Sovos releases Sovos Use Tax Manager

Monday 12 March 2018 09:55 CET | News

Sovos has announced Sovos Use Tax Manager, a cloud-based solution that automates use tax determination reconciliation on purchases to accurately self-assess and accrue tax for proper filing.

Due to the lack of visibility into tax obligations, use tax has traditionally been a costly and risky issue for businesses, resulting in overpayments to vendors and penalties for failing to properly self-assess use tax. While many businesses are familiar with tax automation in their accounts receivable process, auditors are increasingly turning their focus toward use tax.

Sovos Use Tax Manager comes as businesses are reporting increased audit activity and a push for improved tax covered in the procure-to-pay process. In fact, a recent study from Americas’ SAP Users’ Group (ASUG) found more than half of ASUG members believe use tax is a significant issue in audits and nearly half of respondents reported increased efforts to manage tax in P2P over the last three years.

The new Sovos solution responds to those challenges by providing the most accurate and automated tax software available for use tax and giving tax professionals the tools they need to:

Identify invoices that require use tax self-assessment and accrue tax to ensure accurate filing and remittance in all jurisdictions.

Easily inspect all vendor invoices for over or under charges of sales tax.
Take control of the process and keep purchasing and AP running smoothly by easily aggregating and enhancing data from any purchasing technology.

Spot exceptions and configure rules with Use Tax Manager’s reconciliation reports to make the process more “intelligent” to prevent future sales and use tax gaps.

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Keywords: Sovos, tax compliance, e-invoicing, cloud platform, tax determination
Categories: Banking & Fintech
Countries: World
This article is part of category

Banking & Fintech