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VAT Automation

Many organizations have automated their business processes. However, Value Added Tax (VAT) - which is an essential part of each business process - is often overlooked. The foremost reason for this is that implementing VAT rules into the business processes requires a special skill set that is not always available within companies.

VAT Resource has assisted many companies in automating and streamlining their VAT processes. VAT automation is about reducing the number of manual VAT decisions made in each business process by people without VAT knowledge. With VAT automation you can improve your cash flow, be more VAT compliant and reduce VAT (audit) exposures due to incorrect treatment of purchase and sales transactions.

VAT Resource will help companies stay in control and provide unbiased information about the different VAT automation solutions available on the market.

VAT Automation Solutions

The most common way to automate VAT is by optimizing the VAT capabilities of the financial system (current, to be implemented or to be renewed). These VAT capabilities are often standard settings implemented by system consultants that do not have an in-depth VAT knowledge. For example, in most financial systems it is possible to qualify a certain transaction for VAT purposes with the use of a so-called “Tax code”. By optimizing the automatic Tax code selection possibilities in the system, companies can significantly reduce the number of manual interventions.

The more advanced method of automation is by implementing dedicated VAT software. This software will automatically calculate the applicable VAT for all transactions and is kept up to date with the latest VAT rates and rules changes. In addition, most VAT software will also include reporting functionalities that can even create signature ready VAT returns, European Sales Listings and Intrastat returns (statistical returns that needs to be filed with the statistical authorities). The software is highly flexible, has incorporated all VAT rules and can handle all (special) transactions and Tax structures.