Mobile Expense Technology guiding the Traveler Journey = Improved Compliance and Increased VAT Recovery
Mon. August 13| 8:00 AM - 8:30 AM | Meeting Room 6B Upper Level
Is your travel spend increasing but your VAT reclaim isn't?
Travelers rarely have the time to submit their travel expenses let alone know if they are compliant for VAT recovery or in line with your travel policy. Mobile expense technology that can validate a receipt on the go for VAT compliance is the perfect solution.
An example of a company who experienced this problem came to Taxback International in 2015 with a nominal VAT recovery of €25,000. In the space of 2 years we managed to increase this 10 fold to over €330,000.
How did we do this? Using our Enhanced VAT Technology Reporting we identified where the VAT was being lost. This was broken right down across a number of parameters, including entity level, department level, expense type and even employee name. The report yielded the following insights- over 40% of this client's invoices were missing or incompliant for VAT recovery. Now that the VAT loss had been quantified and the reasons established, we needed to create a quick efficient and hassle free technology to assist employees on the go in understanding what the problems were. An example of some of the technologies are, real time compliance applications, travel notification applications, traveller educational videos.
This session will be of interest to companies of all sizes wanting to benchmark their VAT reclaim processes against industry best standards, to ensure maximized VAT reclaim, & compliance.
Type: Education Session
Director, Global T&E
ITW (Illinois Tool Works Inc.)
Director, Strategic Partnerships