IFS, a provider of enterprise cloud and industrial artificial intelligence (AI) software, has partnered with Sovos, a tax compliance solutions provider, to offer a new integrated tax suite within IFS Cloud.
This collaboration aims to simplify and automate complex tax compliance processes for global enterprises using real-time data from across their operations.
According to the parties, tax compliance has become a continuous challenge for chief financial officers and finance teams, particularly in multinational companies. These organisations must use dynamic, real-time data to stay compliant with global regulations and adapt to ever-changing requirements.
IFS chief product officer Christian Pedersen said: “I am very proud that leading third-party providers like Sovos want to connect to the IFS platform as they clearly see the opportunity with our customer base and the momentum we have in the market.
“Our customers have chosen IFS to benefit from the transformational capabilities and single source of data truth that our IFS.ai-powered platform provides. I am delighted to introduce more ERP innovation that helps drive productivity and realise value to businesses through automation.”
The integration of Sovos’s tax compliance software into IFS Cloud will enable businesses to automate compliance processes for over 20,000 tax jurisdictions. This will help companies avoid penalties, ensure continuous transaction control, and maintain compliance wherever they operate.
Additionally, the integration aims to prevent business disruptions related to cross-border transactions and assist with cash flow planning.
Sovos CEO Kevin Akeroyd said: “Regulatory compliance is growing more important within major organizations, elevating to the C-suite level. Their ability to operate in and expand into new markets is compromised if they can’t get compliance right.
“We are excited to integrate within the powerful IFS Cloud ecosystem to extend the benefits and value to more enterprises globally.”
Earlier this year, Sovos introduced the Sovos Compliance Cloud, a platform designed to consolidate tax compliance and regulatory reporting software in a single solution.
Sovos Compliance Cloud is claimed to offer a comprehensive data system of record for global compliance. The solution aims to assist chief financial officers and chief information officers in optimising their existing systems by integrating with a broad network of partners and technology providers.
