Handing over the VAT reclaim baton to a reclaim software may sound convenient, but that doesn’t mean just any software will suffice. Due to the vast number of complexities and challenges within the VAT reclaim process, many businesses prefer to hand over the responsibility to a third party service provider. However, when it comes to choosing the right software solution, it’s important to keep in mind that not all are created equal.
Here’s everything you need to know about evaluating VAT reclaim software to ensure successful VAT reclaim without compromising your time, money, or compliance.
1. Define your specific needs and goals
If you don’t know what you need, you won’t know what to look out for. Each industry, business and country will have its own niche VAT processes and requirements. Therefore, in order to accurately evaluate your list of potential VAT software options, it’s essential to identify your specific VAT requirements and whether or not the preferred software caters for them. This includes identifying the types of expenses you want to reclaim VAT on and the countries in which you operate. In addition, be sure to determine your goals and check whether or not the software allows you to reach them. This may include increasing VAT recovery, improving efficiency, reducing the administrative load or reducing your compliance risks.
2. Consider the features
The next step is to evaluate the specific features that the VAT software provides and whether or not it will benefit your business and accommodate the tech-proficiency of your team.Some noteworthy features to be on the lookout for include the following:
- OCR & data categorisation
- Deep learning
- Automated data extraction from invoices and receipts
- Compliance with local tax regulations.
- Reporting and analytics tools.
- User-friendliness and ease of use.
3. Integration capabilities
If there’s one thing you can count on, it’s the fact that successful VAT reclaim and compliance cannot be done in siloes. You need to be able to effortlessly extract data from your expense management systems, your HR data and critical data across all departments. With VAT IT’s integration capabilities and live-pull APIs, businesses can connect to the VAT Cloud and integrate all leading ERPs, expense management systems, travel management platforms, and financial institutions. The best part? Our integrations are easy to set up via a click-through sign on process.
4. Data security and privacy
When it comes to data security and privacy, there is absolutely zero room for compromise. Above and beyond any other features or benefits, your VAT software provider must prioritize data security and privacy standards. Be sure to evaluate whether or not they encrypt data and have robust security measures in place.
At VAT IT, we don’t just talk the talk. We understand that Information Security is no longer a luxury. It’s a basic necessity. That’s why we’ve established a dedicated trust center to provide data protection 24/7, 365 days a year.
Ultimately, your VAT software provider shouldn’t feel like a risky bet. Instead, rest assured that you’ve got everything you need in one centralized solution, including experts in the field to help navigate through the nitty gritty. Keen to compare your shortlist with the global standard for VAT reclaim software? Check out our tech and advanced capabilities here.
Claimable countries & VAT rates
VAT potential calculator
Invoice compliance checklist