Lovat Integration with Stripe
Edinburgh, July 02, 2024 – Lovat, a pioneer in online tax compliance solutions, has unveiled its strategic integration with Stripe, marking a significant advancement in tackling the mounting challenges of e-commerce tax compliance.
The rapid expansion of e-commerce has intensified tax compliance obligations for businesses worldwide. According to recent reports, small businesses spend an average of 163 hours annually on sales tax compliance alone, underscoring the time-intensive nature of managing tax obligations across multiple jurisdictions. Additionally, with over 13,000 sales and use tax jurisdictions in the US alone, navigating these complexities has become increasingly daunting for businesses of all sizes.
The Lovat and Stripe integration allows users to set up a Lovat account through Stripe and attach Stripe as a payment service to Lovat transactions. E-commerce sellers can sell using various payment methods and currencies, and Lovat will automatically create tax transactions and calculate taxes for all countries and states. By harnessing the power of Stripe’s transaction data and Lovat’s advanced tax management capabilities, businesses can now automate and streamline their tax compliance processes with unprecedented efficiency.
Key features and benefits
- Customized Tax Calculations: Tailor tax calculations to specific business needs with ease.
- Multi-State Tax Management: Identify economic nexus thresholds across different states to proactively manage tax obligations.
- Automated Reporting: Generate comprehensive reports to stay ahead of upcoming tax requirements and ensure compliance.
- Effortless Data Collection: Automatically gather sales data from multiple channels to simplify tax preparation and minimize errors.
- Advanced Technology: Utilize deep tech solutions for systematic regulatory reporting and audit-ready record-keeping.
- User-Friendly Interface: Intuitive design enables seamless management of VAT and sales tax liabilities, accessible to all users.
“As e-commerce continues to flourish globally, so do the complexities of tax compliance,” stated Olga M., CEO of Lovat. “Our collaboration with Stripe underscores our commitment to delivering innovative solutions that empower businesses to navigate and conquer these challenges effectively.”
About Lovat
Lovat specializes in online tax compliance solutions tailored for e-commerce businesses, providing streamlined VAT and sales tax reporting capabilities. With headquarters in Edinburgh, Lovat leverages cutting-edge technology to ensure accurate and efficient tax management across diverse regulatory environments.
About Stripe
Stripe is a leading online payment processing platform trusted by millions of businesses worldwide for secure and efficient transactions.
The Lovat-Stripe integration is now available, offering businesses a comprehensive solution to enhance their tax compliance strategies. For more information on how Lovat can transform your tax compliance approach, visit vatcompliance.co