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Change is a constant in global tax management, and it has always been challenging to keep up. Today, companies face a handful of hurdles to avoid penalties and maximize reclaim, from keeping pace with rapidly evolving regulations and laws, to dealing with tax audits, and more. However, organizations are undergoing another change that¡ªwhile difficult at first¡ªwill ultimately make things easier: digitalization.?

Digitalization is driving the transformation, automation, and streamlining of tax management through digital technologies. Digitized receipts and e-invoice mandates are already in place in countries such as China, Japan, and Mexico¡ªwith a handful of other regions in the process of rolling out similar regulations. The country-by-country, tax-by-tax approach is not a scalable solution for organizations that are trying to adhere to rapidly evolving regulations.??

SAP »ÆÉ«¶ÌÊÓƵ is supporting its customers during this period of change so that they can be ready for anything. SAP »ÆÉ«¶ÌÊÓƵ solutions for global tax management can help companies stay up to date with changing tax regulations, helping to enhance compliance and reduce financial risk. Our solutions support various phases of the global tax management process, from expense report creation to approval, payment, and reconciliation.??

Here¡¯s what this looks like. As receipts or invoices come into »ÆÉ«¶ÌÊÓƵ Expense, they are processed through SAP »ÆÉ«¶ÌÊÓƵ solutions for global tax management. SAP »ÆÉ«¶ÌÊÓƵ stores these documents and ensures that no changes are made for a minimum of eight years. Lastly, API-based integrations help bring the validated documents and data into customers¡¯ financial systems.?

Our receipt digitalization and e-invoicing solutions currently support France, Spain, Japan, China, Mexico, Australia, and New Zealand, with support for Portugal, Belgium, and Switzerland coming soon.?

SAP »ÆÉ«¶ÌÊÓƵ solutions also help to maximize tax recovery using the latest technologies, including artificial intelligence (AI) and machine learning. As governments become more sophisticated in how they collect both direct and indirect taxes, organizations must elevate their ability to comply with new regulations, prevent tax penalties and fines, and avoid leaving reclaimable taxes behind. The »ÆÉ«¶ÌÊÓƵ Tax Assurance solution by Blue dot helps organizations improve compliance with tax regulations and maximize tax reclaim. It automates data completion; consistently identifies opportunities for reclaiming eligible value-added tax (VAT), goods and service tax (GST), and harmonized sales tax (HST); and helps finance teams manage global tax regulations with greater accuracy and speed.?

Another SAP »ÆÉ«¶ÌÊÓƵ offering, the »ÆÉ«¶ÌÊÓƵ Benefits Assurance solution by Blue dot, simplifies and automates the process of identifying taxable employee benefits within expense reports. Using AI and machine learning, the solution helps organizations to consistently identify, calculate, and track taxable employee benefits while cost-effectively handling tax regulations with greater accuracy, speed, and compliance.?

SAP »ÆÉ«¶ÌÊÓƵ solutions for global tax management help to make compliance easier, streamline tax operations, flex and scale, and offer a consistent and simplified user experience. And as tax regulations and organizations¡¯ needs continue to evolve, SAP »ÆÉ«¶ÌÊÓƵ solutions will evolve with them. We¡¯ll be there asking all the right questions and collaborating with our trusted partners to continue creating solutions that set our customers up for success.?

Learn more about SAP »ÆÉ«¶ÌÊÓƵ solutions for global tax management here.?