Sovos, the always-on compliance company, has launched its ground-breaking Sovos Compliance Cloud, which is touted as the first solution to combine tax compliance and regulatory reporting software into one unitary platform. This all-encompassing system offers a comprehensive record for global compliance after eight years of creation that saw hundreds of millions of dollars invested in native engineering.
Kevin Akeroyd, CEO of Sovos, stated, "It is time to transform tax compliance from a business requirement to a force for growth." Highlighting the company's foresight, Akeroyd said, "Sovos recognised this need almost a decade ago and invested in building the industry's only truly integrated, complete compliance solution." By incorporating this holistic system of record for tax and compliance, Sovos seeks to replicate the success of enterprise resource planning (ERP), customer relationship management (CRM), and human capital management (HCM) platforms.
The launch of Sovos Compliance Cloud comes at a time when businesses are grappling with compliance risks and inefficiencies. Approximately 82% of companies feel more exposed to tax-related compliance risks than five years ago, and 90% foresee rising compliance-related costs. Unifying these systems into a cloud-based interface provides increased visibility and offers more economies of scale in the enterprise's technology infrastructure. This translates to saved time and money and reduced risks.
The Sovos Compliance Cloud supports CFOs and CIOs by integrating into an extensive ecosystem of partners and technology providers. The company boasts over 75 integrations into key ERP, accounts payable (AP), accounts receivable (AR) systems, and over 425 Connectors in the Sovos App Marketplace. As such, companies don't have to modify or replace their expensive infrastructure for improved tax compliance and reporting accuracy.
This year, the Sovos Compliance Cloud is projected to handle over six billion tax and e-invoicing transactions across more than 80 countries. This surpasses the nearest competitor, estimated to process less than 100 million transactions. This positions the Sovos Compliance Cloud as the most scalable and secure global compliance solution ever created for the modern enterprise.
Kevin Permenter, Research Director, Financial Applications at IDC, says, "Compliance is now inside the transaction, elevating its importance and driving businesses to look beyond just meeting a minimum threshold. Now, the goal is a global view of compliance with a single source of data that allows them to generate actionable business intelligence."
The Sovos Compliance Cloud proposes to address the five fundamentals for modern compliance: Connect, Identify, Determine, Report and Analyse. It offers comprehensive capabilities that cover the complete spectrum of a global business's needs by guaranteeing accurate filing on employee, vendor, and partner income. The platform's Tax Determination, Filing, and Reporting for Value Added Tax (VAT), Continuous Tax Control (CTC), and Sales Use Tax (SUT) ensure accurate calculations across more than 19,000 tax jurisdictions worldwide.