Corcentric and Sovos Partner to Address New Invoicing and Reporting Compliance Requirements in Europe
CHERRY HILL, NJ, Sept. 14, 2022—Corcentric, a leading global provider of payments, procurement, accounts payable, and accounts receivable solutions to enterprise and middle-market companies, announced today its partnership with global tax compliance solutions provider Sovos to help companies navigate intricate global e-invoicing requirements, including new laws regulating e-invoicing and e-reporting being rolled out in several European countries.
In September 2021, France passed an ordinance requiring all companies in the country, as well as suppliers doing business with French companies (other than suppliers exempt from value-added tax, or VAT, requirements), transmit and receive e-invoices via a central platform starting July 1, 2024. Other European countries, such as Germany, Italy, and Spain, looking to move to continuous transaction controls will require companies to issue e-invoices and e-reporting with similar requirements going into effect over the next few years.
With Corcentric’s Source-to-Pay and Order-to-Cash invoice automation software solutions and Sovos’ tax compliance experience, companies can migrate to the new standard on a single platform, reduce IT costs related to being compliant, and decrease the risk of penalties associated with incorrect or delayed compliance.
“This is a revolutionary time as organizations move away from manual processes and embrace e-invoicing,” said Matt Clark, President and Chief Operating Officer of Corcentric. “Our partnership with Sovos is vital to helping businesses across the world transition to new standards like Factur-X and to providing customers with the invoicing standards and tax compliance solutions they need.”
While tax authorities will accept multiple e-invoicing formats, Factur-X is the predominant electronic data exchange standard. It combines the two most widely used invoice formats, XML and PDF, to create a structured data set for suppliers and invoice issuers. Since Corcentric’s platform supports Factur-X invoices, this partnership ensures electronic data exchange for companies of all sizes. As businesses engaging with buyers and suppliers adopt a modern, global VAT strategy, they can easily and successfully comply with evolving requirements.
“Managing VAT compliance amid rapid regulatory change is overwhelming for organizations,” said Jonathan Eisner, Chief Channel Officer and Vice President of Global Alliances at Sovos. “Through this relationship, enterprises will have access to Corcentric’s accounts payable and accounts receivable expertise as well as Sovos’ scalable VAT service, which handles compliance obligations across 70 countries, including continuous transaction controls, post-audit e-invoicing, and periodic reporting.”
To learn more about how Corcentric and Sovos can help your organization achieve new invoicing and tax compliance success, visit here.
Corcentric is a leading global provider of payments, procurement, accounts payable, and accounts receivable solutions to enterprise and middle-market companies. Corcentric delivers software, advisory services, and payments focused on reducing costs, optimizing working capital, and unlocking revenue. To learn more, please visit www.corcentric.com.
Sovos was built to solve the complexities of the digital transformation of tax, with complete, connected offerings for tax determination, continuous transaction controls, tax reporting, and more. Sovos customers include half the Fortune 500, as well as businesses of every size operating in more than 70 countries. The company’s SaaS products and proprietary Sovos S1 Platform integrate with a wide variety of business applications and government compliance processes. Sovos has employees throughout the Americas and Europe and is owned by Hg and TA Associates
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Corcentric is a leading global provider of payments, procurement, accounts payable, and accounts receivable solutions to enterprise and middle-market companies. Corcentric delivers software, advisory services, and payments focused on reducing costs, optimizing working capital, and unlocking revenue. To learn more, please visit corcentric.com.