The digitization and increasing complexity of sales and use tax has necessitated that most organizations rethink their approach to sales tax and compliance management. Rapidly changing regulatory guidelines and tax laws have made manual processes obsolete and have greatly increased the burden on internal tax teams to get things right.
For many, managing this new level of sales tax complexity means integrating tax with their SAP solutions in order centralize operations and create efficiencies of scale. Already a platform fixture for most companies, SAP solutions allow companies to build a tax first structure that ensures that all regulatory changes are accounted for and updated automatically. This greatly enhances defenses against audits and resulting financial penalties and damage to company reputation.
Sovos helps organizations using SAP solutions drive their digital transformation and centralization initiatives forward. With more than 20 years of SAP experience and hundreds of SAP customers, Sovos has certified integrations for ECC and all S/4HANA deployment models (premise, private cloud and public cloud). Sovos’ Global Tax Determination solution has also achieved SAP certification as integrated with SAP S/4HANA® Cloud, as part of the “Co-Innovated with SAP” program.
Centralizing sales tax in the cloud with Sovos ensures that clients always have the most up-to-date rates and rules. You also have the flexibility to leverage our SAP certified adapters and/or our simple API connections to calculate tax accurately in numerous ways, based on your own unique mix of technologies and business processes.
In addition, clients can realize the benefits of a fully integrated exemption certificate management solution. This allows you to easily capture, consolidate and manage all customer exemptions as part of an integrated workflow. Save time and improve accuracy, ensuring the presence of a current/accurate certificate drives an exemption in the tax engine.
Finally, when it comes to sales tax, the ability to take all transaction data and correctly report it is critical. Sovos’ reporting feature enhances visibility to manage all associated return data and streamline the filing process, with the capability to submit returns electronically where available.
Remember, when integrating new SAP solutions, it’s important to consider tax early in the process. This will help to ensure that work doesn’t have to be repeated or work arounds created and both tax and IT save valuable time and resources and ensure alignment between the two groups.
With Sovos and SAP, businesses can face the future of sales and use tax with confidence. Watch our video and then connect with our experts for more information on how Sovos can help you solve your sales tax management issues.