WALTHAM, Mass., March 31, 2021 /PRNewswire/ -- VATBox, makers of the leading AI-driven, cloud-based tax compliance platform, today announced that the company is rebranding under the name Blue dot. Since launching in 2013 with breakthrough technology that disrupted the value added tax (VAT) and goods and services tax (GST) recovery space, Blue dot has pioneered new AI applications and expanded its product offering extensively to meet demand for new tax compliance solutions including employee benefit taxation and corporate income tax expense deductibility.
"The name 'Blue dot' better reflects our broader portfolio of solutions and more accurately describes what we do, which is collect and connect transactional data dots for organizations that are struggling with partial data, massive overhead and missing checks," said Blue dot CEO Isaac Saft. "We provide tax compliance solutions that use AI to automate and streamline multiple functions, including tasks related to taxable employee benefits and corporate income tax expense deductibility, so the new brand better reflects our broader offering."
Serving some of the largest and most well-known companies on earth, Blue dot provides an all-in-one tax platform that leverages the power of AI, including deep learning and natural language processing, as well as multiple external data sources and historical data, to create a comprehensive account of employee-driven transactions. These capabilities are crucial because consumer-style, employee-driven transactions in today's corporate world account for trillions in spending. These transactions not only result in high overhead to control this stream of data, but also result in a tax audit risk since regular P2P processes aren't fit to such vast amounts of unstructured data.
Blue dot provides end-to-end solutions that leading global brands use to identify and calculate any qualified, eligible and recoverable VAT spend, while at the same time analyzing this same spend for taxable employee benefits purposes and corporate income tax deductibility. Blue dot ensures compliance across multiple jurisdictions, providing a user-friendly interface that gives both global corporate, but also local finance teams full digitalization, control and transparency while streamlining their workloads.
The rise of consumer-driven spending, which has been intensified by remote work, may put organizations at greater risk of exposure during a tax audit. Blue dot ensures data integrity by extracting, matching and validating vendor receipts with employee expense reports. This provides context and a data repository to accurately drive tax applications. The platform replaces costly manual processes, improving digitalization and compliance while driving major cost savings and automating tax data compliance for leading enterprises.
Many global Fortune 1000 companies currently use Blue dot, including Cisco, Dell, GSK, Vestas and Michelin. Find out more about how Blue dot helps companies remove the risk of data incompliance and reduce the unique vulnerabilities of consumer-style spending across your company at www.bluedotcorp.com
About Blue dot Founded in 2013, Blue dot is a market pioneer, having developed the first technology-based and dynamically-updated financial platform for employee-driven transactions in the market. The all-in-one Blue dot Tax Compliance Platform harnesses digitization, tax compliance and automation to process and analyze a company's employee spend data for VAT, Taxable Employee Benefits and Corporate Income Tax, in real-time. As a privately held company, Blue dot's technological breakthrough has raised more than USD $50M 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 extra income, but especially in the peace of mind that comes from full compliance.