It may be surprising to learn that there are still companies which manually manage VAT processes. This is not only surprising to hear because there are so many technological VAT solutions available, but also because the rules and regulations of VAT recovery are constantly changing. Automated VAT recovery services can benefit your company in a lot of positive ways. In this article, we cover just ten of the many benefits company’s receive by using an automated VAT solution.
Save money
It takes a qualified and experienced VAT professional to ensure that any company receives all the recoverable VAT they are due. When employees who are not experienced in VAT recovery manage a company’s VAT, there are sure to be mistakes. This can result in VAT that was simply not recovered. Automated VAT solutions ensure that your company saves money by recovering all the VAT due.
Make sure you are fully compliant
With so many rules and regulations regarding VAT recovery, it can be difficult for employees to stay up-to-date. Using an automated service will help you make sure that the right details are on the invoices you receive in order to be able to fully comply with VAT laws.
See your VAT in a new light
With an automated VAT recovery service you can see all of the VAT you spent on a number of items, including tools and equipment charges, foreign shipping claims, and event related expenses.
Gain valuable insights
With VATBox you receive valuable insights that can help you streamline your VAT processes. One example regards supplier data. VATBox provides data regarding while suppliers were used, how many times they were used, and what amounts were paid to them. You also are able to see which suppliers re-issued invoices in order to send VAT-compliant invoices. This will help you know who to contact in order to resolve the issue and receive VAT-compliant invoices the first time.
Comply with new digital regulations
Digital Europe is progressing fast with many EU member countries already implementing digital systems for tax reporting. Don’t be left behind with an antiquated system that doesn’t support these new digital system requirements. Using an automated system, like VATBox, will help you stay up-to-date with all new digital requirements.
Don’t let small invoices fall through the cracks
Many small invoices go unrecovered. In fact, 69% of invoices are under ten euro in vat reclaim. Don’t leave money on the table. An automated service ensures that all invoices are taken care of.
Fraud prevention
Avoid mistakenly committed VAT fraud by using an automated VAT service to ensure your company’s full compliance with all VAT laws.
Save time
Employees can end up spending half their day checking and updating invoices manually. They also spend a lot of time trying to stay up-to-date on VAT rules and regulations. A lot of time can be saved by using an automated service.
Easy set up
With automated services like VATBox, the set up can take as little as half an hour. This means that your company can begin to automatically recover VAT in under an hour.
Easy audit
When it comes time for an audit, you’ll be prepared. Automated VAT services, like VATBox, put all of your VAT information at your fingertips.
These are just a few of the ways that VAT recovery services can automate your company’s VAT. With an automated service, you will improve efficiency and recover all the VAT your company is due. You will also have the peace of mind that your business is fully compliant with all rules and regulations regarding VAT filing and reporting. Contact VATBox today to learn more about how an automated VAT system can benefit your business.
