Compliance solutions provider Sovos has teamed up with PwC Ireland, aiming to transform the e-invoicing and e-reporting landscape.
This joint business relationship is expected to expedite the implementation of these systems, responding to the growing number of government mandates throughout the EU and globally.
The partnership is an expansion of Sovos’ existing collaboration with PwC, previously established with PwC Belgium.
It brings together the tax compliance expertise and technological solutions of both organisations. PwC Ireland, through this joint venture, seeks to enhance its Tax Technology services, adding value and bolstering client relationships.
In Ireland, significant changes are on the horizon with the modernisation of VAT reporting. This reform is expected to introduce real-time reporting and mandatory e-invoicing for both business-to-business and business-to-government transactions.
The Sovos Compliance Cloud will play a crucial role in this transformation. It enables organisations to automatically identify and document client-specific e-invoicing and e-reporting requirements across various markets.
This creates a unified, global data system of record that ensures compliance.
PwC Ireland Tax Technology Partner Johnny Wickham said: “By leveraging Sovos’ advanced e-invoicing technology solutions alongside our implementation and technical expertise, we are poised to transform the way our clients manage their e-invoicing processes.
“Our seamless implementation services will facilitate a smooth transition, allowing clients to fully embrace the benefits of automated e-invoicing and e-reporting.”
Clients of both Sovos and PwC will now have access to comprehensive solutions designed to navigate the complexities of regulatory changes.
With many countries introducing mandatory e-invoicing and e-reporting, the demand for skilled compliance guidance is on the rise.
Sovos CEO Kevin Akeroyd said: “Tax authorities are accelerating the global shift toward e-invoicing and e-reporting because digitisation provides accurate, objective data, and even the smallest improvement in tracking businesses’ operations can save a country billions of dollars in lost tax revenue.
“Compliance-related digital transformation also benefits business. “A singular data view into their global compliance posture allows the thousands of multinational companies headquartered in Ireland – and those beyond – to unlock tremendous value from these insights; insights that can fuel business growth.”
