How Data Analysis is maximising VAT recovery & ensuring compliance

It’s difficult enough to manage VAT reclaim across multiple jurisdictions during “normal times”, but it’s becoming even more complex as company spending is changing in a post-COVID world.

Instead of travel expenses that run through an expense management system, more money is spent on supporting employees that work from home. Those costs can end up on AP invoices, expense reports or even P-cards, often with incorrect VAT amounts. Imagine an employee in Germany ordering a computer monitor online and having it delivered to his home. The VAT treatment could vary depending on whether he used his home address or company address, whether he expensed it or ordered through a P-card, whether it was shipped from within Germany or from outside, etc.

With so much room for error, full visibility and control of your spend data is absolutely crucial to maximising your VAT reclaim AND maintaining compliance.

VATConnect Analytics provides full control, transparency and visibility of your data.

Our multi-lingual, multi-currency, cloud-based portal gives you an end-to-end view of the entire VAT reclaim process. With high level reports for executives, detailed views for tax managers and insights about your data, you’ll never miss another reclaim opportunity. The intuitive user interface allows you to slice and dice the data multiple ways and for multiple roles in the organisation.

Highlights of our analytics platform include:

• Executive Dashboard: immediately gain an at-a-glance view of total spend, VAT potential identified, distribution of VAT across the world, VAT submitted, VAT approved and upcoming payments due.

 

• Summary analysis: drill down into VAT potential, recovery and submissions. Here you can understand how much of your total spend is eligible spend and potentially reclaimable, how much is compliant or correctable, and how much has been submitted and approved.

 

• Detail pages: provide the details of every transaction analysed, including the entity associated with the transaction, the country, the VAT amount approved, the VAT amount awaiting approval and several other data points that you can chose to display and use for filtering.

 

• Invoice incompliance reports: allow you to understand the root cause of invoice incompliance so you can proactively make changes to improve compliance and reclaim over time.

 

• Tax office tracker: provides a centralised hub on all requests from a tax office for any Foreign VAT applications submitted on your behalf.

 

• Document tracker: centralises all documentation into a digital hub and enables an effortless implementation for our customers

 

Analytics access is managed based on roles in the organization, and you can decide how much and how you want to share your data. Reports can be saved, sent, scheduled and downloaded so you can share with colleagues at regular intervals.

VATConnect Insights

In addition, our insights component provides data about your data. This allows you to quantify the VAT potential that is currently eligible for reclaim, but not being captured in your current program. These insights can help you to understand when it makes sense to expand your VAT recovery program.

Our recent research has shown that many companies fail to maximise their VAT reclaim for one simple reason: an inability to effectively mine their spend data. With VATConnect analytics, you’ll be fully armed with the visibility and control you need to maximise your reclaim while ensuring full compliance. Check it out for yourself here.