SAP Concur, a leading provider for travel, expense, and invoice management, introduced new solution extensions: Concur Detect by Oversight and Concur Tax Assurance by VATBox to provide customers with simplified compliance solutions.
Financial management is crucial in any business. It keeps the operation moving, and it can also dictate where the business is headed. However, it is not an easy task. To provide a digital solution that will ease financial management difficulty and raise customers’ compliance capabilities up to par, Oversight and VATBox joined as part of the SAP Concur solution extensions suite.
Monitoring Spend and Risks with SAP Concur and Oversight
Oversight combines their expertise in AI-powered spend management and risk mitigation with SAP Concur’s intelligent technology with a new solution called Concur Detect by Oversight that will give comprehensive details on financial analysis in a simplified way.
Concur Detect by Oversight focuses on:
- Monitoring expense risks and detecting their origin to address them promptly, providing early mitigation.
- Identifying and controlling suspicious spending and fraudulent schemes, enabling the practice of compliance within businesses.
- Analysing expense pre-and post-payment, preventing companies from committing errors and overspending, overall achieving positive compliance.
Terrence McCrossan, CEO of Oversight comments:
“Oversight’s risk-based auditing approach is widely adopted by leading enterprise organisations, and our expanded SAP Concur relationship will continue its momentum. We look forward to supporting spend management and cash flow optimization initiatives of other enterprise organisations while reaching new mid-market and global organisations.”
VAT/GST Recovery and Regulations Compliance with Concur Tax Assurance by VATBox
Challenges in tax compliance arise due to its inherent complex characteristics. With the drastic changes brought on by the global COVID-19 pandemic, it has only become more sensible for business enterprises to look for intelligent finance digital solutions that will help them adapt and accelerate their digital transformation journeys.
With the mission to empower financial professionals in making strategic decisions, VATBox is a key leader in Value Added Tax (VAT)/Goods and Services Tax (GST) compliance. The joint solution, Concur Tax Assurance by VATBox offers a strategic way of simplifying tax compliance and financial recovery.
The SAP Concur solution extension offers:
- Positive compliance by boosting data integrity in compliance with global VAT regulations enabling a good end-to-end process that can address errors right away.
- Complete Data-Gathering to create a more comprehensive analysis for VAT compliance and recovery. This not only includes expense type and amount verification but also its eligibility, breakdown of multiple items for varying VAT/GST rates, and identification of duplicates and incomplete data.
- Profit Enhancement by screening for eligible transactions and consolidating data from multiple sources to authenticate the information and check for VAT reclaim eligibility.
- Modernised Operational Efficiency by providing a standardised way of aggregating multiple data sources into a unified digital workflow, making it easier to identify, use, and manage data.
Concur Detect by Oversight and Concur Tax Assurance by VATBox are now available for digital discovery and purchase at SAP Concur’s App Center.
About Oversight
Oversight is an American provider of spend management technology based in Atlanta, Georgia that works with many of the world’s most innovative companies and government agencies to digitally transform their spend audit and financial control processes.
The company is included in Georgia’s “Top 10 Innovative Companies of 2020” and was awarded a “Top Workplaces 2020, National Standard” honor by The Atlanta Journal-Constitution.
About VATBox
VATBox is headquartered in Amstelveen, Noord-Holland, Netherlands. The company offers cloud-based technology that automates value-added tax recovery and compliance. Geared toward businesses, its solutions offer full automation and complete control to grant higher returns.
VATBox’s fully patent protected portal has been recognised by prestigious programs of industry giants such as the Citi Bank Accelerator, Finovate, MasterCard’s Accelerator, and the Red Herring Europe Top 100.
