This November, Navan Expense kept pace with its established momentum around rapid innovation and revealed a number of feature updates to streamline company finances.
These newest tools, meticulously crafted for tax precision and financial analysis, are the result of thousands of hours of collaboration among customers, finance leaders, product leaders, and engineers. The team also made it easier than ever for users to get support for any expense-related queries.
While Navan Expense had some big news this month (like launching Navan Connect in Europe and leaders speaking at Money20/20), it’s the incremental improvements that make Navan Expense faster, smarter, and more efficient every day.
The journey to more empowered finance operations begins here.
In order for businesses to file and receive a VAT refund, they must provide clear, accurate documentation of all expenses with tax details broken out. The “VAT on Item” feature makes it easier to collect accurate tax information for business expenses and, therefore, to reclaim VAT
For expensers and finance teams that must navigate the complicated world of VAT, this is a game-changing feature. Previously, each transaction might be itemized or have added VAT information. But it’s not even that simple, since: different items within a single transaction could have different VAT rates. For example, a hotel stay may have a tax rate of, say, 9%, while breakfast at the hotel restaurant is taxed at 18%.
Thanks to the VAT on Item feature, expense admins and employees can itemize transactions and provide tax details for each item. The result is streamlined processing for submitted expenses. Learn more about the work that went into developing an unprecedented VAT tool from Navan’s VP of Global Finance Operations, Julia Jansen.
Navan introduced two features in November to improve invoice accuracy, especially for European customers. Invoice accuracy, of course, is essential for businesses to gain a comprehensive view into a company’s T&E spend, generate reliable financial reports, and project future expenses and revenues. The two updates in November are:
Managers now have access to the same expense data as company admins and can access and download that data from the Transactions tab of Expense Manager. This data was previously only accessible to admins; however, since managers have more context about direct reports’ activities, it’s important that they can access the data as well.
Customers can now access chat support for any Navan Expense questions via the mobile app and desktop web browser. Users can expect a response to expense issues that’s quicker than searching through the Help Center or calling support.
Amex Business Travel Account (BTA) is a payment solution designed specifically for business travel expenses and is a preferred travel payment method, especially among enterprise customers. Navan now allows customers to pay via AMEX BTA in Poland, the Czech Republic, and Hungary.
For existing Navan customers looking for more information on Amex BTA, contact your account manager.
Join us for a personalized demo and witness the meticulous design, cutting-edge features, and unparalleled user experience that sets Navan Expense apart. Or, if you’re ready to elevate your expense management journey, start with Navan Expense now.
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