Using artificial intelligence to simplify VAT reclaim

The start of a new financial year is an important time for finance departments in the UK. It is a time to look at the current health of a business and how it matches against forecasted revenue. This step is more important than ever this year as businesses start to prepare for a post-Covid era.

One area that has always been a challenge for finance teams in organisations large and small is VAT reclaim. Traditional methods of reclaiming VAT are not up to scratch with outdated processes unable to keep up with the ever-changing regulatory quagmire. As this becomes even more complex because of both the pandemic and Brexit the potential for mistakes is high and the risk of non-compliance provides real problems for businesses.

These challenges have left many businesses with their heads in the sand. Too afraid of the penalties associated with non-compliance...