Tax, compliance and trust solutions and services provider Sovos has launched a new solution dubbed Sovos Compliance Cloud to unify tax compliance and regulatory reporting software in one platform.
Sovos Compliance Cloud, which is said to represent hundreds of millions of dollars of investments in native engineering and over eight years of effort, also provides a comprehensive data system of record for global compliance.
The new solution will help chief financial officers and chief information officers to maximise their existing investments by integrating itself into an extensive network of partners and technology providers.
According to Sovos, the company currently features over 75 embedded integrations into major enterprise resource planning (ERP), accounts payable (AP), and accounts receivable (AR) systems.
Besides, the tax, compliance and trust solutions and services provider has more than 425 connectors in the Sovos App Marketplace.
Sovos Compliance Cloud is expected to manage more than six billion tax and e-invoicing transactions across over 80 countries this year.
Furthermore, the new solution will ensure businesses in accurately filing employee, vendor, and partner income.
Its tax determination, filing, and reporting features for value-added tax (VAT), continuous tax control (CTC), and sales and use tax (SUT) facilitate accurate calculations spanning over 19,000 tax jurisdictions worldwide.
Sovos CEO Kevin Akeroyd said: “It’s time to transform tax compliance from a business requirement to a force for growth. Sovos recognised this need almost a decade ago and invested in building the industry’s only truly integrated, complete compliance solution.
“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.”