Sovos launches Compliance Cloud for tax and regulatory compliance

The Sovos Compliance Cloud is a solution that unifies tax compliance and regulatory reporting software in one platform and provides a holistic data system of record for global compliance. It can be integrated into the vast majority of the ERP, P2P, and ecommerce technology ecosystems.

Executives from Sovos said it’s time to transform tax compliance from a business requirement to a force for growth. The company recognised this need and invested in building a truly integrated, complete compliance solution. Just as enterprise resource planning (ERP), customer relationship management (CRM), and human capital management (HCM) all shifted from disparate point solutions to holistic system of record platforms that unlocked tremendous business value, the Sovos Compliance Cloud does the same for tax and compliance.

Navigating compliance challenges

The launch of the Sovos Compliance Cloud comes amid a period of increased risk and inefficiencies for businesses trying to address compliance with individual point solutions. In fact, according to data from Bloomberg, 82% of companies believe they’re more exposed to tax-related compliance risk than they were in 2019, and Accenture’s studies reveal that 90% expect their compliance-related costs to keep climbing. The move to a unified cloud equips companies with greater visibility and more economies of scale into their technology infrastructure across the enterprise – saving time, money, and reducing risk.

The Sovos Compliance Cloud also helps CFOs and CIOs maximise their existing investments by embedding itself into a rich ecosystem of partners and technology providers. To date, the company features more than 75 embedded integrations into key enterprise resource planning (ERP), accounts payable (AP), and accounts receivable (AR) systems, as well as over 425 Connectors in the Sovos App Marketplace. This means that companies do not need to replace or modify costly infrastructure to deliver more accurate tax compliance and reporting.

Sovos’ Compliance Cloud will facilitate more than six billion tax and e-invoicing transactions across 80 plus countries in 2024, whereas the next largest provider in the marketplace will facilitate under 100 million transactions. The solution represents a scalable and secure global compliance solution introduced for the modern enterprise.

Addressing the five fundamentals for modern compliance with Compliance Cloud:

• Connect to pertinent internal and external data and systems, including every government tax authority via the Sovos Compliance Network;

• Identify each party to a transaction or obligation and verify they are who they purport to be via the Sovos Identity solution;

• Determine every transaction is accurate and compliant via the Sovos Tax Determination for VAT & SUT, Sovos Tax Withholding, Sovos eInvoice, and Sovos Shipping;

• Report every transaction or tax obligation and file it correctly while ensuring fidelity between business records and the tax agencies via the Sovos Tax Information Reporting and Sovos Filing;

• Analyse and derive data from all transactions and taxes to gain a single source of truth, mitigate risk, and find key patterns that show business changes via Sovos Intelligence solutions.
  
  

The Sovos Compliance Cloud provides comprehensive capabilities that address the full breadth of a global business’s needs, ensuring companies file accurately on employee, vendor, and partner income. Its Tax Determination, Filing, and Reporting for Value Added Tax (VAT), Continuous Tax Control (CTC), and Sales Use Tax (SUT) produce accurate calculations across more than 19,000 tax jurisdictions globally.