Near the top of the list of expense reporting and reimbursement headaches for international travelers is the value-added tax, or VAT. And courtesy of a new partnership with Luxembourg’s VAT IT, Belgian expense-management solution-provider Xpenditure is here to help.
“Our mission is still to kill the monthly expense report,” says Xpenditure CEO Boris Bogaert, “and this partnership is an important next step in achieving that.”
(Left to right): Chief Product Officer Koen Christiaens and CCO Wim Derkinderen demoed the Xpenditure platform at FinovateEurope 2016 in London.
The new partnership with VAT IT will make it easier for Xpenditure users to reclaim VAT on international and domestic travel expenses, as well as services from international suppliers. For businesses with employees who work and spend internationally, the automated process helps reduce costs and errors. Users scan their receipts with their mobile device and get their expenses approved in real time. VAT IT’s proprietary, cloud-based technology extracts the necessary data from your accounting system and calculates VAT savings, minus a small-percentage transaction-fee. A specialist in cross-border VAT and tax recovery, VAT IT has more than 8,000 clients in 100 countries. In addition to Xpenditure, VAT IT has partnerships with Finovate alums Concur and Mastercard.
Founded in 2011 and headquartered in Mechelen, Belgium, Xpenditure demonstrated its technology at FinovateEurope 2016. The company has raised more than $9 million in funding, with its most recent investment a $5.7 million Series A in the fall of 2015. Xpenditure board member Jonas Dhaenens was named ICT Personality of the Year by Data News in May and, in April, the company was honored at the 2016 European Fintech Awards.
Check out our FinovateEurope Sneak Peek on Xpenditure for more.