Increasingly complex VAT regulations are sweeping across Europe, demanding technology adoption to support compliance and reporting-related activities.
Now is the time for businesses to reevaluate their processes and technology to ensure they can meet complex VAT compliance and reporting initiatives, tightly integrate with government tax authorities, support real-time access to transactional data and adapt for the wave of change to come.
Know which VAT compliance and reporting technology solution you should select to automate your process by answering the following questions:
- Will it integrate with your existing back office systems and provide an audit trail?
- Is it capable of supporting VAT and business-to-government reporting requirements in all the countries in which your company operates?
- Can it be customized to your current process and streamline end-to-end VAT compliance and reporting processes across departments and countries?
- Is it fully integrated (with data enrichment, workflows, analysis, reconciliation and report generation all in one solution) and user friendly (with regulations translated by regulatory counsels, designed and implemented by IT and tested by tax managers)?
- Does it support data analytics that can help your company develop and protect its growth strategy?
- Does it give you centralized visibility and control over your internal processes and obligations?
- Maintenance & Support
- Can it be automatically updated to ensure compliance and eliminate the significant cost and hassle of major, last-minute implementation projects for every new country mandate?
- Does it eliminate the need for specialized expertise and internal resources for maintenance?
- Does it have all the security certificates in place?
- Does the solution have the ability to generate forms in English and the local languages in the countries where your company operates?
- Does it offer a single point of contact for questions and ongoing support?
- Can it handle the increasingly large quantities of data required to be submitted in a timely and efficient manner?
When evaluating your preferred compliance and reporting solutions, can you answer “yes” to all of these questions? If not, contact Sovos today.
Sovos is the leading software provider for global tax compliance and business-to-government reporting solutions, reducing regulatory burdens and risk for customers while helping them grow through Intelligent Compliance. Learn more about Sovos VAT and e-invoicing solutions.
About the AuthorMore Content by Gustavo Jimenez