By ET Bureau - October 21, 2022 3 Mins Read
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.”
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