IFS, the leading provider of enterprise cloud and Industrial AI software and Sovos, the always-on tax compliance company, announced a strategic technology partnership to integrate an indirect tax suite within IFS Cloud, enabling enterprises to streamline, optimize and automate complex tax compliance obligations using real-time data from across the organization.
Taxation compliance has become an always-on challenge for CFOs and finance leadership teams with worldwide operations. Multi-national companies need to leverage dynamic solutions that use real-time data, available on demand, to meet global obligations and remain agile to keep pace with constantly changing regulatory environments.
Integrating Sovos’s tax and compliance software with Industrial AI-powered IFS Cloud ERP capabilities provides customers with the ability to automate tax compliance with rules from over 20,000 tax jurisdictions. This will help customers operating globally avoid penalties from late fees, provide continuous transaction control, avoid reputational damage from non-compliance, and maintain always-on compliance wherever they operate. The powerful capability also helps prevent business disruption from cross border transfer of goods being delayed and supports cash flow planning.
Christian Pedersen, Chief Product Officer, IFS, commented: “I am very proud that leading third-party providers like Sovos want to connect to the IFS platform as they clearly see the opportunity with our customer base and the momentum we have in the market. Our customers have chosen IFS to benefit from the transformational capabilities and single source of data truth that our IFS.ai-powered platform provides. I am delighted to introduce more ERP innovation that helps drive productivity and realize value to businesses through automation.”
Kevin Akeroyd, CEO, Sovos, added: “Regulatory compliance is growing more important within major organizations, elevating to the C-suite level. Their ability to operate in and expand into new markets is compromised if they can’t get compliance right. We are excited to integrate within the powerful IFS Cloud ecosystem to extend the benefits and value to more enterprises globally.”
