The partnership offers unmatched control over business expenses with digitalized VAT compliance management and TEB benefits automation
Tel Aviv, Israel (Oct. 19, 2022)
Blue dot, a leading tax platform for employee-driven spend for VAT recovery and Taxable Employee Benefits analysis, announced today a partnership with Yokoy, the provider of an all-in-one solution to automate spend management for midsize and enterprise companies through artificial intelligence (AI). Blue dot’s AI-powered automated tax compliance system will be integrated into Yokoy’s spend management platform, to facilitate the simultaneous analysis and management of enterprise spend, providing customers an end-to-end service that covers spend management as well as VAT recovery and TEB benefits in their entirety.
Expense report processing is costly and complex, with the majority still being done manually by individuals within a company, consuming time that could be better allotted to critical business tasks. By leveraging the joint power of AI-powered spend management and tax automation, this partnership between Blue dot and Yokoy highlights the integral role that automation and technology play in simplifying complex financial procedures within the modern enterprise.
“We are pleased to be joining forces with Yokoy, a company that shares our commitment to bringing breakthrough AI technology to the financial sector and further move the needle on digitalization and automation within the ecosystem,” said Isaac Saft, CEO & Co-Founder of Blue dot. “Our combined innovation will enable a greater customer base to enjoy a fast, fully digital accounts payable experience, with unprecedented data integrity and superior levels of governance and compliance.”
Blue dot streamlines the tax analysis and filing process, which has become necessary for high-growth companies in the dynamic global and dispersed workplace. With a commitment to safeguarding enterprises from noncompliance by managing the step-by-step process for spend tax analysis, Blue dot’s AI-driven platform identifies and processes both Fringe Benefits to be reported and Eligible VAT to be recovered, enabling finance teams to recover VAT on their declaration efficiently and effortlessly.
This partnership follows a significant funding round for Yokoy, which has gone towards enhancing the technologies underpinning its spend management platform. What started as a solution focused on expenses has since expanded into a comprehensive platform that combines expense management, supplier invoice management as well as the overseeing of smart corporate cards and automates respective processes with the help of AI.
“For years we have been growing our SaaS offering into an end-to-end automation solution for our portfolio of customers,” said Lars Mangelsdorf, Co-Founder & Chief Customer Officer of Yokoy. “By combining Blue dot’s complementary tax analysis offerings with our comprehensive AI powered spend management platform, we can be sure our customers now have access to a best-in-class product, with improved tax compliance assurance.”
About Blue dot
Founded in 2013, Blue dot is a market pioneer in the tax tech arena, having developed the first technology-based and dynamically updated financial platform for employee-driven transactions in the market. The Blue dot tax compliance platform harnesses digitization, tax compliance and automation to process and analyze a company’s employee spend data for value-added tax and taxable employee benefits in near real time. As a privately held company, Blue dot’s technological breakthrough has raised more than $100M in private equity funding and attracted a large portfolio of Fortune 500 clients. Blue dot is fully dedicated to providing its clients with value, not only in terms of process savings and ROI, but especially in the peace of mind that comes from full compliance. For more information visit www.bluedotcorp.com.
Founded in Switzerland in 2019, Yokoy provides a leading all-in-one solution to automate spend management for midsize and enterprise companies through artificial intelligence (AI) and actionable insights. To this end, Yokoy brings together expense management, invoice processing and the administration of intelligent corporate cards on a single, intuitive platform.Yokoy’s mission is to transform the world of corporate spending from the ground up. The company is backed by leading investors including Sequoia Capital, Balderton, Speedinvest, Visionaries Club, SIX Ventures, Swisscom Ventures and Left Lane. Currently, Yokoy counts more than 250 employees based in five locations globally.
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