Each year, tax authorities introduce new, stricter regulations and requirements for how organizations and businesses need to collect and report their value-added tax (VAT) information. With global trade expanding and countries that all have their own rules and regulations to adhere to, it can quickly become overwhelming and time-consuming for supply chain professionals to ensure they are meeting all compliance requirements. As new compliance regulations are rolled out, these complex regimes can make it tough to ensure your company is VAT compliant.
Tax compliance is a critical and integral part of your business processes. Without ensuring all regulations and requirements are met, you open the door to fees, risks, and restrictions. At Tradeshift, we know the demand for an organization that understands and upholds all tax compliance requirements. In countries that mandate e-invoicing, the invoice becomes the single point that companies need to get right the first time — if your invoice is not approved by the tax authority, this could cause operational disruption. Getting this right is not just an accounting, tax reporting, or penalty concern anymore, but rather a real-time operational and supply chain obstacle for the continuity of your business altogether.
That’s why we’ve partnered with Sovos to help ensure all your supply chains and organizations are compliant and running smoothly.
“Sovos fits into this model perfectly as we integrate with any existing system or infrastructure to solve tax challenges globally...Indirect tax compliance and global reporting are becoming stricter, more complex, and enforcement is ramping up. Companies can no longer afford to patch together makeshift solutions from local providers. They need a robust, global solution to meet the requirements of government overseers. Together Sovos and Tradeshift can ‘Solve Tax for Good.’”
As a tax technology firm, Sovos is built for the constantly evolving and complex modern tax landscape. Sovos believes that tax compliance should never be a barrier or hindrance for any organization. That’s why their team of over 2,000 employees works across over 70 different countries to provide the tools, and support businesses need to ensure compliance in their organizations.
Recently, Tradeshift helped present Sovos’ 12th edition of their annual trends report, “VAT Trends: Toward Continuous Transaction Controls.” This report compiles all the information working professionals need to know about tax compliance trends, future insights, best practices, and updated requirements.
“Sovos is a true authority when it comes to tax and regulatory compliance globally. They have grown through acquisitions over the past years and have regulatory experts covering all regions as well as simple, practical technology solutions that fit well with Tradeshift’s ecosystem. Together, we are able to support Tradeshift’s global clients and their supply chains to formulate and execute global VAT strategies that drive digital adoption while meeting the local governments’ requirements.”
In the past, Sovos and Tradeshift have presented webinars and other resources to educate supply chain professionals on tax compliance and accounts payables processes. Together, we encourage organizations to embrace digital tools and platforms as countries expand their operations and regulatory requirements. With a digital platform, companies can run compliant payables and payment processes quickly and with complete accuracy, regardless of where they are conducting business. Learn from Tradeshift and Sovos about how your AP team can prepare for a more resilient and connected future.
We are thrilled to continue in our partnership with Sovos. Together, we are committed to ensuring our Tradeshift users remain compliant with all necessary requirements.
For more information about this expanding partnership or to see Tradeshift in action, reach out to our team of experts and start your demo today.