Sovos, a provider of tax compliance solutions, has unveiled a platform that integrates compliance, tax, and regulatory reporting software into one unified solution.
Representing over eight years of development and significant investment, the Sovos Compliance Cloud aims to transform tax compliance from a mere obligation into a catalyst for business growth.
With more than 75 embedded integrations and over 425 connectors in the Sovos App Marketplace, the platform maximises existing investments for CFOs and CIOs while offering greater visibility and scalability across the enterprise.
“It’s time to transform tax compliance from a business requirement to a force for growth,” said Sovos CEO Kevin Akeroyd. “Sovos recognised 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.”
Heightened risk
The launch of the Sovos Compliance Cloud coincides with a period of heightened risk and inefficiencies for businesses managing compliance through individual point solutions. According to a Bloomberg 2022 Corporate Tax Survey, 82 per cent of companies believe they face increased exposure to tax-related compliance risks compared to five years ago.
Additionally, a study by Accenture found that 90 per cent of companies anticipate rising compliance-related costs. Transitioning to a unified cloud platform empowers companies with enhanced visibility and economies of scale across their technology infrastructure, leading to time and cost savings while mitigating risks.
The Sovos Compliance Cloud also enables CFOs and CIOs to maximise their existing investments by seamlessly integrating with a wide range of partners and technology providers. With over 75 embedded integrations into key enterprise resource planning (ERP), accounts payable (AP), and accounts receivable (AR) systems, along with more than 425 connectors in the Sovos App Marketplace, companies can enhance tax compliance and reporting without the need for costly infrastructure replacements or modifications.
Sovos’ Compliance Cloud is projected to facilitate over six billion tax and e-invoicing transactions across 80-plus countries this year, far surpassing the capabilities of other providers. This platform represents a highly scalable and secure global compliance solution tailored for the modern enterprise.
