International business travel can be an expense nightmare. The traveler has to ensure that they remain within the limits of their per diem and submit an expense report detailing every meal and cab ride. But beyond that, they also have to ensure they’ve collected all the proper paperwork to add their company in VAT recovery.
Once the traveler has returned home and submitted all of their receipts, their part in the VAT recovery process is done. It’s then up to the finance department to not only approve the expense report, but also go through the process of recovering all of the excess VAT paid during the trip. This can be a time-consuming process, because VAT laws are complicated, vary from country to country, and change frequently. As such, many companies fail to develop a VAT reclaim policy.
New Ways of Doing Old Things
VAT technology is shaping the way companies save on loss of funds through travel by catching every piece of the potential returns. Providing a digital footprint for VAT recovery automation, VATBox is taking the VAT reclaim process to a whole new level. Once the receipts from a trip are digitized, the database provides access to each of the necessary parts of the company to ensure nothing is lost as the information changes hands.
Imagine a handful of people in different departments trying to keep up with hundreds of receipts each month from company travel. It is a logistical nightmare and some of the potential returns are bound to get lost, causing companies to miss out on hundreds or even thousands. As VAT can account for 10 or even 20 percent of company expenses, recouping as much VAT as possible can turn over much of the unnecessary losses incurred from travel.
Thankfully, the recovery of VAT can now be automated with extreme detail and security through VATBox. Now you can be sure that every piece of VAT that you are entitled to is returned, potentially saving you and your company from excessive lost funds. From the travelers themselves, to the finance departments, even to the human resources departments, everyone can have access to the information they need to ensure maximum tax recovery.
How Does VATBox Ensure Maximum Returns?
When you submit your expense report to your T&E system, the information is automatically streamed to an online database which cross-references each purchase and its VAT to validate it. The system automatically tracks the input, deleting obscure receipts and duplicates. Once the invoice is validated, VATBox checks the purchase for potential VAT reclaims and validates the VAT amount. Meeting the tax regulations of each country, the purchases are screened domestically and abroad against VAT systems to ensure the most money is returned to your company. For instance, purchases made in the UK are processed in the UK just as purchases made in Italy are processed there. As each country has different tax regulations, the purchases and subsequent VAT claims are handled on a by-country basis. VATBox’s reputation relies on its pinpoint accuracy in VAT compliance regulations and the sophisticated technology in place ensures that.
In addition to providing the highest return possible, VATBox’s technology provides you with a comprehensive breakdown of company-wide returns so you can see exactly where your purchases are getting the highest returns. VATBox allows you access to the complete history of VAT reclaim submissions, along with a purchase history that is all available at your fingertips. It is an easy way to track where and when unnecessary purchases are made that are not eligible for VAT refunds to avoid them in the future. The reports can show every aspect of the VAT returns giving you all the tools for future business success. Automating the VAT reclaim system only benefits your company and your travel experience as a whole, returning your money directly back to you.
A Global Presence
VATBox operates in dozens of countries, providing VAT reclaim services to business ventures worldwide. Through VATBox’s partnerships, clients have the much-needed transparency of total VAT reclaims across all aspects of travel and business. By having an expansive network and presence, VATBox’s capability for VAT refunds ensures consistency and dependability across the board. With over 1500 clients, the growing desire for VAT automation technology is becoming more apparent every day as companies move towards the future in their business practices. Overall, VATBox is there to take the traditional VAT reclaim system and automate it for ease all the way around, providing relief and retrieval of all those lost travel funds.