Expense management app, Rydoo, and reclaim leader, VAT IT, are partnering to automate VAT recovery on expense data for global and mid-size companies.
Over a fifth of companies say they are unable to claim back this VAT due to burdensome and overly administrative refund procedures across 30 different European Jurisdictions. A study on the VAT Gap in the EU conducted by the European Commission reveals that as much as $20bn in VAT could be lying unrecovered by companies globally.
Rydoo, a Sodexo corp-up, reinvents business travel and expense management with its mobile app in 63 countries ; VAT IT is the largest VAT recovery business in the world. Both companies’ vision converge to support organizations and employees while eliminating tasks with no added value. Time is precious to businesses everywhere but collecting receipts and expense forms for every cross-border venture undertaken is a less than an appealing activity. To prevent businesses from losing millions a year in unclaimed VAT, Rydoo and VAT IT have partnered to ease and increase VAT refund yields for companies across Europe and the world.
“Our software VAT Cloud integrates with Rydoo’s expense data seamlessly and will allow us to calculate potential VAT savings based on the expense data we pull. Then we can recover those refunds through a fully automated service model. Essentially, this partnership means VAT refunds for your business at the click of a button,” says Brendon Silver, CEO of VAT IT.
The benefits of business integrating Rydoo’s expense management system with VAT IT’s recovery tool VAT Cloud directly impact a business’s bottom line through cash refunds and time saved – Cash refunds via VAT IT’s service and time saved on resources because using Rydoo reduces an organization’s processing cost by 87%. This partnership represents a real opportunity for your business, where instead of suppliers costing you money, they give it back to you
“Rydoo is focused on innovation and bringing best in-class solution to our customers. We aim to simplify expense management full value chain. Partnering with VAT IT will bring back time and money to organizations so employees can focus on what really matters,” shares Sebastien Marchon.