Artificial Intelligence (AI) has become ubiquitous across industries, including finance and accounting. Loosely defined, AI exists when a machine is able to carry out intelligent functions such as reasoning, solving problems, and even learning. AI is often used to perform basic, repetitive tasks, thus permitting humans more time to perform strategic and creative functions. With the availability of increased computing power, improved algorithms, and ever-growing data sets, intelligent machines are able to take on a vast repertoire of routine tasks.
As the most advanced form of AI, deep learning makes it possible for machines to learn and improve without human intervention. The foundation of deep learning is a complex neural network containing exponentially more hidden layers than less advanced forms of AI; hence the term “deep” learning. With the additional layers to process data, systems using deep learning can make decisions about data, learn from those decisions, and then improve future decision-making based on that learning, all without human assistance.
Demystifying the Technology Powering VATBox’s Intelligent VAT Recovery
There are several functions for which AI and deep learning can facilitate the recovery of Value-Added Tax (VAT) while streamlining the process. For instance, optical character recognition and data extraction greatly increase the efficiency and accuracy of the VAT recovery process by automating data extraction from receipts and invoices, populating fields, and assigning confidence scores to the data.
VATBox helps find errors before they become problems. Items assigned a low confidence score are flagged, resulting in an alert that corrections may need to be made before submission. Low-confidence scores can be from data mismatches, lack of evidence (backup) for a receipt, and other issues that might reduce the likelihood of claim acceptance.
Through deep learning, advanced AI has acquired enough knowledge and experience with real and sample data sets to extract data from receipts and invoices, regardless of fonts used, image orientation, or less-than-stellar image quality. In the past, human intervention was required for receipts and invoices that computers could not read well. Now, we live in an age of machines using deep learning, and at VATBox that deep learning is being applied to revolutionize, simplify, and automate the recovery of VAT.
VATBox is even able to automate the submission process itself because it has all the information it needs about every country’s VAT reclaim requirements. It knows the various current and historical rates of each country, which expenses are allowable for reclaim, all the different deadlines, and everything else it needs for accurate and complete submissions. Information that would be impossible for a human to keep track of and remember, AI is able to access quickly and efficiently to streamline the entire process.
Gone are the days of headaches and compliance issues while navigating the complex business VAT return process. VATBox maintains up-to-date information on VAT rules, regulations, and even registration processes. This makes it possible for the system to use the most current information available to increase your VAT recovery rate.
In fact, VATBox applies the current VAT rules to every invoice and receipt, no matter how small, and then reconciles the data. Because it connects to any ERP or expense management application, VATBox is able to access your VAT-related data without any need for a human to manually enter information.
Data Transparency, Integrity, and Control
Not only does VATBox review your VAT-related data and automatically submit accurate, applicable VAT claims to each relevant country, it also organizes your data and provides a clear window into your VAT spending. VATBox facilitates the recovery of VAT at higher rates of return by ensuring accuracy and compliance, leading to fewer claim rejections, while also giving you visibility and coherence into the maze of VAT spending scattered throughout your ERP and other databases
With VATBox, you have a much clearer picture of your VAT spend. VATBox gives you a window into otherwise opaque data, with predictive analytics, smart segmentation, drill-downs for a detailed audit trail, and more. With increased visibility into your VAT-related data, you will be able to monitor VAT spending with greater accuracy, reduce the risk of fraud, and increase VAT compliance.
With advanced AI, you can have all this information at your fingertips, giving you the tools and knowledge to ensure your VAT-related business processes are optimized and transparent. With greater visibility into your data, expect higher VAT return rates, better compliance, and lowered risk. You’ll achieve higher accuracy, have access to predictive analytics, ensure accurate decision-making, detect and prevent fraud, and manage risk. It’s not magic, it’s the advanced, deep learning, artificial intelligence of VATBox.