Sovos offers product to automate use tax determination reconciliation
Sovos, which provides tax compliance and regulatory reporting software, has released a new cloud-based product to automate use tax determination reconciliation on purchases to self-assess and accrue tax for proper filing.
The Sovos Use Tax Manager was created to deal with increased audit activity and businesses’ need for improved coverage of taxes in the procure-to-pay process.
The solution includes the capability to:
- Identify invoices that require use tax self-assessment and accrue tax to ensure accurate filing and remittance in all jurisdictions;
- Inspect all vendor invoices for over- or under-charges of sales tax;
- Aggregate and enhance data from other purchasing technology; and
- Spot exceptions and configure rules with Use Tax Manager’s reconciliation reports 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, general manager of sales and 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.”