The SAP Concur Fusion 2019 conference held in San Diego on March 11-14 was an opportunity to learn about the unique solutions offered by the SAP Concur ecosystem for the expense, travel, and invoice management. SAP customers, partners and experts came together to meet, network and attend valuable educational sessions on how integrating SAP Concur solutions can help make their business operations more efficient.
The enlightening panel discussion on Building a Business Case for Compliance focused on the complex issues of data collection and auditing requirements when it comes to tracking travel expenses, as well as best practices for maintaining international travel compliance.
Panellist James Nguyen, Global Head of Procurement for Zoetis, a multinational animal health company, explained how the successful integration of VATBox technology streamlined and automated data collection and analysis, enabling Zoetis to gain actionable insights, assess and mitigate risks, and recover costs of travel expenses.
Asked to discuss how VATBox handles complex data gathering and analysis requirements across Zoetis’ multiple systems, Nguyen responded that introducing VATBox has played a pivotal role in helping the company educate its employees, which has effectively mitigated their high disqualification rate, increased policy compliance and maximised VAT reclaim opportunities. VATBox helped us ensure our “travellers are submitting documentation properly under the right legal entity or with the right breakdown of costs.”
VATBox’s sophisticated dashboard and predefined reports provide visibility into the key data and insights that require an immediate call for action as well as a drill-down view to detailed information at the invoice line item level. The data can be presented as an aggregate display or per entity/country. With the option for a summary or detailed report, VATBox can display the status of every step throughout the full process, highlighting what was not recoverable, along with the reasons for the rejection, resulting in a materially improved VAT recovery process.
Nguyen gave the audience an example of the dashboard’s power: “If the employee is submitting invoices too late, then you fall outside the recovery window. You see these kinds of things on the dashboard, from the top and the bottom, and it gives you an indication of where your weaknesses are, allows you to do a root cause analysis.”
VATBox has successfully digitised the VAT/GST recovery workflow with its cloud-based enterprise recovery solution. Using intelligent automation, VATBox helps large corporations – including Fortune 500 companies – gain actionable insight into their transactional data, empowering finance and tax professionals with full data integrity, tight compliance and maximum savings. Fusing AI and Computer Vision with human expertise, VATBox provides a full spectrum of VAT/GST audit and recovery services. Benchmarks for tax, finance and procurement – aimed to encourage process improvements and compliance – are all collected in one easy-to-use portal with drill-down capabilities into every single transaction, no matter how small. Our expert team is just ‘one-click’ away, ready to help you start making data-driven decisions today.
Contact VATBox at www.vatbox.com