Are you reclaiming overpaid taxes? Revamp your Approach to VAT and Bring Money back into the Business
Getting business going and growing again takes a willingness to look at everything with a fresh perspective. And while it’s easy to overlook something as traditionally cumbersome as tracking and reclaiming Value Added Tax (VAT) / Goods Services Tax (GST), there’s money to be made with the right approach.
According to 2018 VATBox data benchmark, 42% of employee expense transactions do not meet compliance requirements for VAT/GST reclaim due to incorrect information and missing data. As you look for the solution that will support VAT compliance no matter where you do business, there are few tips you can follow right here, right now.
- Introduce and enforce a carefully structured companywide expense policy, covering what can and cannot be reimbursed to an employee.
- Assess your existing systems to ensure your compliance framework is up to date. Look at the technologies you have used to manage VAT and the way these systems communicate; assess for possible gaps and put a plan on how to bridge these.
- Use intuitive dashboards to drill down to transaction-level data and gain insights that simplify compliance and help maximize reclaim.
- Look for duplicate receipts and invoices to avoid your VAT claim to be disqualified.
- Look for missing dates, incorrect currency, and incomplete company name and provide the right information.
- Clarify receipts with different VAT rates – separating items such as food and parking, for example – as receipts cannot be submitted with different rates.
In addition to those practical tips mentioned above, you also need your people with the right tools to help optimize your processes and business results. To learn how to choose the right solution to maximize your VAT reclaim, download the eBook today.
