CFOtech UK - Technology news for CFOs & financial decision-makers
Story image
Sovos unveils unified tax platform Compliance Cloud
Thu, 22nd Feb 2024

Managing compliance amidst a complex and constantly changing regulatory landscape presents a significant challenge for businesses today. With 82% of companies feeling increasingly exposed to tax-related compliance risks as compared to five years ago, 90% are expecting their compliance-related costs to continue to rise. All companies agree that leveraging data across the organisation can help tax departments inform better business decisions.

Addressing these challenges, Sovos, the always-on compliance company, has today announced an innovative solution. The Sovos Compliance Cloud is an industry first, offering a single platform that unifies tax and regulatory reporting, allowing businesses to identify, determine, and globally report on all tax transactions and obligations. Over a decade, Sovos has developed this tool to aid complicated regulatory requirements such as the Corporate Transparency Act, the 2017 tax law, and the new Global Minimum Tax regime to name a few.

Sovos CEO Kevin Akeroyd said, "It's time to 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."

With 82% of companies believing they are more exposed to tax-related compliance risk now than five years ago, and 90% predicting their compliance-related costs to remain on an upward trajectory, a single unified platform like the Sovos Compliance Cloud can provide businesses with greater clarity and efficiency. It integrates with key infrastructure across the enterprise, helping to save money, time and reduce risk.

The platform already features over 75 embedded integrations working with ERP, AP and AR systems, and more than 425 Connectors in the Sovos App Marketplace. In just this year alone, the Sovos Compliance Cloud is likely to facilitate more than six billion tax and e-invoicing transactions across more than 80 countries, significantly more than its closest competitor, making it a stand-out, scalable, and secure global compliance solution for contemporary businesses.

Kevin Permenter, the Research Director for Financial Applications at IDC, believes, "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."

The Sovos Compliance Cloud is the only platform solution to address the five fundamentals for modern compliance including connecting to internal and external data systems and tax authorities, identifying each party to a transaction, ensuring every transaction's accuracy and compliance, reporting all transactions accurately, and deriving data insights from all transactions. These functions mean companies can manage their whole range of global business needs, from employee, vendor to partner income, with precise tax calculations across over 19,000 tax jurisdictions worldwide. The platform affirms Sovos’ position at the forefront of tax-information management.