Choosing the Right AI Tax Software: Full AI-Led Automation for Optimal VAT Outcomes

🔊 Listen to the article

The scale and level of complexity enterprises face today in understanding their T&E expense data demands advanced and intelligent solutions that put the focus on data quality and control – But these challenges have eclipsed the capabilities of incumbent market solutions. Current providers in the expense, tax, and VAT management spaces do not fully employ an AI-led approach that allows a deep and contextual understanding of each transaction and expense report. This also makes fixing the glaring gaps in data quality and integrity impossible, which is why VAT tech providers to date still patch together their offerings by combining partially automated transaction analysis and manual processing. 

In our recently published VAT Technology Guide we dive into the challenges global finance and tax departments are facing in managing their employee-driven expenses, and the capabilities they need in a VAT solution to meet increasingly stringent VAT reporting and compliance regulations while allowing them to recoup the maximum amount of VAT across their entities.

Nothing Short of AI-Led VAT Analysis Will Maximise Both Recovery & Compliance

In 2023, only a full, contextual, and transparent transactional story can enable Finance and tax departments to assess the business justification of an expense, uncover anomalies that lead to non-compliance of company policies and tax regulations, and illuminate clear savings opportunities. An AI-led approach that focuses on data quality is vital to provide finance and tax leaders with the level of reliability they need to review their company’s VAT opportunity, understand with certainty which transactions are eligible for VAT reclaim, and the key causes of disqualified claims so that they can optimise their process and realise optimal outcomes to all aspects of their business.

Performing this at the scale and pace of today’s real-time digital reporting requirements demands an approach led by AI-led analysis that automates and centralises all data and processes on a centralised platform. 

It’s important to take the time to review and examine these critical factors:

• Assess your business needs and goals: Can the solution cover the growing volume of your expenses at the accuracy and speed tax authorities will demand? Does the solution align with company policies, needs and expectations? Can it deliver the process automation that significantly saves time, resources and operational costs?
• Research and compare VAT software solutions: Does the vendor use a true technology-driven approach to analysing your T&E expense data? Does the solution incorporate advanced AI and machine learning models, Generative AI capabilities, and analytics that offer a lucid and contextual understanding of transactions and ensure data integrity and reliability of outputs? 
• Evaluate system integration and compatibility: Does the solution allow easy integration with your existing expense management system? Is the system flexible enough to enable future changes and scaling?
• Prioritise security and compliance: Does the solution offer the highest level of data and process integrity as well as security standards?
• Request demos and trial periods: See the solution in action and evaluate potential benefits.

Blue dot: The World’s First AI-driven Tax Management Platform Delivering 100% Complete, Centralised, and Digitalised VAT Recovery

Enterprises can transform their entire VAT management process today with advanced innovations that deliver levels of efficiency, control, and compliance not possible before.

Blue dot has developed the only technology-driven platform that brings leading edge Generative AI capabilities to the tax management space. Blue dot’s VATBox solution uses an advanced Hybrid AI approach that combines over 200 AI and machine learning models, including a suite of Generative AI models developed specifically for the precision and control of tax data required in VAT management. These advanced AI models are combined with deep tax expertise to simplify compliance across all jurisdictions and optimise VAT recovery potential for global enterprises. 

Here’s how the Blue dot platform orchestrates AI-based data generation to bring new levels of efficiency and control to VAT management:

• A triple-validation mechanism combines advanced AI models that leverage the platform’s network of billions of processed transactions to extract and validate data between the receipt, expense report and other transactional evidence. Over 350 checks are run on every invoice or receipt image to enhance data extraction, while over 200 AI and machine learning models are applied to validate data between the receipt, expense report, and other transactional evidence. 

• To enrich the data even further, Blue dot’s AI engine leverages deep learning and Natural Language Processing (NLP), leveraging external data sources and historical data to put the transaction into context.

• These contextualised transactions are run through a built-in compliance engine, continuously updated with the latest taxation rules and regulations per country by Blue dot’s team of tax experts. All domestic and foreign transactions are automatically processed – even disqualified invoices – delivering consistently enhanced data quality and accuracy.

• Once processed, the platform generates an end-to-end, contextualised and transparent transactional story for each and every transaction.

• These end-to-end contextual and compliant transactional records are updated to back-office expense management systems and ERPs for swift and seamless VAT posting. 

“It is all about data, and Blue dot’s portal provides us with the reporting, analytics and business intelligence for our customers and ourselves to optimise processes and further increase the value we bring not only to our business but also to the compliance and savings of our customers.”Marcel de WitVP Global Tax at BCD Travel

This deep commitment to the highest level of data quality and expense analysis is core to what sets Blue dot’s technology apart in the tax management space and enables businesses to scale VAT management with unprecedented speed, efficiency, and confidence: 

• The only solution in the market providing 100% coverage at near-perfect accuracy
• Applies over 200 AI and machine learning models
• Performs over 350 checks per image
• Executes over 20,000 rules including thousands of rules executed on each transaction in milliseconds
• Processes financial data in over 100 supported languages
• Enables no-code embedding of domain knowledge

Global enterprises are already taking the burden and risk out of their VAT reclaims and:

• Automatically improving compliance levels
• Reducing operational costs and empowering productivity
• Recouping the maximum amount of reclaimable VAT
• Enhancing decision-making with actionable data-driven insights into transactional data and VAT submissions

By making compliance effortless with Blue dot’s standardised and centralised platform, enterprises can scale their foreign and domestic VAT recovery processes with trust and confidence while maximising refunds and optimising cost savings.

Download the full enterprise VAT Technology Guide to learn how moving to an advanced AI-driven and centralised VAT management process can give your business the control and insights it needs to optimise both VAT recovery and compliance in parallel.