Sovos Unveils Innovative Indirect Tax Suite Tailored for SAP

Author: Henry Turner Updated: 10-01-2024 06:46 AM

Sovos Introduces Groundbreaking Indirect Tax Suite for SAP

Sovos, renowned for its tax compliance solutions, is excited to announce the launch of its Indirect Tax Suite for SAP. This pioneering suite serves as a comprehensive platform that facilitates indirect tax determination, e-invoicing, filing, and reporting. Designed to integrate seamlessly with any SAP framework, whether ECC or S/4HANA across cloud options, the suite stands out as the first of its kind.
The Indirect Tax Suite aligns perfectly with SAP’s clean core strategy, allowing organizations to uphold stringent regulatory and tax compliance without sacrificing the integrity of their ERP systems. This unique structure simplifies tax compliance operations within SAP environments, ensuring businesses remain stable and scalable for years to come. Additionally, this suite positions organizations to effectively meet deadlines associated with future SAP upgrades, thus preventing potential tax-related roadblocks during implementation.

Growing Demand for Seamless SAP Integration

As more businesses worldwide migrate to SAP S/4HANA, the need for compliance solutions that merge smoothly with SAP's Clean Core principles has surged. Sovos is optimally equipped to tackle this challenge, presenting the market with an all-encompassing and future-ready Indirect Tax Suite tailored for SAP applications.

Expertise and Vision in Tax Compliance

“With our vast experience in tax compliance and years of collaboration with SAP, Sovos has engineered a solution that transcends conventional offerings. Our Indirect Tax Suite not only addresses current compliance requirements but is also engineered for emerging transaction controls and the future of e-invoicing,” remarked Steve Sprague, Chief Product & Strategy Officer at Sovos. He further emphasized that the alignment with SAP’s Clean Core methodology allows businesses to migrate confidently to S/4HANA, knowing their compliance processes are robust and future-oriented.

Unrivaled Global Coverage and Tax Expertise

As the first provider to offer a comprehensive suite of indirect tax solutions for SAP clients, Sovos covers a broad spectrum that extends from tax determination (including VAT, SUT, and GST) to e-invoicing, thereby meeting the demands of continuous transaction controls (CTCs). Unlike competitors, who primarily focus on singular aspects of tax determination, Sovos delivers an end-to-end solution that caters specifically to multinational corporations operating within intricate regulatory frameworks.

Real-Time Visibility and Monitoring

Spanning regions including North America, Latin America, EMEA, and APAC, Sovos’ innovative platform ensures compliance with diverse local tax regulations, while providing organizations with complete visibility into their tax responsibilities. This enables real-time monitoring across multiple jurisdictions. As a market leader in indirect tax solutions, Sovos manages over 16 billion transactions annually, empowering businesses with the confidence to flourish within an ever-changing tax environment.

Embracing Clean Core Certifications for Future Preparedness

With SAP's transition from ECC to S/4HANA, it is of utmost importance that businesses keep their core ERP systems free from modifications. Embracing clean core principles can significantly reduce ownership costs, minimize technical debt, and facilitate easier upgrades. Sovos' solutions are purposefully designed to function within these guidelines, providing seamless integration with the core SAP system while leveraging cloud-based extensions that contribute unmatched flexibility.

Continuity Through To 2025 and Beyond

“By the year 2025, Sovos is committed to achieving significant advancements in clean core readiness, ensuring our customers navigate their transitions smoothly while remaining compliant with SAP’s best practices,” added Sprague. He believes that tax compliance can fuel business growth rather than hinder it, and Sovos’ framework is crafted to realize this potential.

Benefits of Sovos Indirect Tax Suite

- Future-Proof Compliance: The integration with SAP ECC, S/4HANA, and BTP guarantees that organizations are well-equipped to tackle emerging compliance requirements, including the upcoming Clean Core certification process set to commence in 2025.
- Comprehensive Coverage: The Sovos platform covers tax determination, e-invoicing, and e-reporting operations, ensuring a holistic tax compliance approach across nearly 200 countries.
- Enhanced System Performance: Complying with SAP’s clean core principles, Sovos aids businesses in minimizing system intricacies, cutting maintenance costs, and streamlining upgrades.
- Budget-Conscious Solutions: Sovos protects against unexpected cash flow changes, compliance fines, or delays in payments, ensuring projects remain within budget.
- Expansive Partner Network: Sovos maintains collaborations with numerous global partners, including Big 4 firms and independent software vendors, to provide comprehensive tax compliance solutions and facilitate a successful market presence.
- International Expertise: With certifications across essential markets, including the US, Canada, Brazil, India, and the EU, Sovos’ solutions are expertly designed to assist multinational firms in navigating diverse tax landscapes.

About Sovos

Sovos is reshaping the landscape of tax compliance from a tedious requirement into a growth-driving force. The flagship Sovos Compliance Cloud platform empowers businesses to identify, assess, and report across their global tax obligations. With over 16 billion transactions processed annually, Sovos enables firms to enhance their compliance strategies in close to 200 countries.
More than 100,000 organizations, which includes a significant portion of the Fortune 500, rely on Sovos for its tax expertise and seamless integration with their business frameworks. Discover more about how Sovos can transform your tax compliance practices and support your Clean Core journey.

Frequently Asked Questions

What is the Sovos Indirect Tax Suite?

The Sovos Indirect Tax Suite is a comprehensive solution for indirect tax determination, e-invoicing, filing, and reporting specifically designed for SAP environments.

How does this suite align with SAP’s Clean Core strategy?

The Indirect Tax Suite supports SAP’s Clean Core strategy by ensuring compliance while keeping the integrity of the ERP systems intact and minimizing custom modifications.

What regions does Sovos cover for tax compliance?

Sovos provides tax compliance services across North America, Latin America, EMEA, and APAC, ensuring adherence to local tax regulations.

What benefits can businesses expect from Sovos' solutions?

Businesses can anticipate future-proof compliance, comprehensive coverage in tax matters, reduced system complexity, and a strong partner network to enhance their tax compliance efforts.

Why is Clean Core important for SAP customers?

Clean Core principles are crucial as they allow businesses to simplify future upgrades, reduce technical debt, and lower overall ownership costs associated with ERP systems.

About Investors Hangout

Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/

Disclaimer: The content of this article is solely for general informational purposes only; it does not represent legal, financial, or investment advice. Investors Hangout does not offer financial advice; the author is not a licensed financial advisor. Consult a qualified advisor before making any financial or investment decisions based on this article. The author's interpretation of publicly available data shapes the opinions presented here; as a result, they should not be taken as advice to purchase, sell, or hold any securities mentioned or any other investments. The author does not guarantee the accuracy, completeness, or timeliness of any material, providing it "as is." Information and market conditions may change; past performance is not indicative of future outcomes. If any of the material offered here is inaccurate, please contact us for corrections.