Top 3 Myths Surrounding VAT Compliance and Reporting Solution Implementation

Sovos
April 30, 2018

With vast changes in VAT compliance and reporting regulations sweeping across the globe, companies need to strategically evaluate their approach to compliance to ensure they stay up-to-date and minimize the risk of errors, fines, penalties and even operational shutdowns.

But companies often overlook an important component in selecting a proactive, intelligent approach to VAT compliance and reporting: implementation.

Implementation time and resources must be considered from the start, and the selected solution must be implemented in a way that meets the needs of all stakeholders and the government regulations to be fully effective.

Yet despite the magnitude of implementation, companies often do not dedicate the time and resources necessary to manage this process effectively. Common misconceptions about VAT compliance and reporting solution implementation can hinder companies’ progress.

  • Implementation is not a switch companies can simply turn on. Like any software implementation, VAT compliance and reporting solution implementation takes time and must be started well in advance of when you need to go live. This is especially important when approaching a new compliance mandate with a hard deadline.
  • Implementation is not one-size-fits-all. Every company has different processes and formats for capturing and reporting data, meaning your compliance solution is based on your specific business scenarios.

Implementation is not a hands-off process. Because of these customizations and the critical nature of compliance, implementation is a partnership between your team and your technology vendor.

Take Action

Sovos can help you manage a successful implementation and set your company up for audit-proof, efficient compliance. Contact us to get started.

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Author

Sovos

Sovos is a global provider of tax, compliance and trust solutions and services that enable businesses to navigate an increasingly regulated world with true confidence. Purpose-built for always-on compliance capabilities, our scalable IT-driven solutions meet the demands of an evolving and complex global regulatory landscape. Sovos’ cloud-based software platform provides an unparalleled level of integration with business applications and government compliance processes. More than 100,000 customers in 100+ countries – including half the Fortune 500 – trust Sovos for their compliance needs. Sovos annually processes more than three billion transactions across 19,000 global tax jurisdictions. Bolstered by a robust partner program more than 400 strong, Sovos brings to bear an unrivaled global network for companies across industries and geographies. Founded in 1979, Sovos has operations across the Americas and Europe, and is owned by Hg and TA Associates.
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