Working frameworks have undergone a fundamental transformation over the past two years.
Hybrid working, remote working, dispersed workforces, gig employment – these operating models are now critical to business success and talent retention in the modern era. As Deloitte points out, these frameworks are here to stay and they are the key to catching hold of high-caliber talent and optimizing efficiencies. However, the company also emphasizes the importance of implementing cross-functional financial governance and compliance structures that ensure that corporate tax obligations are met.
In a recent Wall Street Journal article, the challenges that come with this new way of working, and the use cases that define this complexity, have to be addressed to ensure that the business is tax ready and employees tax protected. It is critical that companies know how to address serious issues such as: where the taxes are done, where employees are based, what transactions are relevant, how to apply local and global legislation, payroll structures and compliance risks. An employee in one state or country will be liable for very different taxation requirements compared to an employee based elsewhere, or coming into the office.
This is one of the reasons why digital platforms that specialize in taxation, transaction and compliance have become so popular. And relevant. Organizations need a trusted solution that’s designed specifically to meet their digital tax compliance needs – providing smoother administrative handling and improved accuracy and control without compromising on compliance.
Intelligent functionality for streamlined operational capability
It’s become essential to take tax to the next digital level. After all, the role of tax has changed – it is evolving in terms of the value it provides the business, the ways in which it is managed, and the impact it has on the employee. It’s moving at such a pace, and demanding such impeccable accuracy, that companies without reliable tax capabilities will ultimately struggle to keep up with demand and stay ahead of the market. It is also the marker of a company’s reputation and its ability to service its talent, and customers, effectively.
Enter solutions such as Blue dot. A pioneer in digital tax compliance, Blue dot offers the first technology-based, dynamically updated financial platform for employee-driven transactions in the market. The technology has the ability to solve challenges around taxation and compliance within a few smart clicks – it’s fully integrated, intelligent, globally relevant, and compliant. With Blue dot, companies can solve the challenges of VAT recovery and global fringe benefits tax reporting, among many other functionalities.
In fact, Blue dot recently established a new partnership with the Coupa App Marketplace, extending Coupa’s platform with an automated, compliant solution to support hybrid work and employee-driven spend. Certification as Coupa Business Spend Management Platform Ready further positions Blue dot as a global leader in the tax tech arena, offering valuable solutions for companies worldwide to maximize VAT recovery while reducing risk.
From strength to strength powered by artificial intelligence: IDC MarketScape Major Player
Blue dot has reinforced and solidified its position in tax compliance, remittance, and automation through artificial intelligence (AI) – with measurable results and resounding success in a constantly shifting and challenging tax landscape. As tax challenges continue to grow worldwide, Blue dot’s technology-based platform navigates the complexities of a new generation of tax compliance, providing companies with critical visibility and control.
Blue dot’s two greatest strengths, a technology-first approach and artificial intelligence (AI) driven functionalities, were highlighted by IDC MarketScape analysts, who named Blue dot as a major player in their Worldwide SaaS and Cloud Value-Added Tax Software 2021 Vendor Assessment 2021 report. Leveraging the power of artificial intelligence, Blue dot incorporates deep learning, natural language processing, and advanced data analytics that create a comprehensive, reliable, thorough, and accurate account of employee-driven transactions.
Kevin Permenter, research manager at IDC, stated in the report, “Blue dot has a laser focus on automating VAT reclamation that is well-suited to a swiftly changing tax landscape. The impact of COVID-19 – and the subsequent loosening of VAT restrictions causing budget shortfalls for many governments worldwide – will likely result in increased vigilance to close tax gaps in the coming years. With a platform that offers coverage in both the VAT and taxable employee benefit spaces, Blue dot is positioned to address the new working norm in the post-COVID world.”
Understanding market needs now and in the future
Blue dot’s platform empowers users to maintain tax compliance and enables navigating the complex challenges of global business requirements in a world of new working norms and tax regulations, with changing employee expenditure rules. A recognized and certified market leader, Blue dot continues to build and strengthen capabilities to transform and support VAT recovery and fringe benefits tax reporting, providing an advanced technology solution and the peace of mind that comes from full compliance.