Business expense management specialist Concur has introduced a new receipt solution, integrated with China’s WeChat platform, that makes it easier for businesses and their employees working in China to track expenses and remain compliant. The technology, Concur e-Fapiao, gives employers real-time access to an employee’s receipt, Concur Greater China MD Boonthai Hoh explained, which streamlines the process, improves accuracy and eliminates the need for paper documentation.
John Gibbon, SVP of Platform for Concur highlighted the digitization of China’s fapiao system of tracking business transactions. “As a global leader in travel and expense, Concur is committed to promoting the development of electronic receipt solutions around the world,” Gibbon said. The integration of Concur e-Fapiao and WeChat, he added provided a “localized” solution that was “tailor made for the China market.”
The integration was provided by Concur China platform partner, Pactera, and enables users to transfer fapiao information from WeChat Wallets into Concur WeChat Official Account, which automatically feeds into Concur’s Expense platform.
China’s fapiao invoice system is a critical part of China’s tax law infrastructure. Both individuals and businesses operating in China are required to use fapiao; individuals for reimbursement of business expenses, and businesses for the regular recording of their commercial transactions. In 2013, Chinese B2C e-commerce giant Jingdong began emailing e-fapiao to customers as part of a trial program. Since then the use of e-fapiao has spread throughout e-commerce in China, and solutions like Concur e-Fapiao will “expand the usage of e-Fapiao, which will provide users with a more efficient and hassle-free expense experience,” according to WeChat General Manager of Industry Cooperation Department John Zhuo
Founded in 1993 and headquartered in Redmond, Washington, Concur demonstrated its SmartExpense receipt management solution at FinovateSpring 2012. This summer, Concur announced the availability of Concur Locate and Active Monitoring which makes it easier for companies to reach employees during emergencies or times of crisis. Also in July, Concur announced that users would have the ability to see and book Airbnb listing within Concur Travel. The company was acquired by SAP in 2014 in a $8.3 million deal.