Global leader in automated VAT claim and return solutions, Way2VAT Ltd (ASX:W2V), has launched a new AI-driven automated accounts payable auditing product, AI-AP Compliance, to complement the company’s existing suite of AI-powered VAT/GST claim and return solutions.
“Our new automated product is the first of its kind, building on our existing technology platform to perform a full audit of all accounts payable and VAT/GST invoices across 80 countries for clients,” said Way2VAT CEO Amos Simantov.
Using a world-first ‘document first’ compliance technology, AI-AP Compliance verifies proper submission of AP and domestic VAT/GST expenses to tax authorities on invoices up to four years old. It checks for common mistakes, identifies wrongly submitted expenses, pinpoints errors, and then advises the required action for invoices across 80 countries.
“Many companies use external advisors to perform invoice audits”, said Simantov. “This not only takes a lot of time and is costly, but opens a company to risk and potential fines for improper VAT/GST treatment as external advisors tend to only do spot checks on a sample of invoices.”
“AI-AP Compliance operates at magnitudes quicker than manual auditing of spot invoices, reducing the time for processing from months to days. It significantly reduces risk by automatically ensuring all invoices are compliant with various VAT/GST rules and regulations, and verifying the correct amount of VAT/GST has been charged or paid.
“Driven by AI, AI-AP Compliance incorporates different taxation jurisdictions and removes risk of error for enterprise and multinational organisations with entities in 80 countries around the world. Our product is useful for clients working across transport and logistics, raw materials, energy, products and equipment, leasing and licensing, services, security, maintenance and more.”
AI-AP Compliance creates a new revenue stream for Way2VAT based on fixed fee per audited invoice and 20% of unclaimed refunds. It is particularly aimed at large and multinational companies looking to maximise VAT/GST returns and ensure they’re meeting increasingly stringent compliance regulations across the many jurisdictions in which they trade.