back Back

Sovos announces alliance with KPMG to help enterprises with VAT Compliance requirements

By Edlyn Cardoza

May 11, 2022

  • Compliance
  • Digital Transformation
  • ERP
Share

Sovos, KPMG, VAT Compliance, Risk Management, Compliance, Digital Transformation, ERP, Tax, USAGlobal tax software provider Sovos recently announced its strategic alliance with audit, tax and advisory firm KPMG LLP to empower enterprises to meet evolving value-added tax (VAT) compliance obligations across multiple countries. With Sovos’ software and KPMG’s tax experience, organisations can simplify operations into a single platform, reduce the IT cost of compliance and decrease the risk of penalties associated with incorrect or delayed reporting.

VAT is a vital revenue resource for governments around the world. As a result, tax authorities are looking for new ways to ensure they are capturing anticipated revenue, including adopting new and more expansive real-time compliance requirements and introducing new data demands, processes, and needs.

“Managing VAT compliance amid rapid regulatory change is overwhelming for multinational organizations,” said Jonathan Eisner, chief channel officer and vice president of global alliances, Sovos. “Through this relationship, enterprises will have access to KPMG’s experienced tax professionals as well as Sovos’ scalable VAT service, which handles compliance obligations across 70 countries, including continuous transaction controls, post-audit e-invoicing and periodic reporting.”

With Sovos and KPMG, businesses can:

  • Lower costs: Reduce IT costs associated with compliance
  • Simplify operations: Deploy a single platform for managing accounts receivable, accounts payable, e-archiving and VAT compliance across the countries.
  • Reduce negative impacts on cash flow: Ensure that tax credits are not delayed due to incorrect or delayed reporting.
  • Decrease the risk of penalties: Automate processes and verifications for e-invoicing; link to all related documents – from purchase order to invoice to tax reporting.

“Increasingly, continuous transaction controls push businesses towards digital transformation,” said Niren Saldanha, partner, tax, KPMG. “Our team has extensive knowledge of implementing Sovos’ software within existing ERP and legacy systems. By setting up data reporting within the ERP system, we can help tax authorities receive the right information at the right time to keep our clients’ compliance efforts running smoothly. With Sovos, we’ll be able to help them stay ahead of tax compliance regulations today, and in the future.”

Previous Article

May 11, 2022

Kamel Pay and Mastercard launch new payments solutions in the UAE

Read More
Next Article

May 11, 2022

Casa enables businesses to integrate Bitcoin multisig wallets with launch of new API

Read More










IBSi Daily News Analysis

Wealth management, HNIs, HNWIs

June 02, 2023

Compliance

How wealth management firms can grow revenues in a declining market

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

June 02, 2023

Sikoia chooses Yapily to provide Open Banking access to its clients

Read More

June 02, 2023

Standard Life selects Moneyhub for open finance integration

Read More

June 02, 2023

Papaya Global launches new solution, HCM Cloud Connector

Read More

Related Reports

Sales League Table Report 2022

£1,500.00 / year

Know More
Global Digital Banking Vendor & Landscape Report Q1 2023

£1,500.00 / year

Know More
Wealth Management & Private Banking Systems Report Q1 2023

£1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q1 2023

£1,500.00 / year

Know More
Treasury & Capital Markets Systems Report Q1 2023

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022