If your company is doing business in Europe, sweeping VAT reform is likely having a major impact on your tax determination and reporting processes. As you seek ways to mitigate risks and effectively meet government mandates, choosing the right compliance tech partner is critical.
No longer are manual processes and paper-based forms sufficient for most tax authorities. Instead, governments are moving toward electronic, real-time value-added tax (VAT) reporting, which is forcing companies to re-evaluate their back-office systems and employ new technology solutions for compliance.
For most companies, existing ERP solutions cannot fully comply with government mandates for eFiling, eAccounting, eLedger and eInvoicing. Likewise, managing these compliance activities in-house is not realistic, requiring a team of tax and IT specialists, as well as constant fire drills and updates. That's where a third-party compliance tech solution that you can manage and control comes in.
Sovos recently published a checklist that can help your business evaluate potential compliance technology partners. You'll find a handy list of questions to ask vendors about their ability to:
- meet constantly changing compliance mandates
- integrate seamlessly with your ERP systems and tax authority systems
- provide ongoing maintenance
- offer continued support throughout the entire lifecycle
- and more….
Download the checklist today to ensure your company considers every current and future need as it assesses tax compliance technology options.