Tax compliance solutions provider Sovos recently launched OptiTax, a purpose-built use tax management solution designed to help businesses change their approach to use tax compliance from reactive to proactive financial optimization.
OptiTax is a new kind of use tax platform that is analytics-driven and ERP-agnostic by design. The solution addresses the challenges of use tax compliance—often called the “hidden tax compliance audit risk”—by providing finance teams with unprecedented visibility and control over their use tax obligations.
“OptiTax transforms use tax from a back-office function into a strategic financial opportunity,” Swati Garodia, chief product officer at Sovos, said in a statement. “In an era where audit risk is becoming increasingly data-driven, our customers are discovering that OptiTax isn’t just about tax compliance, it’s about cash preservation, audit risk mitigation, and strategic financial control.”
Built on Sovos’ cloud infrastructure, OptiTax enables organizations to systematically review accounts payable transactions, identify overpaid taxes for recovery, and detect under-accruals before audits begin. The solution “replaces brittle integrations and consultant-led clean-ups with a scalable, automated approach that delivers measurable financial results,” Sovos said in an Oct. 23 media release.
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Key OptiTax capabilities include:
- Advanced analytics and recovery: OptiTax’s intelligent algorithms analyze historical accounts payable data to identify tax overpayments and under-accruals, enabling companies to recover substantial amounts. One recent implementation helped a financial services company recover $1.8 million in overpaid taxes and fix $750,000 in under-accruals across two years of transactions.
- ERP-agnostic integration: The solution seamlessly connects with existing enterprise systems without requiring customization, making implementation faster and more reliable than traditional point solutions. Functionality can often be realized in just days.
- In-period compliance monitoring: OptiTax provides continuous oversight of use tax obligations, comparing taxes paid and unpaid on purchases against actual tax requirements with complete visibility across all vendor invoices, moving analysis from post-compliance and pre-audit to pre-compliance.
- Intelligent process optimization: The platform learns from transaction patterns and enables organizations to configure validation rules that improve accuracy over time, working proactively with vendors to prevent future errors.
According to Sovos, the solution integrates seamlessly with the company’s comprehensive suite of tax and compliance tools while delivering immediate value through automated insights and recovery opportunities.
OptiTax is available to customers immediately and backed by Sovos’ comprehensive support infrastructure, professional services team, and regulatory expertise that serves more than 100,000 customers worldwide.
More information about Sovos can be found here.
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Tags: Sovos, tax compliance, Taxes, Technology, use tax, use tax compliance
