Three new MarketScapes have been released by IDC and all three recognize Sovos as a leader in their respective categories.
As noted by Kevin Permenter, IDC research director, financial applications, “Sovos combines local expertise with a seamless, global customer experience across its full suite of compliance solutions. They are a strong choice for companies of any size looking for cloud tax software and services to meet compliance and regulatory demands anywhere they do business.”
First, the “IDC MarketScape for Worldwide SaaS and Cloud VAT Software” recognized Sovos as a leader. The MarketScape highlighted Sovos’ use of automation and advanced technology to provide continuous and real-time e-invoicing compliance. According to the report, “multiple customer references cited Sovos’ capability with e-invoicing as one of the major benefits of choosing their solution.”
The MarketScape report went on to identify a number of Sovos strengths, including our:
Cloud platform: Sovos provides users with a strong cloud software platform that gives the user access to tools and data in a consistent user experience. The cloud platform is supported by a multiple physical datacenter approach. In addition, Sovos APIs are compatible and optimized to work with additional SaaS, on-premises, and customer-built financial systems and workflows.
Globalization: With recent acquisitions, Sovos is a global solution with local expertise, supporting customers operating in more than 70 countries with aggressive growth plans for further geographic expansion. Sovos has a growing roster of multinational, enterprise, and SMB customers around the world.
e-Invoicing compliance: Multiple customer references cited Sovos’ capability with e-invoicing and continuous transaction control (CTC) compliance as one of the major benefits of choosing their solution. e-Invoicing compliance is particularly important for larger enterprises with complex tax processes and regulatory demands.
Sales and Use Tax
The “IDC MarketScape for SaaS and Cloud-enabled Sales and Use Tax Automation Software for Enterprise” also recognized Sovos as a leader, noting that Sovos’ Global Tax Determination Cloud scales horizontally to handle unlimited transaction volume. It delivers active-active clusters across globally distributed, secure data centers to enable differentiated reliability and no downtime, even in the event of a data center outage. The solution has flexible deployment options, with modern APIs, certified integrations, batch processing and localized calculation.
Among the strengths identified in the Sales and Use Tax MarketScape were:
Reporting and analytics: Sovos Sales & Use Tax Filing allows users to consolidate data from any system and automatically analyze all transaction data from a given period to create the needed returns at the push of a button. Customers have maximum control and visibility into their data with the ability to drill into transactions, hold data, recalculate returns, and view historical versions of each return, including who made edits.
Cloud platform: Sovos provides users with a strong cloud software platform that gives the user access to tools and data in a consistent user experience. The cloud platform is supported by a multiple physical datacenter approach. Additionally, Sovos APIs are compatible and optimized to work with SaaS, on-premises and customer-built financial systems and workflows.
Regulatory change management: There are only 50 states in the United States but more than 12,000 state and local tax jurisdictions, and the rules and regulations shift frequently. Sovos has invested heavily into maintaining their regulatory tax content. Sovos has a regulatory analysis team of nearly 100 professionals around the world to ensure customers can streamline compliance and react to new mandates.
Sales and Use Tax for Small and Midsize Businesses
Sovos was also named a leader in the “IDC MarketScape: Worldwide SaaS and Cloud-Enabled Sales and Use Tax Automation Software for Small and Midsize Businesses 2021 Vendor Assessment.” This MarketScape report noted, “Sovos has flexible deployment options, with modern APIs, certified integrations, batch processing, and localized calculation.”
Andy Hovancik, President and CEO, Sovos, commented that, “Digital tax compliance is a complex problem every business needs to solve. That’s why our mission is to Solve Tax for Good® and why we’ve built the most complete solution available for modern tax through organic innovation and strategic acquisitions. Sovos’ positioning in the IDC MarketScape reports reflect our ongoing commitment to ensure frictionless commerce for our customers everywhere they conduct business.”
About IDC MarketScape
IDC MarketScape is the premier vendor assessment tool for the information and communications technology (ICT) industry. The report provides in-depth technology market assessments of ICT vendors for a wide range of markets. The comprehensive assessment of market competitors offers critical information needed to evaluate technology solutions.