Way2VAT Ltd (ASX:W2V) has entered a partnership with Circula, the largest expense management solution provider in Germany, to offer Circula’s clients within the DACH region (Germany, Austria and Switzerland) access to the company’s products.
The company is offering an automated VAT claim and return solutions product for small and medium-sized businesses (SMBs) through two seamlessly integrated systems - travel and expenses and accounts payable
Notably, W2V will originate its revenue from Circula's clients through a one-year contract based on each successful VAT reclaim transaction that it processes through its platform, with the ability to process large numbers of reclaims without substantially increasing the cost of processing.
“Major opportunity”
Commenting on the new partnership Way2VAT CEO and founder Amos Simantov said: “Circula supplies more than 1,000 organisations across Europe with innovative expense solutions.
“Partnering with them presents a major opportunity for Way2VAT to capture a large addressable market within Germany, Austria and Switzerland and lays a solid foundation for further business development activity through their operations in Europe.
“Another feature is that Circula has an integration with DATEV, a popular accounting system in the DACH region, used by many mid-sized companies to manage their accounts payable.
“This will allow W2V to support clients with both domestic and foreign VAT on travel and expense and accounts payable systems, since Circula will feed us all data without the need for a separate integration with DATEV or the client having to take any additional action.”
Seamless integration
For the first time, W2V’s platform will be seamlessly integrated through two systems – travel and expenses and accounts payable
Under the terms of the agreement, Circula will proactively offer W2V’s platform to clients
Notably, The duration of the partnership agreement is for two years with an automatic renewal option.
Way2VAT automated VAT/GST claim and return solution to be integrated into its expense management solution
Furthermore, The company’s services will be available to both SMB and Enterprise Circula clients to improve compliance and automation of VAT/GST claims and returns
Simantov adds: “This seamless integration is all about convenience for end-users.
Circula can provide their clients with an additional service without any hassle and customers will enjoy the W2V automated VAT reclaim service and receive a refund for the VAT charged to their business without having to send W2V any data or spend resources on an integration.
“They maintain the same processes but get their money back.
About Circula
Circula provides digital expense management including invoice processing, corporate travel, payment and auditing to companies across Europe.
It also has an integration with popular accounting system DATEV, allowing the W2V platform to be seamlessly integrated through two systems – travel and expenses and accounts payable – for the first time.
Simantov adds: “The ability of Way2VAT to quickly and conveniently integrate our patented, end-to-end technology into software platforms will enable Circula’s SMB clients to engage in hassle-free VAT reclaims and drive more revenue back into their organisations.
“It will save clients time, labour and money while ensuring validation and compliance protocols are met – no matter from where the invoices have been issued from.
“This is a key need for these countries in central Europe where international business is done on a daily basis.”