Sovos VAT offers a web-enabled data analytics and value added tax reporting solution that can be used in conjunction with any source system.
Data Extraction & Upload
Our solution allows you to extract extensive data from your host system(s) into one single extract when using SAP. This data includes logistical data for statistical filing, accounting data for reconciliation, and transactional data for filing.
Likewise, any other data extract from any legacy or host system, can easily be uploaded in our web-based solution in different formats (xml, xls, Word, etc.) with the use of import templates. This flexible way of uploading data offers the possibility to upload multiple extracts at the same time within seconds.
Data Accuracy, Analytics, & Reporting
Our technology allows you to automatically adjust, add, validate, and correct data based on pre-defined custom data accuracy rules and analysis plans. This includes real-time VAT number validation directly with the EU VIES database. Our solution also allows for the use of look-up tables, so that automatic data editing can be used in a targeted way. All changes are automatically logged in an audit trail report that allows for full visibility so you can track what, when, and why changes were made.
The type and number of analysis and data accuracy rules that can be set-up and used in Sovos VAT are unlimited. Our solution can group the analytics and data accuracy rules per country, per company, per transaction types, etc. In other words, it is very flexible and scalable and therefore very efficient and practical.
We have added reconciliation logic that will significantly lower the time spent on reconciliations by companies and also improve reporting standards on reconciliation for audit purposes.
Once the data is analysed, corrected, improved, and reconciled with our solution, you can run all reports that are required to submit in the various tax jurisdictions as well as management reports or any other reports. These reports are automatically kept up-to-date by our tax research team. Our solution includes specific Mini One Stop Shop (MOSS) reports for both the Union and the non-Union scheme and supports standard audit files for MOSS.
The Benefits of VAT Process Automation:
- Significant decrease in processing time
- Ability to integrate with any host systems
- Increased accuracy, efficiency, and consistency
- Clear audit trail
- MOSS reporting and audit capabilities
- Multi-jurisdictional coverage that automatically stays-up-to date on all regulatory changes
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