The report identifies a number of Sovos strengths, including:
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
Sovos is the only scalable, end-to-end solutions for VAT and sales and use tax compliance
Governments across the globe – from Chile to India – are enacting complex new policies to enforce VAT mandates, obtain unprecedented insight into economic data and close revenue gaps – but every country writes its regulations differently. As a result, companies – from small and medium businesses to multinational corporations – are challenged to ensure compliance despite diverse VAT enforcement approaches.
The IDC MarketScape highlights 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.”
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