As the digitization of tax continues to raise compliance stakes worldwide, businesses need a complete solution for real-time tax calculation that supports them everywhere they do business
BOSTON (PRWEB) December 01, 2020 – Global tax software leader Sovos announced today that its Global Tax Determination version 8.8 solution has achieved SAP® certification as integrated with SAP S/4HANA® and SAP S/4HANA® Cloud. The integration helps organizations that use SAP S/4HANA 1909 and SAP S/4HANA Cloud, extended edition, run their enterprise resource planning (ERP) on-premise or hosted by SAP.
As the digitization of tax continues to raise compliance stakes worldwide, businesses need a complete solution for real-time tax calculation that supports them everywhere they do business, across both their purchasing and selling processes. Since the Global Tax Determination solution has SAP certified integration with SAP S/4HANA and SAP S/4HANA Cloud, it helps to ensure that businesses that use SAP technologies can keep pace with the breadth of U.S. sales tax rate and rule changes.
The shifting tax regulatory landscape means it is more necessary than ever for businesses to adopt solutions built for modern tax compliance. Organizations need solutions that drive operational efficiency and safeguard against the increasing audit risk from the ever-evolving state and local tax regulations. Sovos puts tax compliance software in the digital financial technology core, helping businesses that use SAP solutions to keep their own digital transformation initiatives moving forward.
The SAP® Integration and Certification Center (SAP ICC) has certified that Sovos Global Tax Determination version 8.8 solution integrates with SAP S/4HANA and SAP S/4HANA Cloud using standard integration technologies. SAP S/4HANA is a future-ready ERP system, with built-in intelligent technologies, that transforms business processes with intelligent automation and runs on SAP HANA – a market-leading in-memory database that offers real-time processing speeds and a dramatically simplified data model. SAP S/4HANA Cloud is an innovative, lightweight cloud suite designed to help run a successful business in the cloud.
“Tax compliance is becoming increasingly complex, pushing companies to find streamlined solutions for real-time tax determination that easily integrates with their IT modernization push,” said Pawel Smolarkiewicz, chief product officer at Sovos. “Sovos offers continued reliability on user-centric solutions that operate on the most up-to-date regulatory requirements.”
Sovos was built to solve the complexities of the digital transformation of tax, with complete, connected offerings for tax determination, continuous transaction control compliance, tax reporting and more. The company supports more than 8,000 customers, including half of the Fortune 500, operating in over 70 countries. Its SaaS products and proprietary Sovos S1 Platform integrate with a wide variety of business applications and government compliance processes. Sovos has employees throughout North America, Latin America 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.
Any statements in this release that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. All forward-looking statements are subject to various risks and uncertainties described in SAP’s filings with the U.S. Securities and Exchange Commission (“SEC), including its most recent annual report on Form 20-F, that could cause actual results to differ materially from expectations. SAP cautions readers not to place undue reliance on these forward-looking statements which SAP has no obligation to update and which speak only as of their dates.
SAP and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP SE in Germany and other countries. Please see https://www.sap.com/copyright for additional trademark information and notices. All other product and service names mentioned are the trademarks of their respective companies.