Sovos Use Tax Manager enables organizations to reduce the risks and costs associated in notoriously error-prone use tax management processes
March 5, 2018, LAS VEGAS [SAP Ariba Live] — Sovos, a global leader in tax compliance and regulatory reporting software, today announced Sovos Use Tax Manager, a cloud-based solution that automates use tax determination reconciliation on purchases to accurately self-assess and accrue tax for proper filing.
Due to the lack of visibility into tax obligations, use tax has traditionally been a costly and risky issue for businesses, resulting in overpayments to vendors and penalties for failing to properly self-assess use tax. While many businesses are familiar with tax automation in their accounts receivable process, auditors are increasingly turning their focus toward use tax.
“As a Sovos partner, it’s great to see Sovos Use Tax Manager addressing such an important tax compliance challenge,” said Alex Laskowski, Partner, Grant Thornton. “Use Tax Manager gives tax teams the tools to effectively centralize purchase data, validate their tax obligations and manage the process without disrupting AP or IT. Tax teams will absolutely love the flexibility and control it offers.”
Use tax is a significant issue in audits
Sovos Use Tax Manager comes as businesses are reporting increased audit activity and a push for improved tax covered in the procure-to-pay process. In fact, a recent study from Americas’ SAP Users’ Group (ASUG) found more than half of ASUG members believe use tax is a significant issue in audits and nearly half of respondents reported increased efforts to manage tax in P2P over the last three years.
The new Sovos solution responds to those challenges by providing the most accurate and automated tax software available for use tax and giving tax professionals the tools they need to:
- Identify invoices that require use tax self-assessment and accrue tax to ensure accurate filing and remittance in all jurisdictions.
- Easily inspect all vendor invoices for over or under charges of sales tax.
- Take control of the process and keep purchasing and AP running smoothly by easily aggregating and enhancing data from any purchasing technology.
- Spot exceptions and configure rules with Use Tax Manager’s reconciliation reports to make the process more “intelligent” to prevent future sales and use tax gaps.
“Today organizations can source purchases from virtually any supplier anywhere in the world, complicating the job of tax teams who have little visibility into supplier invoices and little control over making sure the organization is paying the correct tax,” said Fritz McCormick, GM of Sales & Use Tax at Sovos. “We’re happy to solve that problem once and for all with a solution that automates use tax from determination to reconciliation to filing, finally giving tax pros control of tax in the purchasing process.”
Sovos will demonstrate the new Use Tax Manager solution during SAP Ariba Live this week. Sovos Use Tax Manager is available immediately. For more information, please visit: https://sovos.com/use-tax-manager/.
Sovos is a global leader in tax compliance and business-to-government reporting software, safeguarding businesses from the burden and risk of compliance around the world. As governments go digital, businesses face increased risk and complexity. The Sovos Intelligent Compliance Cloud combines world-class regulatory analysis with a global cloud software platform to create an adaptable, connected and global compliance solution that keeps businesses ahead of the ever-changing regulatory environment. Sovos supports 4,500 companies, including half of the Fortune 500, and integrates with a wide variety of business applications. Based in Boston, Sovos has offices throughout North America, Latin America and Europe. For more information visit www.sovos.com and follow us on LinkedIn and Twitter.
Learn how Sovos Use Tax Manager can give your tax team the visibility and control needed over tax data on every purchase – without slowing down your Accounts Payable process.
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