraud. To accomplish these objectives, tax authorities are continuously adding and altering regulations at a pace that makes manual oversight impossible.

In “Competitive Landscape: Supplier E-Invoicing Software, 2020,” we believe Gartner examines the key drivers for the increased adoption of e-invoicing software. Listed prominently among them is the need for business to meet government compliance regulations and to adopt global solutions capable of managing tax issues across multiple borders.

To learn what Gartner’s experts believe are the key drivers for the e-invoicing industry for the next five years, read the full report.

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Gartner, Competitive Landscape: Supplier E-Invoicing Software, 2020
GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, and is used herein with permission. All rights reserved.

Sovos Digital Series

Get the 411 on Sales Tax & NetSuite

Have questions about sales tax compliance and NetSuite? We got you covered.

Enroll in the Sovos Digital Series to hear:

  • How the latest NetSuite & Sovos enhancements can help you manage your end-to-end sales tax needs
  • One NetSuite customer’s sales tax journey and best practices to help reduce your sales tax burden
  • FAQ’s about sales tax calculation, exemptions, and reporting through COVID-19

Part one: What’s New with NetSuite & Sales Tax

Vidcast discussion on how users can leverage their existing NetSuite environment to lessen the burden of sales tax compliance. Recorded April 16, 2020.

What you’ll hear about:

  • How to enable SuiteTax and the compliance benefits of doing so
  • Digitization trends in sales tax and enforcement
  • Economic nexus considerations and compliance flags in the age of COVID-19

Part two: A NetSuite Customer’s Sales Tax Journey

GoKeyless shares best practices from their experience in looking for an automated sales tax solution.

What you’ll learn:

  • Challenges facing NetSuite customers when trying to comply with new sales tax obligations
  • What to do when your business has outgrown your manual sales tax processes

Part three: Sales Tax Toolkit

Compliance resources to keep you on track.

What you’ll get:

  • Our COVID-19 blog featuring the latest tax news
  • Downloadable compliance readiness checklist
  • State by state compliance regulations updated in real time

Part four: Current sales tax considerations for businesses using NetSuite

Learn how companies like yours are navigating the complexities of sales tax compliance given the additional challenge of a national pandemic. Recorded May 12, 2020.

What you’ll hear about:

  • The most frequently asked questions NetSuite customers have for Sovos
  • How businesses are handling sales tax enforcement and economic nexus challenges
  • The impact of COVID-19 on business operations and sales tax related projects

State of Sales & Use Tax Inaugural Report

The report provides a here and now assessment of sales tax administration, examining trends in nexus laws and regulations and how current economic circumstances brought on by the COVID-19 pandemic are impacting state’s abilities to collect taxes owed and preserve revenue streams.

Governments at every level have expanded investments in technology to digitize the sales tax collection process and close existing tax gaps. When combined with the Wayfair decision, which vastly expanded the nexus footprint of organizations, states moved quickly to establish new regulations to maximize income. This Sovos report details how rapidly the sales tax landscape is evolving.

This new approach to sales tax is forcing organizations to reexamine how they facilitate processes internally to ensure compliance. While manual processes and custom solutions may have been suitable in past environments, increased levels of speed, oversight and complexity now demand more sophisticated methods. In the report, our experts explore the relationship between tax and IT and why better collaboration between the two should be an integral part of your compliance strategy.

Get the white paper

Overcome the Challenges of Tax Reporting for Cryptocurrency Exchanges

Download your complimentary copy of the Tax Reporting for Cryptocurrency Exchanges report for concise and clear analysis of emerging guidance on tax reporting challenges and solutions for exchanges and traders.  

This report was created by the tax reporting experts at Sovos and CryptoTrader.Tax.

Download your free report and get:

  • Insights into rapidly evolving IRS guidance on the reporting of cryptocurrency gains and losses
  • The evolution of the 1099-B and what it means for exchanges and traders
  • Analysis of various approaches being implemented by exchanges today
  • The benefits of modern software for cryptocurrency accounting and reporting

Get the white paper

Insurance Premium Tax: Back to Basics

Taxes on insurance are fragmented. Achieving compliance can be a headache requiring specialist knowledge. No two jurisdictions are the same and currencies, rates, deadlines and location of risk rules may vary by country.

