Get Ready for Ireland’s New Enhanced Reporting Requirements with SAP Concur

Finance teams in the Republic of Ireland will now have to comply with new reporting requirements on payments made to employees from 1 January 2024. While the new regulation provides greater transparency into company spending, it also poses a challenge for finance teams who will need to meet these requirements promptly.  

Let’s take a look at what the new requirements mean for your business in Ireland, and how SAP Concur can help you comply, while saving your finance team time.  

What are the New Enhanced Reporting Requirements? 

All non-taxable benefits for employees and directors, such as small benefits, remote working allowances and travel and subsistence, will need to be reported to Revenue, the Irish Tax and Customs body, before employees are paid.  

 

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The following categories will need to be reported on: 

• Small benefit exemptions: The date and the value of this benefit.  

• Remote working daily allowance: Total days, amount paid, and date paid. 

• Travel and subsistence: The date and amount paid for: 

                     * Travel vouched and unvouched 

                     * Subsistence vouched and unvouched 

                     * Site-based employees (without a regular work location) 

                     * Emergency travel 

                     * Meals on site 

Much in the same way as payroll is reported to Revenue today, this data will need to be submitted using the Revenue Online Service tool.  

Why Have the New Requirements Been Introduced and What Does It Mean for Finance Teams? 

Ireland is a well-established hub for international business. Revenue has introduced these requirements to maintain high levels of tax and customs compliance. That means less time is spent investigating compliant employees and greater data accuracy for government planning. 

But it also means finance teams will need to spend more time gathering, checking, and submitting this data – that is, if your processes aren’t automated. This could pose the following risks to your business: 

• Increased complexity: The new reporting standards demand more comprehensive, granular data across your financial transactions. Managing this without automated processes in place can be time-consuming and open you up to errors. 

• Resource constraints: More people power will need to be directed to capturing and validating this data, taking your focus away from strategic financial planning. 

• Risk of non-compliance: Failing to meet these reporting requirements can lead to penalties, reputational damage, and operational disruptions. And nobody wants that. 

How Finance Teams Can Comply with the New Requirements using SAP Concur 

The good news is that with finance automation tools in place, like SAP Concur, this is a simple process that needn’t add burden to your team’s workload. 

With Concur Expense, pre-built reports on expense entries can be used to quickly identify these expense types, grouped by employee, so you can submit this information before your payment runs.  

Through existing integrations with your finance systems, you can access this data in near-real time and submit it to Revenue using the processes you already use today.   

You can further customise reports or work with our Consultative Intelligence team to get access to specific data to meet your reporting needs.  

But that’s not the only way automation with Concur Expense can help you comply with these requirements.   

The SAP Concur Advantage 

With powerful machine learning technology powered by AI, your business also benefits from: 

• Simple data collection: employees can capture expenses and receipts on the go through a mobile app, so you get early visibility into planned spending. 

• Automated approvals: automatic workflows ensure expenses are reviewed promptly, reducing delays. 

• Near-real time expense reporting: finance teams can stay ahead of reporting deadlines with data that’s up to date and specific to the new regulations. 

• Policy compliance: Your company expense policies are automatically applied, improving compliance and alignment with regulatory requirements. 

• Data integration: The platform seamlessly integrates with other finance systems, making it easier to consolidate data and generate reports. 

• Accurate audit trails: Access a transparent audit trail so you can track changes or access records for audits and enquiries. 

• Cost control: By automating expense management, SAP Concur helps control costs, reduce errors, and allocate resources more efficiently. 

Ireland's enhanced Revenue reporting requirements demand a robust and efficient approach to expense management. SAP Concur empowers finance teams with the tools and capabilities needed to navigate these challenges.  

By automating expense tracking, reporting, and policy enforcement, SAP Concur ensures compliance, reduces the risk of errors, and streamlines financial processes. 

To find out more about the new Enhanced Reporting Requirements in Ireland and the impact on your business, register for this live webinar and find out more about Concur Expense.