Sovos and PwC in Belgium Partner on eInvoicing, eReporting Solutions
Sovos, a global tax software provider, has joined forces with PwC in Belgium to streamline the adoption of eInvoicing among businesses.
This collaboration establishes a joint business relationship designed to enhance the implementation of eInvoicing and eReporting solutions, the companies said in a Thursday (March 28) press release.
The partnership between Sovos and PwC in Belgium is set against the backdrop of increasing global regulatory mandates that require businesses to adopt eInvoicing for tax compliance purposes, according to the release.
“As companies navigate an increasingly interconnected and dynamic marketplace, the need for a more integrated eInvoice process has never been more crucial,” Ellen Cortvriend, partner at PwC in Belgium, said in the release.
This collaboration is poised to offer comprehensive support to companies navigating the complexities of these mandates, leveraging Sovos’ expertise in tax software alongside PwC in Belgium’s advisory services, the release said.
The partnership aims to deliver a range of benefits to businesses, including streamlined processes, reduced compliance risks and enhanced efficiency in tax reporting, per the release. By integrating Sovos’ advanced tax software with PwC in Belgium’s advisory services, companies will have access to a solution that addresses the full spectrum of eInvoicing requirements.
“Rapid and complex compliance changes create both tax and IT challenges, from needing immediate tax determination at the point the invoice is raised, to the integration of validated eInvoices with periodic and SAF-T reporting,” Alice Katwan, president of revenue at Sovos, said in the release. “By reducing the operational burden and providing a singular data view into their compliance posture, Sovos and PwC allow companies to unlock tremendous business value.”
The movement of governments toward transactional collection through continuous transactional controls (CTCs), particularly in Latin America and Europe, is a notable change from what’s traditionally been seen before, Steve Sprague, chief strategy and product officer at Sovos, told PYMNTS in an interview posted March 19.
Governments are now collecting enterprises’ invoices in real time, Sprague said.
“Many individuals viewed tax as something that happens on a quarterly basis or an annual basis,” Sprague said. “But around the world, it’s been moving from not only quarterly, monthly … now it’s in real time.”
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