TrueCommerce Partners with Sovos to Help Businesses Comply with VAT Reporting Requirements
The partnership offers the best possible EDI and e-invoicing solution with full tax compliance
COPENHAGEN, Denmark (March 21, 2023) — TrueCommerce, a global provider of supply chain and trading partner connectivity, integration and omnichannel solutions, announced today it has partnered with Sovos, a global provider of e-invoicing and tax reporting solutions. The relationship will provide TrueCommerce customers with a complete, holistic solution for electronic trading with full supply chain visibility and VAT compliance.
Tax authorities around the world are continuing to impose new requirements to increase controls on the transactions between companies with the purpose of increasing efficiency, cutting costs, and fighting fraud. The constant development in the local requirements for VAT reporting across Europe and globally is creating huge pressure for businesses to keep abreast of new requirements, stay compliant and implement global e-invoicing in a consistent, scalable, and cost-effective manner.
By combining TrueCommerce’s EDI solution for quick, efficient, and accurate exchange of electronic invoices with Sovos’s expertise on the latest e-invoicing compliance regulations and ability to validate companies’ electronic invoices with the local tax authorities, the two key market players are able to offer businesses the best possible EDI and e-invoicing solution with full tax compliance.
“We are excited to partner with TrueCommerce whom we consider a very strong player when it comes to network and supply chain offerings in Europe,” said Christiaan Van Der Valk, Vice President, Strategy & Regulatory at Sovos. ”Sovos leads the market in compliance, but we are not in the B2B network business, so TrueCommerce and Sovos really complement each other perfectly.”
Jakob Vestergaard, Managing Director, Europe, TrueCommerce added, “This relationship is great news for all companies with subsidiaries in multiple countries, especially within Europe, as they need to start thinking about how to automate, centralize, and streamline their processes for meeting the periodic VAT reporting obligations that are inevitably coming their way.”
Read more about electronic invoices & tax compliance
Sovos enables businesses to comply with the latest e-invoicing compliance regulations offering world-class solutions specially developed to cover the full cycle of electronic invoicing, from the sending of the documents for the validation with the tax authorities according to the requirements of each country, receipt of validated electronic documents and sending approvals or rejections of documents of suppliers. Learn more about Sovos: www.sovos.com.
TrueCommerce is the most complete way to connect your business across the supply chain, integrating everything from EDI, to inventory management, to fulfillment, to digital storefronts and marketplaces. We’ve revolutionized supply chain visibility and collaboration by helping organizations make the most of their omnichannel initiatives via business point-to-point (P2P) connectivity, order management, collaborative replenishment, intelligent fulfillment, and cross-functional analytics.
The TrueCommerce Global Commerce Network can connect businesses to over 180,000 retailers, distributors, and logistics service providers. As a fully managed services provider, we also manage new trading partner onboarding, as well as the ongoing management of partner-specific mapping, labeling changes, and communications monitoring. That’s why thousands of companies—ranging from SMBs to the global Fortune 100, across various industries—rely on us. For more information, visit TrueCommerce.
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Director, Marketing – Nordic Region