VAT Returns: How AI radically simplifies the refund of input tax
The refund of input tax amounts from other EU countries is burdensome. It is not uncommon for the cost of manual refund procedures to exceed the tax gain that comes…
Invoices, purchase orders, delivery notes, order confirmations: after receipt of documents, Finmatics automatically assigns the document type, subsidiary, and document category.
Finmatics reads the incoming documents with artificial intelligence on the line item level. No templates are necessary! Finmatics also automatically matches invoices with the order and delivery note data.
All invoices are checked in real-time during processing according to legal requirements. Incorrect documents are returned to suppliers for correction. This saves costly and lengthy rework at a later point in time (auditing).
After the formal check, the document is forwarded to the relevant department for content control, where it is also approved. The document approval takes place within the self-learning Finmatics workflow or through the workflow of the ERP system.
The system learns automatically with every correction and is constantly improving.
Go-live in less than 6 weeks thanks to artificial intelligence instead of complex customizing.
Examination of sales tax criteria developed with leading accounting firms.
The refund of input tax amounts from other EU countries is burdensome. It is not uncommon for the cost of manual refund procedures to exceed the tax gain that comes…
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