Sovos Builds on 20 Years of Support of SAP R/3 & ECC with a Plan to Modernize Tax Compliance in S/4HANA
Sovos, a leading global provider of tax software, announced today that it is accepting early adopter applications for global tax determination on SAP® S/4HANA Cloud platform. The company also revealed that it is prepared to support S/4HANA for tax determination, e-invoicing compliance and tax reporting.
“Tax enforcement will soon touch every major transactional and purchasing process, and as companies invest in the next wave of SAP solutions, they’re quickly realizing that the way they’ve handled tax was largely not built for this new era of digital enforcement,” said Pawel Smolarkiewicz, chief product officer for Sovos. “We’ve been focused forward, using our deep knowledge of SAP solutions and our modern cloud software platform to prepare businesses for a world where tax is part of every transaction in SAP S/4HANA and S/4HANA Cloud. With today’s announcement, we’re ready to start preparing customers for that world as they move to these solutions.”
Working with SAP since 1995, Sovos is certified for several SAP solutions, and the company supports more than 500 global businesses that run SAP. The company’s work on S/4HANA comes as businesses worldwide are planning to move to SAP’s newest ERP versions where they are likely to encounter tax requirements that can have significant impacts on their ERP implementation projects, according to Sovos CTO John Landy.
“Traditionally, tax enforcement has happened offline through audits, but it is increasingly moving to the transaction level, pushing the limits of every financial system,” Landy said. “Sovos is uniquely built to help businesses solve this problem because we have both a complete tax solution and a flexible, cloud software platform to enable it anywhere our clients need it, including in SAP solutions.”
The Sovos Intelligent Compliance Cloud, which the company announced last year, automates three major areas of tax — 1) tax determination for indirect taxes like VAT, GST and sales and use tax; 2) e-invoicing compliance for both “post-audit” signature and archiving requirements as well as real-time clearance; and 3) tax reporting.
Leveraging the S/4HANA Cloud, Sovos is aiming to shape the future of modern tax and inviting enterprises ready to automate tax compliance to test drive the solution. Companies can register for the early adopter program at https://sovos.com/s4-hana-early-adopter-program/
Serving more than half of the Fortune 500, Sovos has a long, successful history of ERP integrations that eliminate the need for companies to allocate resources to proactively monitor and respond to each country’s regulatory changes. Now that the Sovos Intelligent Compliance Cloud is combined with Sovos’ S/4HANA Cloud integration, companies can realize centralized compliance, reducing the risks and burdens associated with today’s digital tax landscape.
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 combines world-class regulatory analysis with a secure and reliable cloud software platform to create a global solution for tax determination, e-invoicing compliance and tax reporting. Sovos supports 4,500 customers, including half of the Fortune 500, and integrates with a wide variety of business applications. Headquartered in Boston, 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.