Automate VAT ID validation process and save time
Changing suppliers and introducing new companies to supply chains is a common requirement for multijurisdictional businesses. As part of due diligence, VAT ID checks are obligatory, with requirements varying across VAT and GST jurisdictions.u00a0
Manually processing customer VAT numbers to ensure theyu2019re legitimate can be incredibly time-consuming and resource intensive. For certain transactions, checking the validity of the VAT identification numbers is a necessary requirement for tax exemption.
Delays or errors in the VAT ID validation process can have a knock-on effect on supply chains, delaying clearance at customs and increasing the risk of financial penalties during an audit, affecting future profitability.
Teams could save valuable time and improve data accuracy by implementing an automated VAT ID validation solution.