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Sovos introduces Compliance Cloud to help businesses navigate global tax and regulatory environments
Sovos , a compliance company , has announced the launch of the Sovos Compliance Cloud , a solution that unifies tax compliance and regulatory reporting software in one platform and provides a holistic data system of record for global compliance . The Sovos Compliance Cloud represents the culmination of more than eight years and hundreds of millions of dollars of investments in native engineering . That investment is combined with integrations
IT ’ S TIME TO TRANSFORM TAX COMPLIANCE FROM A BUSINESS REQUIREMENT TO A FORCE FOR GROWTH . into most ERP , P2P and e-commerce technology ecosystems and incorporates several billions of dollars of acquired , bestof-breed products from around the globe .
“ It ’ s time to transform tax compliance from a business requirement to a force for growth ,” said Sovos CEO , Kevin Akeroyd . “ 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 .”
The launch of the Sovos Compliance Cloud comes amid a period of increased risk and inefficiencies for businesses trying to address compliance with individual point solutions . In fact , 82 % of companies believe they ’ re more exposed to taxrelated compliance risk than they were five years ago , and 90 % expect their compliance-related costs to keep climbing . The move to a unified cloud empowers companies with greater visibility and more economies of scale into their technology infrastructure across the enterprise – saving time , money and reducing risk .
The Sovos Compliance Cloud also helps CFOs and CIOs maximise their existing investments by embedding itself into a rich ecosystem of partners and technology providers . To date , the company features more than 75 embedded integrations into key ERP , accounts payable ( AP ) and accounts receivable ( AR ) systems , as well as over 425 connectors in the Sovos App Marketplace . This means that companies do not need to replace or modify costly infrastructure to deliver more accurate tax compliance and reporting .
Sovos ’ Compliance Cloud will facilitate more than six billion tax and e-invoicing transactions across 80-plus countries this year ; whereas the next largest provider will facilitate less than 100 million . The Sovos Compliance Cloud represents the most scalable and secure global compliance solution ever introduced for the modern enterprise .
“ 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 ,” said Kevin Permenter , Research Director , Financial Applications , IDC . x
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