Sovos and Tungsten Integrate Tax Compliance and AP Automation Solutions
Sovos and Tungsten Automation have partnered on a compliant accounts payable (AP) solution that is designed to streamline the procure-to-pay and compliance lifecycle.
[contact-form-7]The combination of the Tungsten Automation Platform and Sovos’ Tax Compliance Cloud creates a solution for intelligent invoice automation and global tax compliance, helping companies meet the demands of increasing global regulatory complexity, the companies said in a Wednesday (July 9) press release.
The solution uses OCR to capture paper and PDF invoices, uses artificial intelligence-powered technology to process documents, connects seamlessly with supplier portals, and integrates with enterprise resource planning (ERP) and procurement systems, according to the release.
It also provides global tax determination and ensures real-time compliance with eInvoicing regulations, the release said.
With these capabilities, companies will be better able to handle new global tax mandates like VAT in the Digital Age (ViDA) and Continuous Transaction Controls, per the release.
“The convergence of AP automation and tax compliance isn’t just an operational advantage, it’s become a business imperative,” Tungsten Automation CEO Peter Hantman said in the release.
Sovos CEO Kevin Akeroyd said in the release that the integrated solution not only solves today’s challenges but also futureproofs companies’ operations against the evolving global regulatory landscape.
“This partnership represents the evolution of tax compliance from a reactive business requirement to a proactive growth enabler,” Akeroyd said.
There is a “massive amount of complexity” when it comes to tax compliance, Akeroyd told PYMNTS CEO Karen Webster in an interview posted in July 2024.
For example, compliance differs wildly from country to country, dozens of countries have implemented a value-added tax (VAT) or goods and services tax on cross-border online sales, and many enterprises don’t have the resources to meet the latest tax compliance challenges, Akeroyd said.
“The corporation out there is not where it needs to be in terms of a state of readiness, and they’re relying on a lot of service and technology people who do this for a living 24/7,” Akeroyd said.
Sovos partnered with eCommerce platform Shopify in June to launch Shopify Tax automated filing, a feature that automates the preparation, filing and remittance of sales tax returns for Shopify merchants.
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