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.
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.
Christina Dela Cruz on behalf of Sovos