Latest news with #Sovos
Forbes
30-07-2025
- Business
- Forbes
Why Your Data Gap Could Represent A Significant Financial Risk
Kevin Akeroyd is the CEO of Sovos, the always-on compliance company. Let me paint a scenario, and then you, as a business leader, decide how you would respond: Your largest creditor in a given market comes to you with an invoice and says, 'Based on our data, you owe us this amount.' However, your internal systems don't have the capacity or the interoperability to pull together the data across disparate networks and applications to verify if their invoice numbers are correct. What do you do? If you're anything like me, I'm sure a few choice words come immediately to mind, followed by the sentiment, "There's no way in the world I'm paying this until we can verify that the information and amounts are correct." However, let me add another layer of complexity to this situation. The creditor in question is the tax authority for the country or region in which you're operating. So, delaying or not paying aren't options if you wish to avoid big fines and continue to operate. Farfetched? Not even close. This is a very real scenario that's playing out in countries worldwide as we speak, and businesses are scrambling to adjust to this new reality. New Rules, New Environment Let's examine the fundamental question of what's changed and why this is happening now. Governments across the world have embraced technology and the digitization of the tax collection process, which has paved the way for more sophisticated e-invoicing rules and mandates. Many have shifted from a declarative system of data collection, where businesses report after the fact, to a transaction-based system where they collect data in real time. In total, more than 80 countries currently have some form of e-invoicing requirements for tax compliance and digital invoicing. And these aren't small countries we're talking about; these countries represent the biggest economies in the world. For some, this may seem like an overnight change, but this has been the eventuality ever since Chile pioneered voluntary e-invoicing in 2001 in South America. In 2014, Italy led the European mandate wave. If you think about e-invoicing mandates in technological terms, it closely resembles the Law of Accelerating Returns. Here, the core principle states that evolutionary processes (including technological development) progress exponentially because each stage builds upon and incorporates the lessons and capabilities of previous stages. The acceleration of e-invoicing, stemming from lessons learned globally, has been unprecedented in the past few years. Based on my conversations with regulatory experts around the globe, I feel confident in saying that real-time e-invoicing mandates will be the global standard within a decade. How Does This Impact My Business, And What Do I Do? For businesses operating in countries with e-invoicing mandates, you've already crossed over the line of demarcation. Meaning, you're in a position where the government probably knows more about your business transactions than you do. This is the result of them not only collecting real-time data from you but from all of your suppliers, partners and customers too. Given this reality, it's important to appreciate that you're no longer in the role of declaring your position to the government. They'll tell you what you owe, and it's your responsibility to either pay or have the necessary documentation to defend yourself against it. For many businesses, this is an uneasy position to be in. As these mandates continue to come online, here are five tips that come from my personal observations and many conversations with global experts on both the technology and regulatory sides of the equation. 1. Proactively address this issue. Don't wait for a mandate to become effective to address, implement and test your solutions well in advance. 2. Avoid point solutions that don't communicate with one another; this makes data reconciliation nearly impossible. 3. Standardize your technology to create efficiencies of scale and help avoid the risk of interoperability issues and corrupt data. 4. Ensure that you have a level of systems that can mirror government reporting. This is the only effective way to defend yourself against overcharges and fines. 5. Elevate your compliance program within your organization. This is a core business risk that requires executive sponsorship. Final Thoughts Tax compliance and the ability to avoid costly audits, fines and in some cases, forfeiture of operating licenses is now all about your transaction and finance data. The government has access to more insights, is collecting them in real time and is telling you what you owe and when you owe it. The best way to protect your business is to ensure that you can mirror this insights-based strategy being deployed by governments and tax authorities worldwide. Only then can you defend against any discrepancies and be ever-ready for audits. Companies that can't do this and are left with gaps in their compliance data invite financial risk into their organization. Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Do I qualify?
