A midsize energy company saves time on 1099s with Sovos

New Sovos Tax Information Reporting Solution Solves Escalating Tax Challenges for Accounts Payable Leaders
Case Study

Midsize Energy Company

In 2015, a midsize energy company converted to a new ERP system with the knowledge that there might be a need for external assistance with tax information reporting.  After careful consideration, Sovos filled the gap.

Summary

Business Challenges

  • A midsize energy company’s new ERP implementation wasn’t compatible with all of its financial files.

  • The company needed an automated solution for 1099-MISC and 1042-S reporting.

Solution

  • The Sovos 1099 reporting solution provides automated reporting capabilities.

  • Regulatory updates built into Sovos 1099 keep the company up-to-date with changes in regulations.

Benefits

  • The AP department saves time and hassle previously associated with tax information reporting.

  • AP employees can spend time on mission-critical jobs rather than on reporting.

The Company

The firm is an independent oil and gas exploration and production company with several hundred employees based in the western United States.

The Challenge

In 2015, the company switched from one ERP system to another.  However, information from the new ERP implementation did not support the complicated challenges combining all the facets required in creating IRS forms 1099-MISC and 1042-S. Seeking a solution, the company evaluated several options from different compliance vendors.

The Solution

After hearing a presentation by Sovos on 1099 filing solutions at a seminar hosted by industry group International Accounts Payable Professionals (IAPP), the company decided on Sovos. The Sovos 1099 reporting system provided an automated method for handling reporting, and Sovos regulatory updates kept the firm up to speed on the latest developments.

“Sovos keeps up with all the IRS changes so we don’t have to worry about being behind.  We spend fewer hours going through the rules to make sure we’re up to date on any changes.”

Corporate AP Supervisor

Midsize energy company

The Benefits

With Sovos 1099 reporting, the company’s AP employees spend fewer hours preparing 1099 files and doing test filing through the IRS. The company no longer has to worry about keeping up with changing regulatory requirements. As a result, AP employees can spend more time on mission-critical duties and less time on 1099 reporting.

Why Sovos?

Sovos provided a solution that automated 1099 reporting processes after the ERP changeover. Regulatory updates from Sovos built into the 1099 reporting solution meant the company was consistently up-to-date with changes in compliance requirements with no action required from the company’s AP department. Sovos also provided excellent customer service during the rollout process.