In a time where AI reigns supreme, leading enterprises still find the human factor indispensable when it comes to the VAT reclaim process and compliance. However, this isn’t a case of choosing between tech and people. In fact, it’s all about finding the right balance when it comes to maximizing your VAT potential and lifting the administrative burden off your shoulders.
In this article, we’re exploring the power of people and how you can optimize your VAT processes while maximizing your potential by combining experts in the field and tech that inspires the future of VAT reclaim.
Tech when it counts: The power of precision and speed
When it comes to leveraging the latest technology in VAT reclaim, the advantages are undoubtedly quintessential to help elevate the process. Reclaim technology rooted in artificial intelligence holds significant value with its ability and capacity for rapid data analysis and processing. It can also effortlessly identify patterns, errors, and inconsistencies. This is one of the biggest hurdles and challenges when relying solely on finance teams and people.
As VAT registrations and processes start becoming more complex and time-consuming, without the right tech stack, manual processes can quickly drain resources, become prone to error, and miss critical VAT reclaim opportunities simply due to a lack of data and time constraints. Tech (when it counts) helps solve this challenge and allows businesses to free up their time and people to invest in other fundamental organizational tasks.
Yet, a missing link remains just as critical to the VAT reclaim process. People.
Human when it matters: The indispensable human factor
The VAT landscape is rooted in relationships. The network expands across multiple countries and continents, all tied together by a network of humans, which can be your greatest advantage or biggest liability. When submitting VAT reclaims, the process hinges on understanding and working with local tax authorities and country-specific rules. To do so effectively, you need experts by your side who go above AI capabilities and who understand the in-depth and case-specific VAT processes within your business, industry as well as the country you’re reclaiming from. Yes, tech counts – but you can’t bypass the fundamental areas where humans matter.
Combine state-of-the-art technology with human-centric brilliance
Fortunately, you don’t have to fret about the battle between AI and humans. Instead, leverage the most efficient way to recover foreign and domestic VAT with ready-to-go strategies that increase your VAT yield in collaboration with a team of experts in VAT recovery with over two decades of experience.