Sovos Revolutionizes Tax Compliance with Integrated Platform

Sovos, a leading provider of tax compliance solutions, has launched a groundbreaking platform that combines compliance, tax, and regulatory reporting software into one comprehensive solution, as stated in The Fintech Times.

The Sovos Compliance Cloud, the result of over eight years of development and substantial investment, aims to redefine tax compliance as a driver of business growth rather than just a regulatory requirement.

According to Sovos CEO Kevin Akeroyd, «It’s time to transform tax compliance from a business requirement to a force for growth.» He emphasized that Sovos’ platform is the industry’s only truly integrated compliance solution, offering more than 75 embedded integrations and over 425 connectors in the Sovos App Marketplace.

The launch of the Sovos Compliance Cloud comes at a crucial time, as businesses face increased risks and inefficiencies from managing compliance through disparate point solutions. A Bloomberg 2022 Corporate Tax Survey found that 82% of companies believe they are more exposed to tax-related compliance risks than five years ago. Additionally, a study by Accenture revealed that 90% of companies expect compliance-related costs to rise.

By transitioning to a unified cloud platform, businesses can enhance visibility, achieve economies of scale, and realize time and cost savings while reducing risks. The Sovos Compliance Cloud seamlessly integrates with a wide range of partners and technology providers, including key enterprise resource planning (ERP), accounts payable (AP), and accounts receivable (AR) systems.

Sovos’ Compliance Cloud is expected to facilitate over six billion tax and e-invoicing transactions across 80-plus countries this year, making it a highly scalable and secure global compliance solution tailored for the modern enterprise.