Sovos Compliance Cloud is a comprehensive platform designed to address the complex challenges of global tax compliance and regulatory reporting. It offers a centralized solution for businesses to manage various tax obligations, including indirect taxes, VAT, Sales and Use Tax, and multiple reporting requirements across different jurisdictions. The platform integrates with existing financial systems to provide real-time visibility into transactions, automate reporting processes, and ensure accurate compliance with ever-changing regulations.

Key Features

Global Tax Compliance Management Sovos Compliance Cloud provides a unified approach to managing tax compliance across multiple countries and jurisdictions.

• Support for indirect taxes, VAT, and Sales and Use Tax (SUT)
• Compliance with diverse reporting requirements (e.g., Intrastat, EC Sales Lists, SAF-T)

Centralized Information Reporting The platform consolidates various tax information reporting processes into a single solution.

• Handling of 1095s, 1099s, 1042-S, and W-2s
• Holistic view of customer and vendor information

Automated Regulatory Reporting Sovos Compliance Cloud streamlines the preparation and submission of regulatory reports.

• Automated submission to National Association of Insurance Commissioners (NAIC) and states
• Unclaimed property reporting and escheatment solutions

Real-time Transaction Visibility The platform offers complete visibility into the transaction lifecycle for both purchases and sales.

• Smart orchestration layer following business and local regulatory requirements
• Integration with AP, AR, ERP, and other financial systems

Benefits

Reduced Compliance Risk Sovos Compliance Cloud helps businesses stay compliant and avoid costly penalties.

• Automatic updates to keep pace with regulatory changes
• Proactive identification of compliance obligations

Cost Savings By moving from point solutions to a unified platform, businesses can achieve significant cost reductions.

• Potential savings of $1M or more
• Elimination of error-prone processes that lead to audits and penalties

Improved Business Intelligence The platform provides actionable insights from compliance data.

• Unified view of direct tax, indirect tax, and enterprise financial data
• Ability to anticipate changes and identify new opportunities

Scalability for Global Growth Sovos Compliance Cloud is built to support business expansion across different regions.

• Adaptability to various local regulatory requirements
• Seamless integration with existing financial technologies and government agencies