VAT4U has added generative artificial intelligence (AI)-powered capabilities to simplify value-added tax (VAT) processes.
The upgraded VAT4U SmartAI engine focuses on helping businesses manage VAT for accounts payable (AP) and travel and expenses (T&E), the company said in a Thursday (Oct. 24) press release.
“With VAT4U SmartAI, businesses can now harness AI-driven technology to manage VAT processes for AP and T&E more efficiently than ever before,” the release said. “This innovation not only reduces costs and improves compliance, but also helps companies streamline their operations, enabling them to focus on their core business while VAT4U takes care of the rest.”
VAT4U SmartAI enriches data to automate and enhance invoice and receipt processing, according to the release. By ensuring accuracy and compliance, it improves risk management, accelerates accounting tasks and identifies cash leaks.
The tool also streamlines the handling of VAT-related queries from tax authorities by organizing tasks, preparing responses and attaching necessary documentation, the release said.
VAT4U also includes a VAT Chat Bot that helps businesses get answers to VAT-related questions and navigate the VAT4U SmartAI platform, per the release.
Seventy-eight percent of chief financial officers consider access to AI for accounts payable systems important or very important, according to the PYMNTS Intelligence and Ottimate collaboration, “Accounts Payable Cycles: The Potential for AI.”
A key potential benefit of this technology is to fight delays in the AP cycle, the report found.
The use of AI to automate data entry and other repetitive tasks is one of the most significant recent advancements in AP, Melissa Johnson, head of operations at Ottimate, told PYMNTS in an interview posted in July.
“The key here is to ditch that manual process and use an AI-powered tool to improve your efficiency, security, as well as to control and centralize the AP function,” Johnson said.
Automation’s role in eliminating manual processes is also crucial in T&E management, where embedded payment solutions can save companies “dozens of hours per month,” Ernest Rolfson, CEO of Finexio, told PYMNTS in an interview posted Oct. 17.
Visibility into financial operations leads to faster decision-making and risk mitigation, Rolfson said.
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