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.
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://www.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.