New collaboration reduces IT costs and eliminates risks associated with incorrect or delayed VAT reporting
BOSTON – May 10, 2022 – Global tax software provider Sovos today announced its strategic alliance with audit, tax and advisory firm KPMG LLP to empower enterprises to meet evolving value-added tax (VAT) compliance obligations across multiple countries. With Sovos’ award-winning software and KPMG’s tax experience, organizations can simplify operations into a single platform, reduce the IT cost of compliance and decrease the risk of penalties associated with incorrect or delayed reporting.
VAT is a vital revenue resource to governments around the world. As a result, tax authorities are looking for new ways to ensure they are capturing anticipated revenue, including adopting new and more expansive real-time compliance requirements and introducing new data demands, processes and requirements.
“Managing VAT compliance amid rapid regulatory change is overwhelming for multinational organizations,” said Jonathan Eisner, chief channel officer and vice president, global alliances, Sovos. “Through this relationship, enterprises will have access to KPMG’s experienced tax professionals as well as Sovos’ scalable VAT service, which handles compliance obligations across 70 countries, including continuous transaction controls, post-audit e-invoicing and periodic reporting.”
With Sovos and KPMG, businesses can:
- Lower costs: Reduce IT costs associated with compliance
- Simplify operations: Deploy a single platform for managing accounts receivable, accounts payable, e-archiving and VAT compliance across the countries.
- Reduce negative impacts to cash flow: Ensure that tax credits are not delayed due to incorrect or delayed reporting.
- Decrease the risk of penalties: Automate processes and verifications for e-invoicing; link to all related documents – from purchase order to invoice to tax reporting.
“Increasingly, continuous transaction controls push businesses towards digital transformation,” said Niren Saldanha, partner, tax, KPMG. “Our team has extensive knowledge of implementing Sovos’ software within existing ERP and legacy systems. By setting up data reporting within the ERP system, we can help tax authorities receive the right information at the right time to keep our clients’ compliance efforts running smoothly. With Sovos, we’ll be able to help them stay ahead of tax compliance regulations today, and in the future.”
To learn how Sovos and KPMG can help your organization achieve continuous VAT compliance, click here.
Sovos was built to solve the complexities of the digital transformation of tax, with complete, connected offerings for tax determination, continuous transaction controls, tax reporting, and more. Sovos customers include half the Fortune 500, as well as businesses of every size operating in more than 70 countries. The company’s SaaS products and proprietary Sovos S1 Platform integrate with a wide variety of business applications and government compliance processes. Sovos has employees throughout the Americas and Europe and is owned by Hg and TA Associates. For more information visit http://www.sovos.com and follow us on LinkedIn and Twitter.
About KPMG LLP
KPMG LLP is the U.S. firm of the KPMG global organization of independent professional services firms providing audit, tax and advisory services. The KPMG global organization operates in 145 countries and territories and has close to 236,000 people working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients. Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities.
KPMG is widely recognized for being a great place to work and build a career. Our people share a sense of purpose in the work we do, and a strong commitment to community service, inclusion and diversity, and eradicating childhood illiteracy. Learn more at www.kpmg.com/us