Sovos & PwC Ireland form partnership to enhance e-invoicing

Sovos, a provider of tax, compliance, and trust services, has announced a new joint business relationship with PwC Ireland.

This partnership aims to enhance e-invoicing and e-reporting solutions in response to increasing mandates across the European Union and globally. The collaboration leverages Sovos' compliance technology and PwC Ireland's tax expertise, addressing regulatory changes effectively.

The joint business relationship seeks to bolster PwC Ireland's Tax Technology services. Clients will benefit from a more robust offering that enhances value-added services and reinforces client relationships. PwC Ireland will integrate Sovos' technology to provide comprehensive compliance solutions, particularly in light of Ireland's forthcoming VAT reporting modernisation.

Businesses can utilise Sovos' Compliance Cloud to manage e-invoicing requirements across multiple markets seamlessly. This system facilitates the automated identification and documentation of client regulatory needs, creating a comprehensive data record for global compliance.

"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," stated Johnny Wickham, Tax Technology Partner at PwC Ireland. "Our seamless implementation services will facilitate a smooth transition, allowing clients to fully embrace the benefits of automated e-invoicing and e-reporting."

The global shift towards digitisation in tax compliance is gaining momentum, with tax authorities increasingly mandating e-invoicing and e-reporting. This transition aims to provide accurate data for better tax tracking and revenue protection.

Kevin Akeroyd, CEO of Sovos, highlighted the broader implications of this shift, stating, "Compliance-related digital transformation 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."

The collaboration follows an earlier agreement between Sovos and PwC Belgium. With Ireland's VAT reporting modernisation expected to introduce real-time reporting and e-invoicing for business-to-business and business-to-government transactions, the joint business relationship is timely and strategic.

Through the Sovos Compliance Cloud, organisations can ensure that their e-invoicing processes meet the latest regulatory standards. This capability is crucial as more countries adopt stringent e-invoicing and e-reporting requirements, necessitating skilled compliance guidance.

The joint efforts of Sovos and PwC Ireland aim to streamline e-invoicing processes, making them more efficient and compliant with emerging global standards. Clients of both firms will access a more integrated tax technology service, capable of addressing the complexities of evolving regulatory landscapes.