For those tax teams new to insurance premium tax (IPT), this whitepaper provides a useful guide on the principles and foundations required for compliance.

Get the white paper

E-archiving for VAT: Compliance in a Digital World

The importance of compliant archiving of original invoices and similar tax-relevant documents has long been underestimated. For any company, the e-invoice archive is where the evidence of your tax compliance lies, but in today’s highly digitized global environment that evidence tends to be dispersed over multiple systems in multiple countries. Both understanding what rules apply for these records as well as ensuring compliance with them in an ever-changing regulatory landscape can be daunting for multi-national companies.

Against this backdrop, the digital transformation carried out by tax authorities across the globe shows no sign of slowing as governments continue their quest to reduce fraud and tax evasion to close tax gaps. More tax authorities are enforcing their own specific technology-based continuous transaction controls (CTC) frameworks.

The introduction of CTCs coupled with the transformation of business is fundamentally changing the nature and importance of archiving. Whilst many companies have long considered archiving as simply storage, this has now become an outdated and potentially dangerous view.

This white paper dispels that myth and illustrates why archiving today is more than just storage, and more important than ever

Download for an insight into these parallel developments and to understand what steps are needed to future-proof your archiving practice.

Get the white paper

sovos-blox-crypto-report-2020

Are you confident your business is meeting crypto tax reporting requirements?

Download your complimentary copy of the Crypto Tax Report 2020 and get clear crypto tax advice in today’s unclear environment.

The Crypto Tax Report 2020 was created by the experts at Sovos, Blox and Accounting Blockchain Coalition.

Download your free report and get:

  • A list of the legal and technical challenges accounting and tax professionals face when reporting crypto
  • Insights from leading crypto accountants and tax practitioners on crypto reporting, auditing, cost basis and taxation
  • Best practices for supporting cryptocurrency clients
  • The benefits of modern software for cryptocurrency accounting and reporting

Are you confident you are meeting state reporting requirements?

Get the complete guide to one of the most complex and time-consuming tax reporting obligations for your business: state reporting.

State reporting requirements vary drastically from state to state and are constantly changing. Most businesses spend countless hours scouring state websites to keep track of these requirements and ensure they won’t be fined. Luckily, our team of tax lawyers and regulatory experts have done the hard work for you. At Sovos we file 620 million forms a year with the IRS and the states and have filled this guide with the same strategies we use to accurately file hundreds of millions of forms.

Download your free guide and get:

  • A detailed breakdown of the differences between nexus and residency
  • A list of challenges state reporting creates for businesses like yours
  • Proven strategies for ensuring compliance with your state reporting requirements

Get the white paper

Raconteur: Digitizing Tax Across Borders

As governments and regulators around the world are embarking on their digital transformation, organizations need to ensure they keep their indirect tax transformation one step ahead. In this series of articles from leading journalists, learn how digital tax is evolving globally and what the changes mean for your business.

Get the white paper

Benefits of a SaaS Solution for Insurance Statutory Reporting

Download the free white paper and learn all the technological, operational and financial benefits of a SaaS solution for insurance statutory reporting, including:

  • Improved data accuracy;
  • Reduced IT, infrastructure and operational expenses;
  • Immediate ROI;
  • And more.

Trends in Continuous Global VAT Compliance, 11th Edition

This Sovos report provides the most complete guide to global VAT enforcement regulations and delivers strategic recommendations for businesses at a time when governments all over the world are enacting complex new policies to enforce VAT mandates.

This edition of “Trends” is the first to expand its scope well beyond e-invoicing compliance to the full universe of continuous transaction controls, including e-archiving, and VAT determination and reporting.

Governments worldwide are moving rapidly toward adopting clearance e-invoicing, making them real-time trading partners in business-to-business transactions. At the same time, corporations are launching massive IT projects to migrate enterprise resource planning (ERP) implementations to a powerful new generation of systems, including SAP S/4HANA. 

As a result, VAT compliance has never been as complex or as critical as it is now. Companies that mishandle it risk halting or even reversing their own digital transformations. This report provides a path to compliance, as well as comprehensive updates on global mandates.