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Sovos Adds Indirect Tax Solution for Global Enterprises

b2b, business taxes, compliance, accounting

Sovos has launched a solution designed to modernize how companies meet global indirect tax obligations.

The new Indirect Tax Suite is part of the Sovos Compliance Cloud and helps enterprises manage all their indirect tax obligations with governments, buyers, suppliers and consumers, the provider of compliance solutions said in a Tuesday (April 30) press release emailed to PYMNTS. 

“With the Sovos Indirect Tax Suite, companies can rely on the only comprehensive, global, always-on suite of integrated services in the industry to proactively manage compliance, benefiting from a single source of truth for tax data,” Kevin Akeroyd, CEO at Sovos, said in the release.

This new solution from Sovos can be embedded into existing workflows of more than 70 of the most widely used enterprise resource planning (ERP) and transaction management systems and can be seamlessly connected to government tax authorities across the globe, according to the release.

It provides automated tax rates and rule updates; adds transaction compliance to accounts receivable (AR) and accounts payable (AP) processes; and provides filing, reporting and insights, per the release.

The Indirect Tax Suite is designed for companies operating across multiple markets or looking to enter new ones, Akeroyd said in the release. It helps them meet the challenges of variations in tax rates and rules, wide-ranging reporting cadences and different requirements for documenting and storing transaction data.

“Keeping up with all of this is a tremendous drain on resources, especially when using multiple, disconnected point systems for different obligations or in different countries,” Akeroyd said.

With over 19,000 tax jurisdictions worldwide, each undergoing constant changes, the complexity of staying compliant has never been higher, and businesses are being compelled to embrace digital solutions, Akeroyd told PYMNTS’ Karen Webster in an interview posted Monday (April 29).

“Compliance has traditionally been a cost center designed to avoid risk and ensure compliance,” Akeroyd said. “It has not been a force for growth — but now, it’s turning that corner, and it really can be a force for growth.”

In another recent move, Sovos said April 15 that it enhanced its Sovos Partner Network to make it easier for partners to access new opportunities in technology, revenue and marketing. This program centers on the Sovos Compliance Cloud.

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