Improving Cash Flow
Business cash flow is always crucial but never more so now when businesses are navigating uncertainty on a level not seen before. Global interruption to supply chains, companies forced to close their doors and employee’s operating remotely means that maintaining any semblance of steady business operation is challenging and will continue to be so for some time to come. Speaking to our clients, almost all have advised us that maximising available cash is at the top of their priority list.
VAT Recovery & SaaS Solutions
VAT recovery is one simple way to impact liquidity quickly and with a forward looking focus on the months to come. Many organisations already outsource their VAT Recovery for 8th and 13th Directive claims (2008/09/EC and 86/560/EEC respectively) but have not given due consideration to their opportunity for domestic recovery. Companies either don’t recover domestic expenses at all or do so poorly, missing items that could improve recovery values or including invoices that are non-compliant and put them at risk of audit.
Technology plays a significant role in helping streamline the VAT recovery process and quickly handling large volumes of data, particularly as it relates to employee expenses. With the use of T&E software platforms such as SAP Concur, the ability to review and identify current and historical transactions that may be eligible for recovery has become easier than ever before. A number of EU countries allow for recovery from prior years so leveraging your technology to review your T&E data for missed recovery opportunity makes good commercial sense.
How to Find Help
VAT recovery is time consuming work and requires specialist technology and people for the fast, accurate processing of invoices in line with detailed VAT rates and rules and the preparation of claims.
Working with a VAT recovery partner like Quipsound means that the minimum amount of time and effort is required on the part of your business. We review your data and invoice images and do all the hard work for you; filing the claim on your behalf, managing Tax Office Enquiries and processing the refund.
We have been doing this work since 1980 and with Jaguar Land Rover since 2012. Read our case study on how Quipsound helped JLR improve cash flow by 37% in in 2019.
Call us or email us today and talk to one of our highly experienced team to find out how we can help you improve your business liquidity.
Telephone: +44 (0) 1959 561 717
Written and posted by Quipsound Managing Director Nicole McGrath on Linkedin.