The Necessity of a VAT Tool like VATBox
Every company currently involved in international business transactions, international business travel, or working to expand their organization into another country or region, is going to encounter transactions that include VAT. Your business might have a financial team, or an expense department established, but VAT is more than an expense and definitely more complicated than what is mentioned on the receipt. The specifics depend on the type of expense, the country where the expense was incurred, the amount of the expense and all of the above based on each country’s individual VAT laws.
Even the most experienced financial managers cannot keep up with the numerous ever-changing policies for VAT reclaim (according to a PricewaterhouseCoopers survey, there were just over 50,000 regulatory and compliance updates in 2015 alone), and therefore leaving the process in an Excel format could mean that your company is missing out on a lot of VAT recovery from travel and business expenses abroad.
Collecting the data needed for VAT returns means having all employees on board with a unified reporting platform. If the employees do not retain their original receipts or provide the correct information, the company’s VAT return may be affected in a negative way. By implementing a technology that stabilizes expense reporting and maintains the clarity of reporting, you can relieve a lot of the pressure that rests on the shoulders of your financial managers.
VATBox is a technology that adds on to existing expense reporting platforms to simplify the VAT reclaim process. It extracts the information needed for VAT refunds, allows the creation of financial reports, and can ultimately lead to a higher amount of recoverable VAT than you might have planned on receiving from your manual VAT review process.
How VATBox’s Technology works with existing T&E platforms
VATBox has many partners, but if we take a look at Concur, which is an expense reporting platform currently used by approximately 70% of Fortune 500 companies, by extracting the data from Concur’s platform to VATBox cloud-based technology, customers will benefit in many ways. Along with simple, flexible and fully customizable data transfer, the customer has full control of VAT spent. VATBox handles the collection, aggregation, quantification and submission, while quietly sitting in the cloud and reading, analyzing and qualifying VAT transactions as they occur. Add a 360° view of activities across your work groups and entities on a real-time dashboard, and you’ll immediately begin seeing the value of SAP Concur and VATBox’s celebrated partnership. Plus, when companies actualize their high VAT reclaim potential, their bottom line is significantly increased and their SAP Concur fees are recovered.
Because VATBox is a completely digital solution, it easily adds on to Concur without any on-boarding issues. Together they provide a thorough understanding of where your company’s VAT is coming from and how the VAT return can be maximized.
How Can I Be Sure I Am Getting the Greatest Possible VAT Reclaim?
As the process for reclaiming VAT evolves, VATBox will help keep your company up to date on all changes made to VAT policies without your financial team having to manually make adjustments for each transaction. With the reports generated, your expense managers can see clearly where changes could be made to lessen business expenses and from where the most VAT is being recouped. The clearer the picture you have, the more likely you are to be confident about your VAT returns and the way your company is managing them.
Founded in 2012, VATBox implements the highest level of data security and compliance with all international rules and regulations of the various jurisdictions, and offers companies 360⁰ visibility into their VAT spend and recovery. Let us show you too how your company can thrive in today’s complex financial times. Request a free demo here.