Sovos launches cloud platform for automated tax reporting

By Robin Amlot

Global tax software provider Sovos has unveiled the Sovos Advanced Periodic Reporting platform. Building on more than a decade of SaaS-based indirect tax automation, the solution automates, centralises and streamlines indirect tax compliance processes for businesses operating across Europe, the Middle East, Africa, Latin America and Asia. By replacing manual processes, local point solutions and tax compliance outsourcing with a single global solution, Sovos handles all indirect tax filings as companies’ tax, finance and IT infrastructures evolve and businesses expand into new territories.

Multinational companies face a changing compliance landscape, where authorities are accelerating the digital transformation of tax, increasing the burden on businesses to meet local regulations. The Sovos Advanced Periodic Reporting cloud solution integrates with any ERP or financial source system, including SAP, Oracle, Microsoft Dynamics and more. By extracting transactional data directly from customer source systems, Sovos mitigates the risks and costs of compliance, and future-proofs customers against continued regulatory change.

Sovos Advanced Periodic Reporting is part of a fully scalable solution suite for global VAT compliance obligations, including real-time reporting, e-invoicing, e-receipts and e-archiving.

Features include:

• Automate processes from extraction through filing with integrated and customizable workflows.
• Streamline reliance on outsourcing.
• View every step associated with every filing obligation via a customizable dashboard.
• Gather, enhance and analyse general (GL) VAT and logistical data from ERPs and other systems to present in the format and timeframe tax authorities require.
• Monitor updates, changes and new reporting forms with content from more than 100 Sovos regulatory experts.
• Enhance decision-making with data analysis at aggregate and granular levels.
• Integrate with other Sovos VAT compliance solutions to respond to any tax compliance obligation across markets.

Sovos supports more than 16,000 customers, including half of the Fortune 500, operating in over 70 countries. Its SaaS products and proprietary Sovos S1 Platform integrate with a wide variety of business applications and government compliance processes.