With digitalization getting more important, a VAT recovery technology that integrates well with T&E systems is very important. Being able to provide 360 degrees visibility into VAT spent to the Finance and Procurement departments is a clear advantage for any company.
Take our partnership with SAP Concur for example. VATBox and SAP Concur are programs that offer a symbiotic relationship that make financial reporting and VAT recovery a much more straightforward and automated process. Working together, they have been able to help many companies increase their VAT recovery by up to 600%. Roderick de Greef serves as the Country Director for the Netherlands & Nordics for VATBox, and we sat down with him for insights into the industrious partnership between these two great companies.
Why is VATBox’s partnership with Concur so important for any customer?
Concur works with approximately 70% of Fortune 500 companies, so partnering with them is a positive strategic move for both parties. They are a leader of innovative technology for expense reporting and management. VATBox is a leader in automated VAT recovery. Concur provides a clear view into a company’s expenses and makes it easier for employees to report expenses as they happen using a mobile app.
VATBox has built a platform that co-exists alongside the Concur platform in order to take those expenses and identify all the areas where VAT can be recovered. Through this partnership, Concur’s platform has opened itself up and allowed VATBox to leverage a client’s existing data and be responsive to their requirements. While the purpose is quite broad, the response that is provided can now be more custom-tailored to each individual company.
VATBox handles 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.
Through the partnership, Concur has expanded their platform to provide transparency, confidence, and awareness of information, and VATBox has been able to extrapolate much more complex information in order to put together two cohesive products that make executive financial management a simpler function.
What would you say to someone who asks “I’ve already got a set-up for VAT recovery. How can VATBox change that?”
Consider the burden a non-automated VAT recovery process puts on your financial team. It is time-consuming, laborious, and tedious for them to comb through each receipt in order to make sure that every possible bit of VAT is reclaimed in a compliant way. Even if you are working with an expense reporting system like Concur, it does not necessarily imply that you are seeing the whole picture or that you are getting your full VAT reclaim.
In the past, most VAT has been recovered manually, with a financial team reviewing all the expenses that are entered into a system. VATBox is not a manual service provider. It offers a completely digital alternative to this once laborious process. With VATBox’s VAT technology as an add-on to your Concur system, you can find all the relevant financial documents and reports you need in a matter of seconds. VATBox also increases the visibility of your expenses and VAT spend, allowing you to identify areas where you may need to make changes in company policies.
How does VATBox handle major changes, such as the EU regulations surrounding digitialization?
Platforms like VATBox and Concur exist specifically to help businesses with challenges like digitalization. Nothing is instantaneous in the world of financial reporting, but regulatory changes are updated automatically in our software. Avoid risks, get full compliance and enjoy peace of mind about your business VAT return process. VATBox and Concur’s partnership will help propel businesses into the next generation of effective financial management.
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.