Finance teams can keep pace with constantly changing regulatory environment through automation embedded within IFS Cloud ERP platform
ORLANDO, Fla., Oct. 15, 2024 /PRNewswire/ — IFSUNLEASHED IFS, the leading provider of enterprise cloud and Industrial AI software and Sovos, the always-on tax compliance company, today 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."
About Sovos
Sovos is transforming tax compliance from a business requirement to a force for growth. Our flagship product, the Sovos Compliance Cloud platform, enables businesses to identify, determine, and report on every tax obligation across the globe. Sovos processes 16 billion+ transactions per year, helping companies scale their compliance strategy in almost 200 countries.
More than 100,000 customers – including half the Fortune 500 – trust Sovos’ tax and regulatory expertise and unparalleled integration with their business applications. Learn more at sovos.com.
About IFSIFS is the world’s leading provider of Industrial AI and enterprise software for hardcore businesses that make, service, and power our planet. Our technology enables businesses which manufacture goods, maintain complex assets, and manage service-focused operations to unlock the transformative power of Industrial AI™ to enhance productivity, efficiency, and sustainability.
IFS Cloud is a fully composable AI-powered platform, designed for ultimate flexibility and adaptability to our customers’ specific requirements and business evolution. It spans the needs of Enterprise Resource Planning (ERP), Enterprise Asset Management (EAM), Supply Chain Management (SCM), Information Technology Service Management (ITSM), and Field Service Management (FSM). IFS technology leverages AI, machine learning, real-time data and analytics to empower our customers to make informed strategic decisions and excel at their Moment of Service™.
IFS was founded in 1983 by five university friends who pitched a tent outside our first customer’s site to ensure they would be available 24/7 and the needs of the customer would come first. Since then, IFS has grown into a global leader with over 7,000 employees in 80 countries. Driven by those foundational values of agility, customer-centricity, and trust, IFS is recognized worldwide for delivering value and supporting strategic transformations. We are the most recommended supplier in our sector. Visit ifs.com to learn why.
IFS Press Contacts:EUROPE / MEA / APJ: Adam GillbeIFS, Director of Corporate & Executive CommunicationsEmail: adam.gillbe@ifs.comNORTH AMERICA / LATAM: Mairi MorganIFS, Director of Corporate & Executive CommunicationsEmail: mairi.morgan@ifs.com
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