Sovos’ solutions for modern tax helps businesses remain compliant with ongoing regulatory changes around the world
BOSTON – AUGUST 11, 2021 – Global tax software provider Sovos announced today that it has been named a finalist in the 2021 SaaS Awards Program in the category Best SaaS Product for Business Accounting or Finance. Leveraging global strategy and local execution, Sovos’ complete solution for modern tax includes continuous transaction control (CTC) compliance for value-added tax (VAT), and sales and use tax compliance throughout North America. SaaS Awards finalists represent excellence and innovation in the scope of cloud-based SaaS solutions.
Global Indirect Tax Compliance Faces Ever-Shifting Landscape
For centuries, tax collection on goods and services has been at the root of some of the world’s biggest challenges. In more immediate times, the lockdown measures sparked by COVID-19 have affected the economies of just about every country across the globe. In the U.S., for example, it has been recently estimated that states fail to collect somewhere between $8 billion and $32 billion a year in sales tax, leaving communities scrambling for the revenue they are owed. In response to these types of gaps, tax authorities around the globe are doubling-down on enforcement and implementing new mandates to make up for revenue shortfalls, increasing the compliance risk facing businesses.
Tackling Regulatory Changes with Sales Tax Automation
Minimizing the risk of non-compliance and removing the complexity associated with taxes, Sovos provides the first complete global solution for modern tax: tax determination, continuous transaction control compliance and tax reporting for everywhere companies do business, including support for more than 100 countries and 19,000 jurisdictions. Hosted on a highly reliable, scalable and secure infrastructure, Sovos’ modern cloud software enables businesses of every size – including half of the Fortune 500 – to grow free of regulatory risk.
Within the U.S., Sovos Sales & Use Tax Filing relieves the burden caused by new and varying sales tax nexus rules by automating filing obligations. With more than 850 form changes last year, and more than 14,000 possible jurisdictional combinations, the platform enables accurate, efficient management of hundreds of monthly returns and sub-schedules in every jurisdiction, no matter how often regulations change. And serving Latin America, the European Union and Asia Pacific regions, Sovos Continuous Transaction Control Compliance products move the complexity of individual electronic invoicing, consumer receipts, archiving and reporting mandates behind the scenes of an intuitive user interface and allow multinational and local companies to see all their transactions in one location. When countries introduce new mandates on short notice, Sovos rolls out updates rapidly, thanks to a team of more than 100 regulatory analysts and a solution purpose-built for the rapid digitization of tax around the world.
“As the digitization of indirect tax continues to raise compliance stakes worldwide, businesses require complete solutions for real-time tax calculation, electronic invoicing compliance, tax reporting and more,” said Lisa Holmquest, vice president of customer and user experience at Sovos. “Sovos’ customer-centric solutions operate on the most up-to-date regulatory requirements and help organizations integrate tax and regulatory compliance into their digital financial cores.”
Sovos Receives International SaaS Recognition
Final SaaS Awards winners will be announced on August 31, 2021, and the program will return in Spring 2022. Hundreds of organizations entered, with international entries coming from North America, Canada, Australia, UK, Europe and the Middle East. To view the full shortlist, visit: https://www.cloud-awards.com/2021-software-awards-shortlist/.
“Just as SaaS technologies have been vital in pivoting organizational functions to respond to global crises, they will be essential as we look forward to returning to normal levels of productivity,” said James Williams, head of operations for the SaaS Awards. “We’ve seen remarkably innovative solutions across all conceivable areas of industry, and it’s increasingly difficult for our team to identify the entrants that can’t make it past this shortlist stage. The shortlisted candidates announced today, however, have made it through that first round. They represent truly innovative thinkers in the SaaS industry, whether they’re freshly-funded disruptors or established names.”
To learn more about Sovos Continuous Transaction Control Compliance and Sales and Use Tax solutions, 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 20,000 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 SaaS Awards
The SaaS Awards is a sister program to the Cloud Awards, which was founded in 2011. The SaaS Awards focuses on recognizing excellence and innovation in software solutions. Categories range from Best Enterprise-Level SaaS to Best UX or UI Design in a SaaS Product. For more information about the Cloud Awards and SaaS Awards, please visit https://www.cloud-awards.com/.