Sovos Named Finalist for SIIA CODiE Award’s Best Compliance Solution

May 11, 2021

Sovos Continuous Transaction Control Compliance recognized for its ability to mitigate risks associated with e-invoicing compliance globally

BOSTON, MAY 11, 2021 – Global tax software provider Sovos announced today that Sovos Continuous Transaction Control Compliance was named a 2021 SIIA CODiE Award finalist in the Best Compliance Solution category. SIIA CODiE finalists represent the best products, technologies and services in software, information and business technology. Last year, Sovos won SIIA CODiE Award’s Best Compliance Solution for Sovos Sales & Use Tax Filing.

Alleviating the Burden of E-invoicing Compliance Globally

Over the past decade, tax authorities around the world have become increasingly steadfast in their commitment to closing value added tax (VAT) gaps. For example, in 2015, the VAT gap in Latin American countries amounted to $340 million, and in 2018, the EU’s member states reported a VAT gap of €140 billion. In order to minimize the VAT gap, tax authorities will use all tools at their disposal to collect the revenue owed. This holds especially true for the aftermath of COVID-19, as governments are facing unprecedented budget shortfalls. As a result, continuous transaction controls, such as e-invoicing, have emerged as the primary concern for multinational companies looking to ensure compliance amid a growing diversity of VAT enforcement approaches. Many of those companies – including half of the Fortune 500 – are turning to Sovos Continuous Transaction Control Compliance to minimize any risk of non-compliance and remove the complexity associated with reporting.

Taking the Complexity out of Global VAT Compliance

Sovos Continuous Transaction Control Compliance provides global coverage with local expertise, processing billions of compliance transactions each year on behalf of customers, as part of the Sovos mission to Solve Tax for GoodⓇ. Using the Sovos Connect Once API and a universal monitor for all markets, Sovos Continuous Transaction Control Compliance moves the complexity of individual electronic invoicing, consumer receipts, archiving and reporting mandates behind the scenes of a predictable user interface, which allows multinationals to see all of their transactions in one location. In addition, when countries introduce new mandates on short notice, Sovos rolls out updates rapidly, thanks to a team of more than 100 regulatory analysts and Sovos’ purpose-built, cloud-based software.

“Governments around the world are accelerating the move toward continuous and real-time tax compliance,” said Lisa Holmquest, vice president of customer and user experience at Sovos. “As a result, multinational companies are expected to adapt quickly in order to avoid any risks associated with non-compliance. As part of our mission to Solve Tax for Good, Sovos provides the information that organizations need to address today’s tax challenges while staying ahead of ever-evolving regional regulatory requirements and laws.”

Acknowledged as the premier awards program for the software and information industries for over 35 years, the SIIA CODiE Awards are produced by the Software & Information Industry Association (SIIA), the principal trade association for software, education, media and digital content industries. Sovos Continuous Transaction Control Compliance was honored as one of five finalists for SIIA CODiE’s Best Compliance Solution category.

“The 2021 CODiE Award finalists continued to innovate, pivot and grow to develop truly remarkable products throughout an historically challenging year. These finalists maintain the vital legacy of the CODiEs in spotlighting the best and most impactful apps, services and products serving the business tech market. Congratulations to this year’s finalists on this well-deserved recognition,” said Jeff Joseph, SIIA President.

The SIIA CODiE Awards are the industry’s only peer-recognized awards program. Business technology leaders, including senior executives, analysts, media, consultants and investors evaluate assigned products during the first-round review. Their scores determine the SIIA CODiE Award finalists, which accounts for 80% of the overall score. SIIA members then vote on the finalist products, and the scores from both rounds are tabulated to select the winners. In light of the COVID-19 pandemic, Business Technology category winners will be announced during an online winner announcement celebration June 22, 2021.

To learn more about Sovos Continuous Transaction Control Compliance, visit https://www.sovos.com.

###

About Sovos
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 16,000 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 the Americas and Europe, and is owned by Hg and TA Associates. For more information visit http://sovos.com and follow us on LinkedIn and Twitter.

About the SIIA CODiE™ Awards
The SIIA CODiE Awards is the only peer-reviewed program to showcase business and education technology’s finest products and services. Since 1986, thousands of products, services and solutions have been recognized for achieving excellence. For more information, visit siia.net/CODiE.

About Software and Information Industry Association (SIIA)
SIIA is the only professional organization connecting more than 700 data, financial information, education technology, specialized content and publishing, and health technology companies. Our diverse members manage the global financial markets, develop software that solves today’s challenges through technology, provide critical information that helps inform global businesses large and small, and innovate for better health care and personal wellness outcomes.

Sign up for Email Updates

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

Additional Press Releases

E-Invoicing Compliance EMEA
March 28, 2024
Sovos and PwC ​in ​Belgium Establish Joint Business Relationship to Accelerate e-Invoicing Implementation

Sovos​, the always-on compliance company,​ today announced a joint business relationship with the Belgian PwC Firm PwC Business Advisory Services bv/srl (hereinafter: “PwC​”),​ leveraging the companies’ complementary tax and advisory service expertise and solutions to address vital e-invoicing and e-reporting needs. Through this joint business relationship, Sovos and PwC clients can access comprehensive services to […]

Read more
North America
March 25, 2024
Sovos Garners Spot in 2024 CRN® Partner Program Guide

ATLANTA, GA, March 25, 2024 — Sovos, the always-on compliance company, has been honored by CRN®, a brand of The Channel Company, with inclusion in its 2024 Partner Program Guide. This annual guide provides essential information to solution providers exploring technology vendor partner programs that offer high value and align with their business needs and […]

Read more
North America ShipCompliant
March 20, 2024
Sovos/Brewers Association Survey: 86% of Regular Craft Beer Drinkers Support Increased Access to DtC Shipping

Direct-to-Consumer Beer Shipping Report Finds Continued Demand for Craft Beer Purchases via DtC (ATLANTA) March 20, 2024 – Sovos ShipCompliant and the Brewers Association today announced the results of the fourth annual Direct-to-Consumer Beer Shipping Report. Among the findings were nearly nine in 10 (86%) regular craft beer drinkers believe that current laws in the […]

Read more
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