How one WAY2VAT customer reclaims $500,000 every year
When your business entails a lot of travel, how do you make sure expenses are tracked and you get the highest return possible? Without a solution for VAT reclaim solution you’ll miss out on a tremendous opportunity to receive refunds on VAT paid on international travel.
One of our real life clients is a global software & services provider to the world’s most successful communications and media companies. Our initial analysis showed that the client has 800 traveling executives, spending about $1,350 USD per trip, with 3,600 days of travel per year – for a single division!
So, how big is YOUR business? Do you know YOUR travel analytics? No matter if you’re big or small, and no matter what the numbers show, automating your VAT refund procedure will give you a tremendous return.
So how do they use WAY2VAT?
- Every quarter the client sends 10,000 digital files to the WAY2VAT team. The data is uploaded to our system and quarterly claims are prepared automatically, formatted according to that countries VAT laws and regulations.
- Since the Netherlands, Australia and Iceland allow historical reclaims, our team tracked and submitted claims for expenses as far back as five years.
- Our solution automatically identifies discrepancies between estimates and final cost and flags double receipt submission and invoice discrepancy due to human error or fraud.
- The WAY2VAT team identified and recommended hotel suppliers who would claim VAT, ultimately increasing returns and reducing business travel overhead.
- The finance team and VAT manager use the web version of the WAY2VAT system to track claims, build expense reports, and monitor business travel analysis.
With all of this automation, the client benefits from $500,000 in savings and returns every year! And the confidence the financial team has in terms of monitoring expenses? Well, that’s just priceless.
Want to learn what we can do for you? Request a demo today!