Pictured in Dublin recently are Eamon Clune, Chief Operations Officer and Catherine Quirke Chief Commercial Officer.
Kilkenny based company TaxbackInternational, which has made it through to the final of the Innovation Awards 2017, will discover in the coming days if it has claimed a top prize.
The company, which is based in the IDA Business and Technology Park on the city's Ring Road, is up against two other firms from Galway and Dublin in the Fintech Category.
The overall winner of the Innovation of the Year Award 2017 will be selected from among the seven category award winners.
Businesses around the world are losing out on billions of euro in unclaimed VAT on employee expenses. Taxback International’s Continuous Improvement Programme (CIP) addresses this issue and helps companies achieve dramatic increases in VAT recovery rates.
The first element of the solution is a software application which analyses the expense claims and receipts to identify the actual potential for VAT recovery. This is typically as low as 30 per cent to 40 per cent due to a number of factors mainly related to poor compliance. These include failure by employees to get VAT receipts, general poor record keeping, illegible images of receipts and so on.
The next phase of the process is to tackle the non-compliant expense claims. The company has developed technology which matches the images of the receipts with the expense claim data. This gives clients full visibility of their non-compliant data and enables them to improve the compliance rate and ensure the same mistakes don’t happen again.