Back to school season is also back to business travel season for many professionals. And this makes the news of two new integrations from expense management innovator Expensify all the more timely and welcome.
The San Francisco, California-based company announced today that it has integrated with two major value-added tax (VAT) reclamation solutions: Global VaTax and Taxback International. This will make it easier for businesses to reclaim VAT by exporting expenses directly from Expensify to one of these two services.
“Many companies don’t know that VAT reclamation exists, much less how to benefit from it,” Director of Strategy and Marketing for Expensify Ryan Schaffer said. “But with the right tools it can mean some serious money back with minimal effort upfront.”
Both Global VaTax and Taxback International help individuals and businesses maximize VAT reclamation. Once the data is extracted from Expensify, the VAT reclamation process analyzes all expenses, invoices, and VAT calculations per expense type. The company’s solutions then review all invoices for VAT refund compliance, prepare submission claims for each country and submit those claims to the relevant national authorities. VAT refunds are available anywhere from three to nine months, depending on the processing speed of government.
“Companies using Expensify can already track receipts and manage expenses in more than 160 currencies,” Schaffer said. “Now, it’s just a matter of enabling one of our partner integrations to automatically extract that expense data for easy VAT processing and a maximum refund.”
Used by more than six million people around the world, Expensify leverages technologies and features like OCR receipt tracking, corporate card reconciliation, and integrations with leading accounting software solutions to automate the complete expense reporting process. Since inception, the company has processed more than $100 billion, and topped 660 million expenses created with more than 180 million expenses created in 2017 alone.
Founded in 2008, the company demonstrated its Expensify Invoices solution at FinovateSpring 2013. More recently, Expensify announced an integration with Hotel Engine, was named Innovation Partner of the Year by Netsuite, and inked a deal with Wells Fargo to pilot the launch of its ExpensifyApproved! Banks integration program.
Expensify has raised $38.2 million in funding, and includes Redpoint Ventures, OpenView, PJC, and the Canadian Imperial Bank of Commerce (CIBC) among its investors. David Barrett is founder and CEO.
Presenters
Kent Wallgren, Project Management – App Development
