SAP Concur launches “Concur Tax Assurance by VATBox”, a new solution which, through artificial intelligence and machine learning technologies, improves and simplifies the VAT recovery process. “Concur Tax Assurance by VATBox” was created to offer companies an end-to-end solution based on a new approach designed to make life easier for financial team managers, giving them the opportunity to maximize VAT refunds, minimizing at the same time the risk of penalties for non-compliance.
VAT recovery with SAP Concur Tax Assurance by VATBox: main features
The SAP Concur VAT recovery solution offers the following features:
- State-of-the-art technology incorporated into SAP Concur workflow: The platform combines sophisticated artificial intelligence algorithms and complex tax knowledge to enable three-way matching between supplier data, declarations and reports to ensure full compliance of the request.
- Global tax jurisdiction: Domestic and foreign compliance rules and regulations, incorporated into the solution, eliminate the need for manual updates and interventions, with over 96% national coverage of the potential VAT/GST/HST for America, EMEA and APAC.
- Ease of installation and maintenance: The solution is installed with a wizard and can be easily configured and maintained, globally and locally, in step with different business needs.
One of the benefits that companies can obtain by using a solution that avoids the manual VAT refund procedure is first of all a considerable saving in terms of time and money, as well as the reduction of compliance problems. These domestic and foreign regulations are now incorporated into the “Concur Tax Assurance by VATBox” that allow you to avoid manual updates and continuous interventions.
Mark Stirling, SVP Global Channels at VATBox, said: “We have seen an acceleration of the digitalization process of the tax sector which continues to drive corporate transformation, especially in regards to transactions carried out by employees. The extended partnership with SAP Concur builds on our proven technology that already serves some of the leading global brands. This presents an unprecedented opportunity to improve the efficiency, compliance and bottom line impact of VAT management for businesses.”
“Over the last year the economic landscape has changed, creating a lasting impact on the way organizations do business. As a result, many businesses now have different needs and are looking to adopt solutions and technologies that will enable them to weather uncertain times. Now more than ever, the need for visibility and control of spending is critical to a company’s success and bottom line,” he says. Pierre-Emmanuel Tetaz, Senior Vice President EMEA and General Manager of SAP Concur. “We are thrilled to usher in the new year with this new solution, which addresses our customers’ ever-evolving compliance needs and will help their businesses grow and succeed in 2021 and for years to come.”
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