In this current environment, it is more important than ever that businesses move towards digitalization and foster technological innovations when it comes to finance and travel. These two areas are especially intertwined because business travel can be a considerable component of corporate expenditure.
However, what most businesses have trouble paying attention to is the hidden potential of business travel that goes beyond exploring new business opportunities or strengthening established corporate relations. With the COVID-19 pandemic still in our midst, VAT recovery has rapidly become one of the most effective liquidity tools for companies looking to tighten cash flows. Many businesses have put cash flow management at the top of their priority action plan. In fact, many organizations, large or small, that have strong cash positions at the moment are also very focused on protecting their liquidity and looking to utilize all the support offered by the various governments.
Managing VAT refunds is one of the fairly simple mechanisms that businesses can use to their advantage, provided they invest in the right technology to identify unclaimed input VAT. VAT4U is helping businesses throughout the world recover their money by navigating through complex VAT laws to maximize refunds with minimal inquiries. The software-as-a-service cloud solution makes it easy, simple, and time-efficient to comply with worldwide VAT rules and submit claims to tax authorities.
We’re working together with Amadeus to offer companies a way to maximize VAT recovery on travel expenses, with an integrated offer into Amadeus’ corporate travel and expense solution. By investing in digitalization, corporations will have a much easier time responding to the constantly changing VAT laws that govern the business travel industry. The combination of VAT4U and the Amadeus corporate travel and expense solution makes it possible to automate the entire business travel process, thereby reducing processing costs and maximizing savings. When booking flights and accommodation through this Amadeus solution, all relevant data is captured and transferred to VAT4U for further processing. Invoice compliance checks, calculations of refundable VAT amounts, and refund claim submissions are fully automated in VAT4U thanks to Artificial Intelligence. Organizations can significantly increase the rate at which they submit amended returns or receive VAT refunds from foreign administrations which can help them better manage cash flow during these troubled times.
We are transforming an irritating VAT claim process and expensive service into a cost-efficient, easy-to-use online solution. By incorporating VAT recovery technology, businesses can ensure they are staying in line with regulations and can help organizations abide by compliance laws. Being more compliant secures faster and better results. To put it another way, businesses will increase their VAT recovery claims approval, refunds will be received faster and the number of queries received from tax authorities will be limited.
To find out more about how VAT4U and Amadeus’ corporate travel and expense solution are changing the game for corporations, check out the Amadeus online coffee-chat event. For a more detailed insight into the Amadeus-VAT4U solution, you can download our booklet that tells you all about why VAT recovery matters.