Banner Default Image

Sovos launches new advanced periodic reporting cloud platform for automated tax reporting across global borders

< Back to all insights

Sovos launches new advanced periodic reporting cloud platform for automated tax reporting across global borders

Author: Georgia Richardson

Published date: 2021/06

5[1]

Sovos launches new advanced periodic reporting cloud platform for automated tax reporting across global borders

 

With automated indirect tax reporting for VAT, SAF-T and GST, Sovos Advanced Periodic Reporting centralises and streamlines processes for modern global tax compliance

 

London – June 3, 2021Sovos , global tax software provider, today announced the availability of Sovos Advanced Periodic Reporting platform. The new platform brings hundreds of customers onto next generation architecture designed for performance, scalability, enhanced functionality and expanded global coverage. Building on over a decade of SaaS-based indirect tax automation, the solution automates, centralises and streamlines indirect tax compliance processes for businesses operating across Europe, the Middle East, Africa, Latin America and Asia. By replacing manual processes, local point solutions and tax compliance outsourcing with a single, cost-effective, global solution, Sovos handles all indirect tax filings as companies’ tax, finance and IT infrastructures evolve and businesses expand into new territories.

 

Multinational companies face a changing compliance landscape, where authorities are accelerating the digital transformation of tax, increasing the burden on businesses to meet local regulations. The Sovos Advanced Periodic Reporting cloud solution integrates with any ERP or financial source system, including SAP, Oracle, Microsoft Dynamics and more. By extracting transactional data directly from customer source systems, Sovos mitigates the risks and costs of compliance, and future-proofs customers against continued regulatory change.

 

“Sovos Advanced Periodic Reporting alleviates workload burdens for companies grappling with frequent, disparate regulatory changes across VAT jurisdictions around the world,” said Ryan Ostilly, vice president of product management at Sovos. “Its high-performance data processing, intelligent validation and world-class content provide immense value and a superior user experience. It’s one more way we’re fulfilling our promise to customers: to tackle their most difficult global compliance challenges and help them truly Solve Tax for Good.”

 

Sovos Advanced Periodic Reporting is part of a fully scalable solution suite for global VAT compliance obligations, including real-time reporting, e-invoicing, e-receipts and e-archiving.

Features include:

 

  • Automate processes from extraction through filing with integrated and customizable workflows.

  • Streamline reliance on outsourcing.

  • View every step associated with every filing obligation via a customizable dashboard.

  • Gather, enhance and analyse general (GL) VAT and logistical data from ERPs and other systems to present in the format and timeframe tax authorities require.

  • Monitor updates, changes and new reporting forms with content from more than 100 Sovos regulatory experts.

  • Enhance decision-making with data analysis at aggregate and granular levels.

  • Integrate with other Sovos VAT compliance solutions to respond to any tax compliance obligation across markets.

 To learn more about Sovos Advanced Period Reporting, visit https://sovos.com/products/tax-reporting/vat-reporting/