Yahoo
22-07-2025
- Business
- Yahoo
Sovos launches AI solution for tax compliance
Tax compliance solutions provider Sovos has unveiled Sovi AI, an artificial intelligence and machine learning (AI and ML) suite designed to enhance tax compliance. The embedded AI engine offers intelligent automation across the Sovos Tax Compliance Cloud platform, providing insight, automation, and reliability for e-invoicing, taxation, and regulatory reporting. Sovos CEO Kevin Akeroyd said: 'Sovi is not just smart, it is Sovos smart. It understands the nuances of global tax compliance better than any other product or solution on the market. 'It codifies Sovos' global tax compliance and regulatory expertise, developed across the 15 billion transactions we process every year in almost 20,000 tax jurisdictions worldwide.' Sovi AI is operational in Sovos solutions, featuring biometrics for face and liveness detection, image recognition, and secure authentication within Sovos Trust solutions. According to the group, Sovi AI offers organisations the ability to boost their operational efficiency by providing self-service analytics. Additionally, Sovi AI delivers clarity by using conversational AI and dashboards, which help identify underlying issues and uncover potential opportunities. Furthermore, it ensures 'unlimited' scalability, equipping businesses with future-proof compliance solutions that can adapt to any country's regulations, manage any volume of data, and handle complex scenarios. The roadmap for Sovi AI includes expansions such as AI compliance checks, Ask Sovi for embedded assistants, automated mapping tools for goods and services classification, and intelligent document agents for automating accounts payable processes. Sovos chief product officer Swati Garodia said: 'Sovi AI brings both precision and depth to the complex world of tax compliance. Sovi seamlessly switches perspectives from macro-level global mandates to micro-level transaction risk, helping businesses stay compliant with unprecedented clarity and intelligence.' In March 2025, Sovos partnered with PwC Ireland to transform the e-invoicing and e-reporting landscape. The collaboration aims to accelerate system implementation in response to increasing government mandates across the EU and globally. The partnership expanded on Sovos' existing collaboration with PwC, initially established with PwC Belgium, combining tax compliance expertise and technological solutions from both organisations. "Sovos launches AI solution for tax compliance " was originally created and published by International Accounting Bulletin, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Finextra
10-07-2025
- Business
- Finextra
Sovos and Tungsten join forces for compliant accounts payable automation
Sovos, the always-on compliance company, and Tungsten Automation, the global leader in intelligent workflow automation solutions, today announced a strategic partnership to deliver a truly integrated compliant AP solution. 0 This collaboration addresses the critical business need for seamless integration between accounts payable automation and indirect tax compliance in an era of increasing global regulatory complexity. The partnership combines the Tungsten Automation Platform with Sovos' Tax Compliance Cloud to create a comprehensive solution for intelligent invoice automation and global tax compliance. The combined solution supports both paper and PDF invoice capture using OCR and AI-powered technology for advanced document processing and connects seamlessly with supplier portals while integrating with ERP and procurement systems. It provides global tax determination and ensures real-time compliance with e-invoicing regulations. This seamless approach reduces manual effort, accelerates processing times, and ensures multi-national organizations remain compliant with evolving global mandates - unlocking operational efficiency, audit readiness, and peace of mind at scale. Addressing a Critical Market Need Traditional AP workflows remain manual, error-prone, and disconnected from tax compliance requirements, resulting in operational inefficiencies, higher costs, and significant compliance risks. With new global tax mandates such as VAT in the Digital Age (ViDA) and Continuous Transaction Controls (CTC) taking hold, companies can no longer treat AP automation and tax compliance as separate initiatives. Businesses need invoice agility across all platforms and systems. 'The convergence of AP automation and tax compliance isn't just an operational advantage, it's become a business imperative,' said Peter Hantman, CEO, Tungsten Automation. 'Our partnership with Sovos addresses a critical C-Suite need in how enterprises approach their financial workflows. By integrating our proven automation capabilities with Sovos' comprehensive compliance expertise, we're delivering a solution that transforms AP from a cost center into a strategic advantage.' Seamless Integration Delivers Unprecedented Value The Compliant AP solution works through five integrated stages: Invoice capture & data extraction: Tungsten's AI-powered OCR technology extracts data from any invoice format with intelligent validation. Automated invoice matching & workflow routing: Automated matching against purchase orders and goods receipts within SAP systems Integrated tax determination & compliance validation: Sovos provides real-time tax determination at both the network and SAP stages Seamless ERP posting: Validated invoices are automatically posted to SAP with complete audit-ready documentation Real-time reporting & analytics: Comprehensive visibility into invoice status, AP cycle times, and tax liabilities 'This partnership represents the evolution of tax compliance from a reactive business requirement to a proactive growth enabler,' said Kevin Akeroyd, CEO, Sovos. 