VAT4U establishes cooperation with SRXP and strengthens position in the T&E market
VAT4U and SRXP are jointly offering an automated solution for finance departments.
Düsseldorf, 31 March 2017 – VAT4U is happy to announce its partnership with SRXP, the Dutch market leader in travel expense reporting software. Both companies are now offering a joint solution that allows finance departments to reclaim the VAT on foreign expenses automatically – from the receipt of the invoice to the actual refund.
On 1 October this year, once again companies will have left several billion euros of foreign VAT unclaimed. Companies can reclaim the VAT on employees’ foreign expenses, for example on business trips. However, few organisations do this, because the complexity and costs often outweigh the savings that can be made. Due to more than 2.000 VAT rules just in the European Union, which often change on a regular basis, organisations currently do not make use of the fiscal advantages.
The joint solution of VAT4U and SRXP supports the entire VAT refund process. Travel expenses can be easily captured with SRXP’s expense reporting software and then be exported to VAT4U, which automatically generates the VAT claims, taking into consideration thousands of VAT rules.
Our joint process
Pieter Verbruggen, CEO of SRXP: ‘At SRXP we collect a lot of data and we’re always looking for new ways to use it in order to better assist our clients. This integration with VAT4U, which has all the VAT rules in a single large database, is an example of that. Our clients can now claim back the VAT without investing any time. You put all the details into SRXP and then you can see directly by country how much you can reclaim. The costs of our app are negligible if you compare it to the savings it will make you. In short: the money is there for the taking.’
VAT4U has now tested out its new cooperation with SRXP to great satisfaction with a number of its major clients operating internationally. Rob van Dijk, System Development Supervisor at Bugaboo, is very pleased: ‘Claiming back the VAT is so much work and is so complex, as all the countries apply different rules, that almost nobody does it. Thanks to the cooperation between VAT4U and SRXP, all the rules that differ from country to country are automated. This is going to generate tens of thousands of Euros per quarter for us.’
Damien Moras, founder of VAT4U: ‘Our figures show that companies are leaving 10 to 15 billion euros in foreign VAT unclaimed each year. Thanks to our algorithm, reclaiming it is no longer complex and expensive, but a no-brainer which really pays off. This will lead to a revolution in the VAT landscape. So, we are very happy about the cooperation with SRXP. Due to its dynamic and international character, the Dutch market is an important spearhead for VAT4U. We believe this partnership will strongly strengthen our presence in the Netherlands.’
VAT4U (www.vat4u.com) is the first and unique online solution to manage and automate foreign VAT recovery. We help companies to earn money while travelling. VAT4U transforms an irritating process and expensive service into a cost-efficient easy-to-use online solution. During the European Venture Summit in 2015 the company won an award in the IT and Technology category.
About SRXP Mobile Expense Reporting
SRXP (www.srxp.com) is the market leader in expense reporting software in the Netherlands with clients including SkyTeam, PostNL and Bugaboo. Since it was founded six years ago, SRXP has digitised the expense reporting process of around 3,500 companies in the Netherlands and internationally via the expense reporting app. SRXP thus makes the management of expense reporting more transparent and efficient for your finance department and considerably reduces the administrative work for employees. In 2014 SRXP received an investment from Walvis Participaties, John Fentener van Vlissingen’s private investment fund.