Thoughts from the 3rd Strategic Indirect Tax & VAT Compliance Summit
VATBox was honored to partner with the TBM Evolution Group in a joint mission to highlight the indirect tax function as a value driver in boosting competitive advantage at the 3rd Strategic Indirect Tax & VAT Compliance Summit held in Rotterdam on September 13th.
Nowadays, the growing importance of indirect tax cannot be ignored especially in the environment characterized by digital globalization in which multinational companies must operate. Knowing the VAT rules and all the requirements to comply with all regulatory standards of the particular country or the whole region is a crucial thing for every successful business. However, in the world of constantly emerging challenges, the greater the complexity of organizational structures and the geography of business operations make control, compliance, and optimization of indirect tax management increasingly difficult to manage.
To cope with these challenges, automation of business processes is inevitable, especially now tax authorities are swiftly gearing up in implementing more and more digital requirements and increasing the competencies in electronic audits.
One of the processes that can only be performed in an efficient and VAT compliant way, is VAT recovery on business travel expenses.
Monsanto / Bayer presented how the automated solution provided by VATBox in combination with the travel expense system of SAP Concur, transformed and automated their VAT recovery process.
It has brought them not only a significant increase in the amount of VAT recovered but also full insight in all their travel expense transactions by combining the business intelligence and dashboarding from both VATBox and SAP Concur and the major impact even the smallest invoice had on their business outcomes.
What was especially exciting was the enthusiasm shown over this topic, and how the entire VAT industry has come to understand the importance and value of implementing an effective VAT recovery automated process. By gaining a heightened level of VAT intelligence – a level where indirect tax structure, automated solutions, and best practices and methodologies are in place – businesses are best placed to optimize their recovery outcomes and ultimately, their bottom line.
As keynote speaker Ilona van den Eijnde, a lecturer at the Erasmus University, mentioned COMPLIANCE is key – even in the most sophisticated VAT strategy and custom supply chain must be compliant on all levels of the organization. If compliance is not managed well, a business will never have full control.
Ilona’s view of the tax industry’s future reaffirmed what we believe as a company; automating VAT processes and having the right controls in place is key for today’s tax executives to navigate through these complex tax changes and continuously increasing data streams.
VATBox is a long-term partner that provides its clients with 360⁰ insights on a customized dashboard and predefined reports that deliver visibility into the KPIs and gap analysis using a drill-down view to detailed information at the invoice line item level. Truly automatic data processing seamlessly manages the details of every single invoice or receipt – no matter how small – and reconciles this data to the customer’s total spend, ensuring your data is compliant on all levels of the organization across the different entities and jurisdictions.
Giving you clear visibility and full compliance over millions of transactions that drives amazing business results.
I’ll conclude this blog in the words of Bas De Koning, Monsanto’s EME Indirect Tax Manager; “With VATBox we got higher returns with very minimal effort, and I think it’s a very good example of how big data can be analyzed in a very efficient way.” For more details about the Monsanto case study, please contact us and we’ll get back to you shortly.
Looking forward to meeting you at one of our upcoming events.