Artificial intelligence has become the mainstay of many enterprise software operations, providing useful motivation to read, understand and use the generally scattered data that organizations generate today.
This is why an Israeli startup called Blue dot uses artificial intelligence to help the company manage its tax accounting and announced that it has received $32 million in funding to continue its growth, especially to meet the company's demand for more tools. Correctly read and itemize expenses used for tax purposes. Blue Dot takes into account how complicated it can be to manage the tax department and even more so when working on large scales, so this is what stands out the most.
The financing was led by Ibex Investors and Lutetia Technology Partners, with participation from previous investors Lamaison Partners, Viola and Target Global. Blue Dot recently renamed VATBox changed its name as part of the funding that will be used to help Blue Dot enter the large U.S. market where the concept of value added tax is not as common, as there is no national corporate tax and each state calls its own tax rate.
Considering that in 2017 under the previous name, the current Blue Dot, raised no less than $20 million in a series B financing led by Viola, and its valuation was estimated at $120 million after deduction. While Blue Dot has not disclosed its valuation at this time, according to some of its engagements, it may be significantly higher than that valuation.
In addition to clients such as Amazon, tobacco giant British American Tobacco and Dell, it has also established a partnership with one of the most famous companies in the expense accounting field, SAP Concur, which uses Blue dot to provide its expense data entry tool, with powerful reading capabilities. Find out how to break them down so employees or accountants don't have to experience pain.
It should be noted that a large part or reason that drives the development of the company's business is the general trend of marketing and its role in business services, given that in the vast majority of jobs today, they have or make use of one or more technological tools for their work, taking as an example, cell phones to help people in many aspects.
Life, whether it is in e-commerce, entertainment or social networking sites, many things of service for them through technology are becoming increasingly personalized, and the barriers to entry are lower. In the workplace, many people are often frustrated by the heavy workloads they have, as well as the expense of certain processes for managers.
Bearing in mind that the stricter the fiscal system to be dealt with, the more complicated the process to be traced, it is for this reason that Blue Dot's approach basically treats the tax accounting process as a method that AI can enhance to make it easier for people to use, whether it's a worker itemizing expenses or an account reviewing expenses and undergoing a broader accounting process.
With a machine learning system that considers both internal compliance and company policies, as well as a broader tax and regulatory framework, Blue dot can help you read expenses and figure out how to enter them, how much tax to pay, where, etc.
This is especially important because the process of entering and managing expenses has been transferred to the person spending the money, rather than being handled by a full-time accountant. Understanding the functions and methods of modern office development is one of the reasons why investors are interested in this solution.
We can come to think that under this approach Blue Dot can change the way in which global organizations manage accounting and its fiscal impact on expenses, as it increases the speed at which companies can do these processes would no longer be as complex and costly as they are today.
For now this has been my post for today, I hope you like it, thanks for reaching this part of my post and spending some of your valuable time reading my post, it won't be until soon that I will post something else again. God bless you, remember to stay safe and take care of yourselves and your family members. A "puñito" (🤜🤛) greeting from Venezuela.