Sovos extends indirect tax solution to simplify P2P challenges

With full integration into its S1 cloud platform, Sovos now paves the way for its comprehensive indirect tax compliance solutions to be available in procurement processes.

According to statements made by Sovos representatives, as VAT compliance and real-time transaction controls go through a digital transformation, tax has quickly shifted from an accounting problem to a technology problem. Every financial process - from procurement to payment to delivery of goods - is being scrutinized like never before, and tax departments must adopt holistic strategies to thrive in this new environment, where tax administrations use locally varying requirements to tap directly into business-to-business data flows.

Sovos provides e-invoicing and e-archiving compliance to procurement software and cloud services. By extending this support to global tax determination and various forms of e-invoice reporting, Sovos empowers businesses to work with their software vendors for procurement and spend management, without-changing global tax digitisation requirements that apply to accounts payable (AP) processes.