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Governments will capture billions in revenue with digital tax enforcement.

Guess who it’s coming from.

There’s another digital transformation – the one revolutionizing tax enforcement. Governments realized they’ve sacrificed billions in revenue and the technology now exists to claim it. Since they’re making continuous compliance a priority, shouldn’t you?

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Digital Taxation: How Businesses Are Responding To The New Wave In Global Tax Compliance

In order to help business and technology leaders prepare for this shift to digital taxation, Forbes Insights—in partnership with Sovos—surveyed 250+ financial and IT executives to capture their perspectives and readiness

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Why Tax Belongs in the Modern Digital Financial Core
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Preparing SAP S/4 HANA for continuous tax compliance
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The digital transformation goalposts have moved

Simplification and automation are two major goals of digital transformation, yet they’re put in jeopardy by governmental digital transformations. Now that the technology exists to enforce continuous compliance, more governments are inserting themselves into every transaction a business makes. And changing the requirements whenever they see the potential for more revenue.

This means you need something more in your digital core. Now you need to treat countries as major stakeholders in your core business processes – and keep pace with different formats and continually changing requirements in every one of them.

REQUIREMENTS OF THE MODERN DIGITAL FINANCIAL CORE

Converging networks and systems has made companies more efficient, but also made it easier for governments to audit them. Companies now require a 360° integration of tax with ERP and procurement systems to protect against slowdowns due to insufficient tax determination and reporting.

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Tracking customer interactions in a single data repository allows businesses to offer relevant information and options any time a customer contacts them. When integrated with a robust tax platform that crosses all business systems, it can also signal taxable events, such as sales, and generate e-invoices in real time to keep you compliant.

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For global businesses, there can be a disconnect between where work is performed, where it’s sold and where the taxes are paid. Maintaining compliance gets more complicated by the day, requiring a tax platform that can integrate with multiple ERP and finance systems.

Internet-enabled equipment blurs the line between product and service – especially when subscriptions are involved. Since the two types of sales are often taxed differently, modern manufacturers will require a tax platform capable of integrating with the converged network and deciphering quickly changing tax requirements.

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Now that dozens of countries have shifted to continuous enforcement, failure to comply can add significant cost, delay and reputational harm. A complete tax platform that covers determination, e-invoicing compliance and reporting is the only way to ensure ever-changing requirements don’t impact your revenue.

Learn more about the digital transformation of tax – and its impact on you

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The Top Three SAP Challenges Impacting Manufacturers

Find out what the top 3 SAP challenges impacting manufacturers are and how you can stay ahead of them.

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Sun Chemical consolidates its global tax obligation with Sovos

Discover how Sovos made multinational reporting simple for Sun Chemical, allowing their team to consolidate their compliance efforts.

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19 Things About Compliant Invoice E-archiving

Learn what the international requirements are for compliant e-archiving and how Sovos ensures you remain compliant.

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The Other Digital Transformation is raising the stakes for tax compliance. You now need a solution that integrates tax determination, e-invoicing compliance and reporting; supports continuous interaction with governments around the world to maintain compliance; and connects the entire financial software ecosystem.

Explore the first complete solution for modern tax

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