'By combining our deep tax expertise with Tungsten's automation leadership, we're not just solving today's compliance challenges, we're futureproofing our customers' operations against an evolving global regulatory landscape. This is exactly the kind of integrated innovation that transforms how businesses operate.' Proven Partnership Built on Operational Success This strategic alliance builds upon a long-standing relationship between the companies, with Sovos previously serving as the embedded tax compliance engine within Tungsten's platform. This new agreement formalizes a partnership that has been tested and refined through direct customer feedback and operational success. The solution offers unprecedented flexibility as a source system-agnostic platform that connects as a 'last mile compliance partner' to existing infrastructure without requiring system replacement. Companies can implement the joint solution without operational disruption while achieving up to 90% touchless processing, reducing 70% costs in audit or compliance-related penalties, and cutting per-invoice costs from approximately $10 to less than $2. Market Impact and Customer Benefits Key benefits of the integrated compliant AP solution include: Elimination of manual AP workflows with 90%+ touchless processing Guaranteed tax accuracy through integrated validation Dramatic reduction in AP processing costs Improved cash flow through faster, more accurate processing ViDA compliance readiness for evolving EU mandates Reduced implementation risk with proven solutions from established market leaders Deployment flexibility that adapts to existing systems without disruption
Business Wire
09-07-2025
- Business
- Business Wire
Sovos Partners with Tungsten Automation to Deliver Breakthrough Compliant Accounts Payable (AP) Solution
ATLANTA & IRVINE, Calif.--(BUSINESS WIRE)-- Sovos, the always-on compliance company, and Tungsten Automation, the global leader in intelligent workflow automation solutions, today announced a strategic partnership to deliver a truly integrated compliant AP solution. This collaboration addresses the critical business need for seamless integration between accounts payable automation and indirect tax compliance in an era of increasing global regulatory complexity. The partnership combines the Tungsten Automation Platform with Sovos' Tax Compliance Cloud to create a comprehensive solution for intelligent invoice automation and global tax compliance. The combined solution supports both paper and PDF invoice capture using OCR and AI-powered technology for advanced document processing and connects seamlessly with supplier portals while integrating with ERP and procurement systems. It provides global tax determination and ensures real-time compliance with e-invoicing regulations. This seamless approach reduces manual effort, accelerates processing times, and ensures multi-national organizations remain compliant with evolving global mandates - unlocking operational efficiency, audit readiness, and peace of mind at scale. Addressing a Critical Market Need Traditional AP workflows remain manual, error-prone, and disconnected from tax compliance requirements, resulting in operational inefficiencies, higher costs, and significant compliance risks. With new global tax mandates such as VAT in the Digital Age (ViDA) and Continuous Transaction Controls (CTC) taking hold, companies can no longer treat AP automation and tax compliance as separate initiatives. Businesses need invoice agility across all platforms and systems. "The convergence of AP automation and tax compliance isn't just an operational advantage, it's become a business imperative," said Peter Hantman, CEO, Tungsten Automation. "Our partnership with Sovos addresses a critical C-Suite need in how enterprises approach their financial workflows. By integrating our proven automation capabilities with Sovos' comprehensive compliance expertise, we're delivering a solution that transforms AP from a cost center into a strategic advantage." Seamless Integration Delivers Unprecedented Value The Compliant AP solution works through five integrated stages: Invoice capture & data extraction: Tungsten's AI-powered OCR technology extracts data from any invoice format with intelligent validation Automated invoice matching & workflow routing: Automated matching against purchase orders and goods receipts within SAP systems Integrated tax determination & compliance validation: Sovos provides real-time tax determination at both the network and SAP stages Seamless ERP posting: Validated invoices are automatically posted to SAP with complete audit-ready documentation Real-time reporting & analytics: Comprehensive visibility into invoice status, AP cycle times, and tax liabilities "This partnership represents the evolution of tax compliance from a reactive business requirement to a proactive growth enabler," said Kevin Akeroyd, CEO, Sovos. "By combining our deep tax expertise with Tungsten's automation leadership, we're not just solving today's compliance challenges, we're futureproofing our customers' operations against an