Today, we are pleased to announce two new solution extensions, delivered through the SAP Concur partner ecosystem, that will address our customers’ broad compliance requirements – Concur Tax Assurance by VATBox and Concur Detect by Oversight.
Concur Tax Assurance by VATBox
VATBox, a technological leader in AI and Value Added Tax (VAT)/Goods and Services Tax (GST) compliance, offers a new approach to solving complex challenges around tax compliance and VAT recovery. Concur Tax Assurance by VATBox helps organizations comply with global tax regulations by confirming data integrity and offering collection and enhancement tools to increase reclaim potential. A dynamically updated financial platform designed with sophisticated AI algorithms and embedded with intricate tax knowledge digitizes the compliance process and maximizes recovery.
More than 160 countries apply Value Added Tax (VAT) on goods and services, and each of these countries enforce varying policies, which can make complying with VAT regulations confusing and complex for many businesses. In fact, more than 42 percent of employee expense transactions do not meet compliance requirements for reclaim due to incorrect information and missing data,1 causing a compliance issue and a lost opportunity for businesses to recoup funds.
Concur Detect by Oversight
Concur Detect by Oversight brings together Oversight’s spend management and risk mitigation expertise with SAP Concur data and technology, simplifying an organization’s expense audit and compliance program with embedded intelligence and automation. Unlike many approaches, Concur Detect by Oversight analyzes expenses both before and after payment to mitigate immediate risks, spot suspicious spend patterns across time, and prioritize risk to drive greater audit efficiency.
Finance teams face constant pressure to increase spend compliance and reduce errors, fraud, and waste. However, manual processes and the lack of business context needed to make decisions about financial transactions make approving expense reports with accuracy an almost impossible task. According to the ACFE’s 2020 “Report to the Nations,” the median loss to a company from expense report fraud is $33,000. The report also found that a lack of internal controls contributed to nearly one out of three frauds, underscoring the need for anti-fraud controls that increase visibility and control over spend.2
“Modern, automated solutions can help finance leaders ensure compliance despite frequently changing rules, requirements and business needs,” said Kevin Permenter, Research Manager, IDC. “A streamlined process can also deliver better financial outcomes while maximizing staff productivity, clear advantages for those looking to get ahead in this difficult economic environment.”
There’s no doubt 2020 made a lasting impact on how organizations do business and transformed their need to service their employees and customers, particularly with regards to the solutions and technologies that became vital to continuity. Now, more than ever, the need for visibility and control of expenses is imperative to a business’s success. We’ve heard our customers tell us that compliance requirements continue to evolve and shape their business operations, and they want the ability to choose technologies that fit their unique needs. We are excited to usher in the new year with these new solutions, addressing our customers’ ever-evolving compliance needs and helping their businesses grow and succeed in 2021 and beyond.
1 VATBox 2018 Data Benchmark