- Artificial Intelligence is shaping the accounts payable space with significant technological advancements.
- Way2VAT uses AI to automate the global VAT/GST reclaim processes and is a global leader in this space.
- Way2VAT’s breakthrough offering has seen significant global growth in recent times.
An increasing number of organisations are using technology solutions to up their game. Technologies help companies enhance their routine business operations, reduce errors, automate processes, deliver cost, processing efficiencies, etc.
Artificial Intelligence (AI) is transforming the accounts payable space at a great pace. There have been substantial developments made across finance and procurement processes over the past decade, especially in automating manual and strategic tasks.
Such developments are giving birth to focused and enhanced processes for projects across global businesses.
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Given this backdrop, let’s look at the recent growth of the world’s only fintech company that automates global VAT/GST reclaim processing through image processing and AI.
AI platform experiencing solid growth
Way2VAT Ltd (ASX:W2V) is a global leader in automated VAT/GST claim and return solutions across 40 countries in more than 20 languages.
W2V has experienced strong growth during the recent period, validating the company’s increased marketing and sales efforts and product evolution. It is worth noting that the company has been continuing the past momentum into the first quarter of 2022 as it witnessed solid revenue growth across all segments and markets.
Source: W2V Presentation 02/05/22
Thanks to W2V’s ability to incorporate highly scalable technologies into its business model, the company is able to maintain gross profit margins of 80%, as W2V leverages favourable market circumstances with fast-tracked growth.
During Q1 FY22 ended 31 March 2022, Way2VAT’s Total Enterprise clients were up 40% on the previous corresponding period (pcp), while SMB Clients witnessed a Q-o-Q growth of 7%. Moreover, the Transaction Volume stood at AU$2.23 million, up 62% on the pcp.
W2V’s unique AIA technology
Way2VAT’s patented and fully automated VAT and GST reclaim solution has been developed on its unique AI technology, using its Automated Invoice Analyser (AIA). AIA technology enables processing invoice images, involving hard to read images, in various languages.
These images are further translated into data to conclude the necessary VAT and GST reclaim forms for submission to the relevant tax authorities.
Image Source: Screen grab company’s website
While this whole process requires minimal human intervention, AIA technology also delivers competitive advantage to the Company. It helps boost recoverable VAT and GST reclaim amounts and achieve a greater VAT and GST reclaim success rate.
The technology also empowers Way2VAT to process VAT and GST reclaims of any size and quantity and process them with speed and in a cost-effective manner.
Importance of automation
Undoubtedly, automating a process delivers various advantages to a business, saving time and money being the most prominent ones.
- Identifying and streamlining operations can help in delivering cost-cutting and additional savings.
- Using AI systems and automating processes can save time and improve accuracy in the accounts payable process.
- Augmenting present technologies with AI can help in improving supplier relations.
- AI enabled systems can reduce non-compliance related risks and deliver visibility into expenditure.
W2V has been focusing on product innovations and has recently introduced the Smart Spend Debit Mastercard, which is the first spend card for the SMB and Enterprise market that completely automates VAT/GST returns from end to end.
Source: W2V Presentation 02/05/22
W2V remains confident that its Smart Spend Debit Mastercard will empower businesses to enhance their expense management and payment solutions while experiencing cost efficiencies and improving their bottom line.
In a world’s first, Way2VAT ASX W2V launches Smart Spend Debit Mastercard to automate VAT:GST return
W2V is committed to establishing itself as a global leader in the space of integrated VAT claim and return solutions technology. W2V has been able to solidify its presence in the DACH economies of central Europe, including Germany, Austria and Switzerland.
Source: © Ipopba | Megapixl.com
Moving forward, W2V remains optimistic about continued revenue growth in the coming year, with business activities, foreign Accounts Payable and travel (international as well as domestic) returning to normal levels in the post-COVID environment.
The company also looks forward to finalising a complementary product for VAT/GST automated platform on Automated Invoice Analysis (AIA- Way2VAT Patented technology), AI and computer vision technology. Additionally, W2V plans to expedite the rollout of new global corporate clients and newly signed partnerships.
W2V stock was noted at AU$0.047 on 17 May 2022.