New cloud architecture from Sovos’ could cut tax and compliance burden
Sovos, a global leader in tax, compliance, and trust solutions, has announced the launch of the Sovos Compliance Cloud.
The platform is the culmination of over eight years of native engineering investment and the integration of several billion dollars’ worth of globally acquired, best-of-breed products. This platform is the first of its kind to unify tax compliance and regulatory reporting in one holistic system of record for global compliance.
The Compliance Cloud is designed to facilitate more than six billion tax and e-invoicing transactions across more than 80 countries this year alone. This volume significantly outpaces the next largest provider, which is expected to facilitate less than 100 million transactions.
“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 for Financial Applications at IDC.
Integration and Scalability
The Sovos Compliance Cloud offers unprecedented integration capabilities with most ERP, P2P, and eCommerce technology ecosystems.
It features over 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 level of integration allows businesses to maximize their existing investments, saving time, money, and reducing risk. It also ensures businesses can accurately file on employee, vendor, and partner income across more than 19,000 tax jurisdictions globally.
The Future of Compliance
Sovos CEO Kevin Akeroyd believes the platform will transform tax compliance from a business requirement to a force for growth.
“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,” he says.