evolving global regulatory landscape. This is exactly the kind of integrated innovation that transforms how businesses operate." Proven Partnership Built on Operational Success This strategic alliance builds upon a long-standing relationship between the companies, with Sovos previously serving as the embedded tax compliance engine within Tungsten's platform. This new agreement formalizes a partnership that has been tested and refined through direct customer feedback and operational success. The solution offers unprecedented flexibility as a source system-agnostic platform that connects as a 'last mile compliance partner' to existing infrastructure without requiring system replacement. Companies can implement the joint solution without operational disruption while achieving up to 90% touchless processing, reducing 70% costs in audit or compliance-related penalties, and cutting per-invoice costs from approximately $10 to less than $2. Market Impact and Customer Benefits Key benefits of the integrated compliant AP solution include: Elimination of manual AP workflows with 90%+ touchless processing Guaranteed tax accuracy through integrated validation Dramatic reduction in AP processing costs Improved cash flow through faster, more accurate processing ViDA compliance readiness for evolving EU mandates Reduced implementation risk with proven solutions from established market leaders Deployment flexibility that adapts to existing systems without disruption About Tungsten Automation Tungsten Automation, formerly Kofax, is the global leader in intelligent workflow automation solutions with a trusted legacy of 40 years, with a team of 2,200 employees in 32 countries, serving 25,000+ global customers. Our commitment to innovation and customer success has earned us industry recognition, including being named a Leader in Intelligent Automation, IDP and Process Orchestration by key analysts. We are trusted to help businesses gain unprecedented efficiencies and reduce costs through workflow automations that will propel their businesses into the future. About Sovos Sovos is transforming tax compliance from a business requirement to a force for growth. Our flagship product, the Sovos Tax Compliance Cloud platform, enables businesses to identify, determine, and report on every tax obligation across the globe. Sovos processes 16 billion+ transactions per year, helping companies scale their compliance strategy in almost 200 countries. More than 100,000 customers -- including half the Fortune 500 -- trust Sovos' tax and regulatory expertise and unparalleled integration with their business applications. Learn more at
Yahoo
11-06-2025
- Business
- Yahoo
Why Shopify Stock Bounded Higher on Wednesday
Shopify is partnering with Sovos to automate the filing of sales tax returns. Each new product or feature makes the platform stickier, reducing the likelihood of merchant churn. Despite its impressive returns, Shopify is attractively priced. 10 stocks we like better than Shopify › Shares of Shopify (NASDAQ: SHOP) charged sharply higher on Wednesday, climbing as much as 6.4%. As of 1:59 p.m. ET, the stock was still up 5.7%. While the broader market updraft likely helped fuel its ascent, the e-commerce platform provider announced it was adding a new tool to help merchants succeed. Shopify announced a partnership with compliance specialist Sovos to launch Shopify Tax automated filing, a new tool that simplifies the preparation and submission of sales tax returns for Shopify users. This new feature is available immediately to eligible merchants in the U.S. The Sales and Use Tax Filing solution is integrated deeply into Shopify's systems, helping create and submit sales tax returns. This significantly reduces the amount of time needed to manage sales tax compliance, while also helping to minimize the risk of an audit. One of the biggest attractions for Shopify merchants is having all the tools they need to simplify running their business right at their fingertips. Shopify offers a wide range of these tools, helping entrepreneurs build websites, automate marketing, manage inventory, handle shipping and logistics, and accept and process payments. There's a lot for investors to like as well. In the first quarter, revenue rose 27% year over year, while free cash flow jumped 56%. Excluding the changes in the value of its equity investments, Shopify's net income climbed 56%. Finally, the company's consistent performance has fueled stock price gains of 236% over the past three years. Shopify currently sells for 94 times earnings and 16 times sales, but this fails to account for the company's consistent growth. Using the more appropriate price-to-earnings growth (PEG) ratio, which factors in that growth, results in a multiple of 0.04 -- when any number less than 1 is the standard for an undervalued stock. Before you buy stock in Shopify, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Shopify wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $649,102!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $882,344!* Now, it's worth noting Stock Advisor's total average return is 996% — a market-crushing outperformance compared to 174% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 9, 2025 Danny Vena has positions in Shopify. The Motley Fool has positions in and recommends Shopify. The Motley Fool has a disclosure policy. Why Shopify Stock Bounded Higher on Wednesday was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
