PYMNTS MonitorEdge May 2024

Sovos and PwC Ireland Partner on eInvoicing, eReporting Compliance Solutions

Sovos and PwC Ireland partnered to help organizations implement eInvoicing and eReporting to comply with government mandates across the European Union and the world.

The collaboration brings together the capabilities of Sovos, supplier of the Sovos Compliance Cloud platform, and PwC Ireland, a provider of assurance, advisory and tax services, the companies said in a Tuesday (June 25) press release.

“By leveraging Sovos’ advanced eInvoicing technology solutions alongside our implementation and technical expertise, we are poised to transform the way our clients manage their eInvoicing processes,” Johnny Wickham, tax technology partner at PwC Ireland, said in the release.

The partnership is being launched at a time when Ireland is preparing to launch VAT reporting modernization, which is expected to mandate real-time reporting and eInvoicing for B2B and business-to-government transactions, according to the release.

With the Sovos Compliance Cloud, organizations can identify and document eInvoicing and eReporting requirements in multiple markets and create a holistic data system of record for global compliance, per the release.

While the global shift toward eInvoicing and eReporting is being driven by tax authorities that are looking to save lost tax revenue, it also benefits businesses, Sovos CEO Kevin Akeroyd said in the release.

“A singular data view into their global compliance posture allows the thousands of multinational companies headquartered in Ireland — and those beyond — to unlock tremendous value from these insights; insights that can fuel business growth,” Akeroyd said.

The agreement announcement comes about three months after Sovos formed a similar partnership with PwC in Belgium.

For businesses eyeing cross-border expansion beyond their domestic markets, the benefits of winning share internationally are contingent upon navigating the compliance requirements set forth by various regulatory bodies when it comes to payments within their borders, PYMNTS reported in May.

Globally, there are more than 14,000 regulatory changes monthly covering over 19,000 tax jurisdictions, Akeroyd wrote in the PYMNTS eBook, “The Implications of Uncertainty.”

“Because of this, three of the biggest challenges facing companies right now are risk, cost and lack of insights,” Akeroyd wrote. “Each of them can be addressed with the right technology and data.”

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