Today, many industries are seeing increased usage of automation for jobs at all levels. Many fast food restaurants allow for customers to place an order using a touch screen kiosk and pay with a credit card. This “self check-out” can be seen in stores and supermarkets as well. It isn’t hard to imagine simple tasks being done by machines and robots instead of people.
Can Automation be Intelligent?
Automation is getting increasingly intelligent as artificial intelligence software is used in more business sectors. Intelligent Automation (IA) allows for automatic analysis of large and complex data, as well as decisions to be made regarding that data. In the most complex of data analysis situations, IA is what allows self-driving cars to maneuver through traffic and avoid getting into any accidents. On the more basic level, IA can be useful for global businesses in managing the collection of data which is then used for the creation of reports. This can be especially useful for companies that are looking for a comprehensive VAT management system.
Intelligent automation synthesizes a vast amount of information with entire processes of workflows. Moreover, these systems learn and adapt as they go. In time, this not only reduces human error and oversight to virtually zero but also frees up the time and energy of your traveling employees to focus on more important and revenue-producing tasks.
Why use VAT automation technology?
Business VAT returns are complicated to submit. VAT laws are quite complex, and the nuances of the law are constantly changing. It is estimated that the amount of unrecovered VAT each year is approximately 70%. Companies are failing to reclaim all the VAT expenses they are entitled to due to many factors, such as employees not knowing fully what to include in expenses and when companies fail to charge expenses to the firm and instead charge them to the individual employee.
It can be costly and time-consuming to properly educate your traveling employees in the procedure for completed VAT expense report, as well as all the details surrounding what expenses should be recorded on such reports. Moreover, precious time is wasted by employees filing reports for expenses and calculating the VAT that is due.
By using IA for your business VAT return, your company can increase the efficiency of your employees while saving time and recovering all the VAT that is due to you. VATBox offers VAT automation technology that allows employees to upload pictures of receipts, track expenses and mileage, and input any other necessary details simply and easily to the VATBox software. These details are sorted, stored, and compiled for VAT return reports in order to ensure your company not only complies with all the rules and regulations, but also receives the full return due to you.
Let VATBox help you with VAT automation technology
It is the early adopters and fast followers that gain the most from transformative technologies, such as VAT automation. However, these potential gains are only achieved if the challenges are considered and solutions are put in place. This is precisely why your company should look to work with an experienced and successful IA technology company.
The VATBox solution was created by VAT professionals and expert, with busy business in mind. The technology streamlines the process of VAT reports, thereby saving time, maximize eligible VAT refunds and reduce audit risk. Many companies choose to implement VATBox’s automated, enterprise-wide, cloud-based VAT recovery solution, as VATBox verifies that expenses are indeed justified by checking the availability and suitability of evidence, validates the reported expense against the evidence to prevent fraud and misclassification, and provides a full breakdown of expenses to items, including association to VAT rates.
VATBox has successfully streamlined the global VAT recovery process, providing businesses with unrivaled visibility, compliance, and data integrity, and ultimately boosting its bottom line. Let us show you how your company can maximize VAT on it T&E expenses. Request a free demo here.