New Solution Meets the Growing Challenge of Employee Driven Spend
25 January 2021, Tel Aviv – VATBox today announced the expansion of its relationship with SAP Concur, the world’s leading brand for integrated travel, expense, and invoice management. VATBox joins the SAP® Concur® partner program as a solution extension partner with the launch of Concur® Tax Assurance by VATBox.
Concur Tax Assurance by VATBox meets the increasing demands of tax compliance risk management and tax rate management, as well as tax policy configuration, in the expense data workflow process. VATBox’s leading-edge technology, uniquely embedded into the Concur Expense workflow, brings established enterprise-grade, cloud-based automation to businesses of all sizes. As an SAP Concur partner, the VATBox service is now available as a new SAP Concur offering.
The new partnership significantly eases the burden and reduces risk for business leaders, while maximising profitability for their organisation. As audit exposure and digital demands from tax authorities increase, Concur Tax Assurance by VATBox helps organisations comply with global tax regulations by optimising the integrity of their data. A dynamically updated and automated financial platform designed with sophisticated artificial intelligence (AI) algorithms and embedded with intricate tax knowledge digitises the compliance process and maximises recovery. In addition, domestic and foreign compliance rules and regulations are embedded in the solution, eliminating the need for manual updates and intervention.
“Automation and digitalisation have always been important to businesses. What was once a ‘nice to have’ has now become of mission-critical importance as we emerge into a new financial data landscape,” said Isaac Saft, VATBox founder and CEO. “Adopting and deploying e-commerce technology and platforms, ensuring tax compliance and digitalisation, is now an absolute priority for business continuity, efficiency, and long-term success. We are here to meet that need.”
Unlike traditionally centralised purchasing activities, the consumer-style purchasing now faced by businesses requires superior technology to meet compliance standards. That technology must gather and validate transactional data before then connecting the dots in order to digitise and organise the relevant tax and financial controls. Data becomes more valuable than ever to a business, and that data must be centralised with high integrity across internal and external stakeholders.
Commenting on the launch, VATBox SVP Global Channels Mark Stirling said, “We have witnessed an acceleration of the tax domain digitalisation process that continues to drive business transformation, in particular those transactions that are driven by employees. The extended partnership with the SAP Concur organisation builds upon our proven technology, which already serves major global brands. This represents an unprecedented opportunity to improve efficiencies, compliance, and bottom-line impact around Value Added Tax (VAT)/Goods and Services Tax (GST) management for business.”
VATBox’s data validation and VAT recovery process will now be available to SAP Concur customers to help support their global tax compliance and maximise tax returns. The company’s acclaimed AI and machine learning (ML) technology has met the ever-increasing data and compliance challenges head-on, earning VATBox recognition as a partner of choice in developing and deploying a robust end to end offering.
VATBox is a global SaaS innovator delivering cloud-based tax compliance automation to multinational companies in the era of employee-driven transactions. Since 2013 VATBox has been pioneering in the arena of VAT/GST compliance & recovery – extending its leadership around tax assurance digitalisation to meet tomorrow’s technological challenges including Employee Benefits and Corporation Tax.
The patented VATBox platform has been recognised by prestigious programs of industry including the Citi Bank Accelerator, Finovate, MasterCard’s Accelerator, and the Red Herring Europe Top 100. VATBox operates globally to give businesses full control over their consumer-style purchasing data. For more information: visit vatbox.com or follow us on Twitter, Facebook, YouTube and LinkedIn.