VAT IT leverages Kolleno to Streamline AR Processes and Boost Cash Flow

We had a fascinating discussion with Lourens van Pletzen, Managing Director at VAT IT Compliance, as they shared insights into the complexities of handling international tax refunds, building strong relationships with clients across various industries, and overcoming the daily challenges of running a global, service-oriented company.”

VAT IT is a leading specialist in foreign Tax refund services. With a focus on identifying, researching, and perfecting VAT refund opportunities for foreign corporations transacting in the EU, Australia, Japan, and the Gulf States, they serve businesses of all sizes. Their team of professionals in over 40 offices worldwide is dedicated to turning the bureaucratic refund process into a hassle-free experience for clients. 

As VAT IT’s client base expanded globally, the intricacies of managing their accounts receivable grew proportionally. The company found itself dedicating an excessive amount of time to tracking and reconciling payments, which interfered with their primary goal of delivering excellent tax refund services. Late payments and the subsequent strains on cash flow began to hinder opportunities for growth and expansion.

To overcome these challenges, VAT IT turned to Kolleno’s accounts receivable management platform. Kolleno’s user-friendly customer payment portal facilitated easy access to invoices and payments for VAT IT’s clients. The software was integrated into VAT IT’s existing systems, enabling seamless invoicing, automated payment reminders, and follow-ups. Kolleno’s detailed reporting tools also provided valuable insights into clients’ payment behaviors, enabling VAT IT to proactively address any issues that arose.

With Kolleno’s solution in place, VAT IT saw 90% of payments collected on time or early. Furthermore, they saved two days of work each week per team, a significant reduction in time spent on administrative tasks related to payment collection. This newfound efficiency not only improved VAT IT’s operational effectiveness but also enabled them to focus more on providing a better service to their extensive client base.

VAT IT’s collaboration with Kolleno has been transformative, enabling the company to significantly improve their accounts receivable management and cash flow stability. Through streamlined payment processes and actionable insights into payment behaviors, VAT IT has been able to refocus its efforts on its core competency – providing outstanding foreign Tax refund services. The positive impact on their cash flow and time management has not only contributed to their ongoing success but has also primed the company for future growth and expansion.