MarketScape Report

Sovos named a leader in the “IDC MarketScape for SaaS and Cloud-enabled Sales and Use Tax Automation Software for Enterprise”

MarketScape Report

Sovos named a leader in the “IDC MarketScape for SaaS and Cloud-enabled Sales and Use Tax Automation Software for Enterprise”

The IDC MarketScape: Worldwide SaaS and Cloud-Enabled Sales and Use Tax Automation Software for Enterprise 2021 Vendor Assessment has been released, and Sovos has been recognized as a leader.

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.

As noted by Kevin Permenter, IDC research director, financial applications, “Sovos combines local expertise with a 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.”

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The IDC MarketScape states 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.

In addition to Sovos Global Tax Determination, Sovos sales and use tax solutions include Sovos Use Tax Manager, Sovos CertManager, Sovos Sales & Use Tax Filing and Sovos Taxify for small to medium-sized businesses.

Among the strengths identified in the IDC MarketScape are:

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.

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