Many businesses have their own ingrained system of filing and invoicing for VAT. They may not feel the need to disrupt their way of working in favour of a new process that promises to streamline the VAT recovery process. However, any perceived disadvantages or nuisances involved with implementing an automated VAT recovery solution are easily overshadowed by the advantages an automated solution offers. With business travel being the third highest expenditure for most businesses, reclaiming VAT can be considered one of the best ways to recover money. As such, implementing technology that can assist with the entire VAT reclaim process, saving the business both time and money while providing full transparency, is a major step forward. Using technology that allows a business to automatically claim VAT for travel and expenditure frees up time for businesses to focus on their primary responsibilities.
“Onboarding must be difficult and time consuming!”
Some businesses think that onboarding any VAT recovery technology will be difficult and time consuming. With VATBox, all data is stored securely in the cloud, requiring only an initial API setup and import of the existing T&E data. Setup is so quick and simple that your finance team can quickly implement the solution and immediately begin reclaiming VAT, without necessitating the involvement of your IT resources. VATBox easily adds on to your existing T&E software – such as SAP Concur – and leverages your existing data, processing it effortlessly, and leading to dramatically higher VAT refunds. Data transfer between the existing T&E system and VATBox is seamless via an API connection, and eliminates the need to integrate your complicated VAT tables, speeding up the entire sales and onboarding process. Essentially, VATBox will free up time for your finance department to work on other tasks that cannot be automated.
“VAT recovery is so time consuming, we don’t even bother.”
If an automated VAT solution is not in place, valuable company time is spent sifting through all the invoices that may or may not be claimable. Companies must stay up to date with the rules and regulations and input new details into their databases when it comes to filing claims physically. They must also refer back to older invoices to check whether they are correct, an extremely time-consuming activity. However, when a company decides to implement an automated system, the chances of flawed reporting are almost nil. VATBox maintains a database of all current and historical VAT rates, application rules and reclamation procedures across all international and domestic jurisdictions, updated in real-time, ensuring the highest levels of governance and compliance. With minimum effort, you can get maximum results. 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 VAT recovery technology.
“It’s just too expensive.”
Some businesses also argue that VAT solutions for reclaiming VAT are expensive and create increased costs, but this is simply not the case. VATBox charges a small percentage of the recovered VAT, and not a fee for service, eliminating the need for businesses to pay an upfront fee and the ensuing risk that entails. Instead, companies pay VATBox only when funds are recovered from the claim.
“It’s OK, we’ve got our VAT recovery procedure under control.”
Many businesses think that they’ve got everything under control and that their current process for recovering VAT is fine. But are you 100% sure that all the data is validated, that there are no accidental double invoices or that the VAT included on the receipt is indeed correct? Truly automatic data processing manages the details of every single invoice or receipt – no matter how small – with flawless data consolidation and mapping. VATBox integrates smoothly with all ERP systems, using robust and reliable security protocols, in line with even the most highly sensitive industries. We are strict about complete compliance, especially with the SOC 2 Security Principle tax policies, leading to stricter internal and external compliance, and reduced exposure and risk.
As a business, the goal is to be productive, so using a recovery solution to aid in the VAT process is an excellent tool when it comes to managing travel expenditures from beginning to end.
With all this in mind, it’s clear that there’s no excuse to not use automated VAT technology to recover all the VAT that’s owed to your business