In order to reclaim VAT successfully, original invoices need to be retrieved onsite at clients’ premises. A client service executive (CSE) would have to rely on the client filing every reclaimable invoice, as well as the client’s knowledge of where all the physical invoices were filed. The CSE would then manually sift through all files to identify reclaimable foreign invoices for recovery. This process was inefficient and lacked the ability to identify all possible claimable expenses.
VAT IT's solution
We developed software to integrate with our clients’ systems and retrieve and analyse client expense data using our proprietary VAT processing algorithm – VAT Cloud™. VAT Cloud extracted the expense data and, through its proprietary reclaim algorithm, was able to calculate the total potential VAT savings as well identify each individual claimable expense.