It goes without saying that a strong finance team is essential for any business. Without the structures set up by this group, there may be cracks in the foundation of many contracts, payments, or your financial management in general.
A finance team needs to be extremely well-rounded. There are many different members of a finance team, including payroll managers, account managers, and those who handle VAT refunds, just to name a few. They are all led by a Chief Financial Officer, or CFO, who must not only be aware of all elements of these processes but who can effectively manage the team in order to handle any situation that may arise. It is very much a balancing act, one which your company depends on every day for its success.
Make Organization a Priority
If your finance team has desks covered with receipts and invoices from different employees or different projects and trips, there is a good chance something will fall through the cracks. For example, when it comes to getting your VAT refund, if the right information is not entered correctly, or the relevant data goes missing, your company may end up missing out on a significant portion of its VAT refund.
The CFO should be able to set procedures for his employees to follow, whether it is entering the data the moment it lands on their desk or informing the company employees how to submit the correct information to allow the finance team to function efficiently.
Many companies are upgrading to computerized systems rather than paper-based processes to alleviate the mess and cut down on the possibility of errors. VAT automation is one example where the technology is helping ensure that companies get their full VAT refund. With this technology, travelling employees enter the information as they receive receipts and send it to the finance staff to review. As long as they hold on to the paper copies in an organized fashion, automated technology systems can save time and get your company the money it is owed.
Have Specialized Teams on Your Staff
Having a wide range of knowledge on all financial issues is crucial for a good financial team, but it never hurts to have team members who are specialists in their field. Specialists add value to your financial team as they understand the nuances and ever-changing laws and policies surrounding their specialty.
Many large companies have finance teams with 10 or more people, however many of these companies do not have specific VAT teams. A company may be able to manage their finances well, however this does not always mean they understand the complexity of issues surrounding VAT refunds. This could end up being costly to the company, as the company may not receive the full VAT refund it is due.
By building specialized sub-groups within your financial team, you divide the responsibility and conquer the long-term goal of successful financial management. Success is accomplished when a team can put their different strengths to use and combine their specialties to make sure their company is fully covered from a financial perspective.
Getting the Right VAT Refund Doesn’t Just Depend on the Financial Team
Financial security for a company doesn’t come just from an efficient finance team. It also depends on every company employee understanding how their responsibilities and tasks impacts the company financially, whether it is submitting the correct data or keeping a paper trail with all relevant invoices. With a VAT tool like VATBox, finance team members can share their knowledge with the other employees and instruct them on what they need to do when completing a transaction.
Your finance team can lead your company to success with organization, the right tools, and strong leadership and structure. Once they have an example to work from, the rest of the company can follow suit in order to maintain your company’s stability and well-being.
Founded in 2012, VATBox has been revolutionizing the automated VAT recovery marketplace with its cloud-based solution that can be deployed in 30 minutes without any additional budget or IT resources. VATBox’s out-of-the-box solution handles reports, data collection, aggregation, qualification, submissions and the complexities that accompany these processes using a fully automated approach. 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 how your company can thrive in today’s complex financial times. Request a free demo here.