Sovos Extends Global Indirect Tax Solution to Simplify P2P Challenges

April 2, 2019

Embedded e-invoicing compliance, e-archiving and global tax determination will make procure-to-pay (P2P) platforms one-stop shop for the digital future of tax

April 2, 2019 – AUSTIN – SAP Ariba Live Global tax software leader Sovos today announced it has extended its embedded tax compliance solution for cloud-based procurement platform users. For more than a decade, Sovos (via the acquisition of several leading tax technology companies and integrations into its core solution offering) has provided global e-invoicing and e-archiving compliance to most of the world’s leading procurement software and cloud services. By extending this support to global tax determination and various forms of complex e-invoice reporting, Sovos empowers businesses to work with their preferred software vendors for procurement and spend management, without having to worry about the ever-changing global tax digitization requirements that apply to accounts payable (AP) processes.

Continuous updates to the Sovos solution deliver clearance e-invoicing compliance in Italy, the latest European country to move to this regulatory model, and provide a single compliant e-archiving solution for businesses to use within their P2P platforms and across their entire financial application ecosystems. With full integration into its S1 cloud platform, Sovos now also paves the way for its comprehensive indirect tax compliance solutions to be seamlessly available in procurement processes around the globe.

“Many multinational companies are struggling with the shifting tax regulatory landscape,” said Kevin Permenter, research manager at IDC. “Sovos continues to innovate around procure-to-pay platforms, offering organizations tremendous value by providing coverage for every major form of transaction-level tax compliance in one solution.” 

The digital transformation of VAT invoice controls

In 2018, Italy introduced the Italian Budget Law, requiring companies to submit and approve all domestic business-to-business and business-to-government invoices through the government’s exchange, giving the tax authority real-time visibility into transactions. The Italian government also requires strict compliance regarding the treatment and storage of invoices, making e-archiving a key component of tax strategies, as well. With similar requirements in some 20 countries around the globe and growing rapidly, these mandates are driving a new era of tax compliance.

“As VAT compliance and real-time transaction controls go through a digital transformation, tax has quickly shifted from an accounting problem to a technology problem,” said Christiaan van der Valk, vice president of strategy at Sovos. “Every financial process – from procurement to payment to delivery of goods – is being scrutinized like never before, and tax departments must adopt holistic strategies to thrive in this new environment, where tax administrations use locally varying requirements to tap directly into business-to-business data flows. That’s why a centralized solution that seamlessly deals with e-invoicing compliance, digital reporting, e-archiving and tax determination is critical to staying compliant worldwide.”

Solving tax for good in AP processes

With a decade of enabling customers to process e-invoices in compliance with complex European e-invoicing and e-archiving laws, Sovos adds simplicity to the growing global challenges of indirect tax compliance in AP processes. Customers can bring all their invoices together in the compliant Sovos eArchive, safeguarding their businesses with modern tax evidence in compliance with local e-archiving legislation.

Learn more about Sovos’ e-invoicing compliance and VAT reporting solutions by visiting https://sovos.com/solutions/ and at booth P5 at SAP Ariba Live in Austin.

About Sovos

Sovos is a leading global provider of software that safeguards businesses from the burden and risk of modern tax. As governments and businesses go digital, businesses face increased risks, costs and complexity. The Sovos Intelligent Compliance Cloud is the first complete solution for modern tax, giving businesses a global solution for tax determination, e-invoicing compliance and tax reporting. Sovos supports 5,000 customers, including half of the Fortune 500, and integrates with a wide variety of business applications. The company has offices throughout North America, Latin America and Europe. Sovos is owned by London-based Hg. For more information visit https://www.sovos.com and follow us on LinkedIn and Twitter.

Media Contact:

Christina Dela Cruz on behalf of Sovos

christina@arpr.com    

855-300-8209

Sign up for Email Updates

Stay up to date with the latest tax and compliance updates that may impact your business.

Additional Press Releases

North America
February 27, 2024
Sovos’ Charles Maniace Named to Accounting Today’s Top 100 Most Influential People for Fifth Consecutive Year

Maniace recognized for his abilities to interpret, influence and guide organizations in an increasingly complex tax compliance environment ATLANTA – February 27, 2024 – Global compliance technology solutions and services provider Sovos today announced that Charles Maniace, vice president of regulatory analysis &design, was recognized in Accounting Today’s Top 100 Most Influential People. The list […]

Read more
February 20, 2024
Sovos Introduces Compliance Cloud to Help Businesses Navigate Global Tax and Regulatory Environments

The First and Only Solution to Unify Tax Compliance and Regulatory Reporting Software and Data in One Platform ATLANTA, FEBRUARY 20, 2024 – Sovos, the always-on compliance company, today announced the launch of the Sovos Compliance Cloud, the industry’s first and only solution that unifies tax compliance and regulatory reporting software in one platform and provides […]

Read more
February 8, 2024
Sovos Announces New Executive Leadership for Global Sales and Marketing

Andy Hershey and Chris Lynch bring vast experience to key sales and marketing functions for global platform companies ATLANTA, FEBRUARY 8, 2024 – Global compliance technology solutions and services provider Sovos today announced the appointment of two new executives. Andy Hershey joins Sovos as its chief revenue officer, where he will lead the global direct […]

Read more
January 31, 2024
Sovos Announces New Sales Leadership for EMEA and LATAM Regions

Elcim Sirek and Marcelo Souza to drive growth and revenue at a time of increasing importance in the global compliance category ATLANTA, JANUARY 31, 2024 – Global compliance technology solutions and services provider Sovos today announced the appointment of two new sales leaders. Elcim Sirek has been promoted to the role of vice president of […]

Read more
North America ShipCompliant
January 30, 2024
Sovos’ Annual DtC Wine Shipping Report Indicates a Volume Decline While Value Remains Flat

Direct-to-Consumer Wine Shipping Report in collaboration with WineBusiness Analytics shows value of the channel steady at $4.1B despite economic pressures (ATLANTA) January 30, 2024 – Reflecting inflationary pressures and declines in winery visitation, 2023 brought a 6.5% decrease in year-over-year shipment volume to the direct-to-consumer (DtC) wine shipping channel, according to the latest Direct-to-Consumer Wine […]

Read more