Sovos, the always-on compliance company, today announced the launch of the Sovos Compliance Cloud, the industry’s first and only solution that unifies tax compliance and regulatory reporting software in one platform and provides a holistic data system of record for global compliance.
The Sovos Compliance Cloud represents the culmination of more than eight years and hundreds of millions of dollars of investments in native engineering. That investment is combined with integrations into most ERP, P2P and eCommerce technology ecosystems and incorporates several billions of dollars of acquired, best-of-breed products from around the globe.
“It’s time to transform tax compliance from a business requirement to a force for growth,” said Sovos CEO Kevin Akeroyd. “Sovos recognized this need almost a decade ago and invested in building the industry’s only 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.”
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, 82% of companies believe they’re more exposed to tax-related compliance risk than they were five years ago (source: Bloomberg), and 90% expect their compliance-related costs to keep climbing (source: Accenture). The move to a unified cloud empowers 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 maximize 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 this year; whereas the next largest provider will facilitate less than 100 million. The Sovos Compliance Cloud represents the most scalable and secure global compliance solution ever introduced for the modern enterprise.
“Compliance is now inside the transaction, elevating its importance and driving businesses to look beyond just meeting a minimum threshold. Now, the goal is a global view of compliance with a single source of data that allows them to generate actionable business intelligence,” says Kevin Permenter, Research Director, Financial Applications, IDC.
A New Platform for Modern Compliance
The Sovos Compliance Cloud is the only platform solution to address the five fundamentals for modern compliance, enabling companies to:
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.
Analyze 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. Sovos Tax Information Reporting already handles more 1099s than any company in the world.