CASE STUDY
VAT Cloud: A Study in Success
Previous Situation
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.
The Result ...
The retrieval process became more streamlined and the VAT yield at clients increased significantly by 75% overall, almost doubling their recovery. The VAT Cloud retrieval allowed an analysis of the values lost due to missing or ineligible invoices. The Discovery team was able to reissue 50% of these missing invoices, which contributed 24% of the 75% increased VAT savings. This means the potential VAT savings could far surpass the 75% in the long run.
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