Sovos Named a 2019 Spend Matters Provider to Know for Procurement Innovation

Sovos has been named a ‘2019 Provider to Know’ by Spend Matters for innovation in procurement.

Spend Matters released its 6th annual “50 Providers to Know/50 Providers to Watch” lists today in conjunction with the annual ISM conference, naming Sovos as one of its 50 Providers to Know for 2019. The recognition highlights Sovos’ Intelligent Compliance Cloud, the first complete solution for modern tax, giving businesses a global solution for tax determination, e-invoicing compliance and digital tax reporting.

According to Spend Matters, the, “50 Providers to Know list highlights leading technology and services providers that continue to raise the bar for procurement technologies and services. Mergers and acquisitions played a significant role in the population of the latest list, consolidating major players under the banners of companies like Coupa, Corcentric and Sovos.”

For more than a decade, Sovos (via the acquisition of several leading tax technology companies and integrations into its core solution offering) has provided global e-invoicing and e-archiving compliance to most of the world’s leading procurement software and cloud services. By extending this support to global tax determination and various forms of complex e-invoice reporting, Sovos empowers businesses to work with their preferred software vendors for procurement and spend management, without having to worry about the ever-changing global tax digitization requirements that apply to business processes.

Spend Matters routinely reviews the latest procurement technology and service offerings to help organizations make wise and effective vendor selection decisions. The 50 Providers to Watch/Know lists are the result of deep analysis and corroboration among all Spend Matters analysts and reflect the publication’s unbiased, independent view of the organizations to know and watch.

Solving tax for good in AP processes

By enabling customers to process e-invoices in compliance with complex European e-invoicing and e-archiving laws, Sovos adds simplicity to the growing global challenges of indirect tax compliance in AP and other financial business processes. Customers can bring all their invoices together in the compliant Sovos eArchive, safeguarding their businesses with modern tax evidence in compliance with local e-archiving legislation.

Every financial process – from procurement to payment to delivery of goods – is being scrutinized like never before, and tax departments must adopt holistic strategies to thrive in this new environment, where tax administrations use locally varying requirements to tap directly into business-to-business data flows. That’s why a centralized solution that seamlessly deals with e-invoicing compliance, digital reporting, e-archiving and tax determination is critical to staying compliant worldwide.

View the 2019 ‘50 Procurement Providers to Know’ list and Spend Matters’ interview with Christiaan van der Valk, vice president, strategy, Sovos.