Hrs reclaim tech unlocks potential for corporations to recover 100% of hotel vat

New HRS Automation Unlocks Significant VAT Reclaim Potential

HRS Expands its Lodging-as-a-Service Platform to Unlock Unmatched VAT Reclaim Potential of up to 10 Percent of Corporate Hotel Expenditures

Latest Feature of HRS’ Complete End-to-End Service Leverages Proprietary Automation and Digitization Technology to Capture Required VAT Data and Submit in Proper Formats

Cologne, Germany – 14 November 2023 – HRS, the only procure-to-reclaim corporate lodging and meetings platform, today announced the introduction of new VAT Reclaim automation that offers corporations a new frontier of cost recovery. The service, an enhancement to the company’s Lodging-as-a-Service (LaaS) platform, efficiently overcomes the legacy challenges of VAT Reclaim with innovative, intelligent data processes. The automation effectively outsources this historically difficult task to new technology that can recover up to 10 percent of a typical multi-national corporation’s lodging budget.

“Estimates of unclaimed VAT globally exceed $30 billion annually. Far too many companies don’t even collect a penny. At a time when travel budgets face major scrutiny, this reality is unacceptable,” said HRS CEO Tobias Ragge. “It’s past time for technology to solve this issue, and no other solution is better aligned for global companies striving to recover funds they are entitled to. This solution holds immense promise, enabling the potential to recover 100 percent of domestic and foreign lodging VAT.”

Unmatched Data Quality Drives Advanced Global Automation; Flexible Structures Accommodate Varying VAT Reclaim Format Requirements

mlessly harvest the correct data, in the correct framework, to facilitate the task. Even when companies acquire relevant data, they typically must deal with countries frequently changing their VAT Reclaim processes and data requirements. Even among Fortune 500 global programs, most lack the resources to manage the variables of VAT Reclaim.

HRS’ new offering solves this issue, monitoring taxation frameworks while bringing an unmatched level of data quality to this task via integrated automation and superior analytics. Other highlights include:

• At the heart of HRS’ VAT Reclaim service: the strongest invoice automation technology in managed travel today, with 98 percent invoice compliance and itemized level 3 data.
• This is the only solution handling complex invoices – HRS AI easily deals with invoice validation for complex invoices including segments beyond simple transient bookings.
• Submission is triggered via automated processes at the completion of invoice reconciliation and validation. Global efficiency of this automation takes VAT issues completely off the plate for travel and/or finance managers.

HRS also has posted a free reclaim calculator on its website, allowing travel and finance leaders to insert their metrics to drive estimates on how much they may be able to reclaim using the HRS solution.

Easy Opt-In Choice Can Launch Reclaim Benefits for Corporations

The solution is part of HRS’ end-to-end LaaS platform offering, which captures all elements of the journey – from procurement and shopping to booking, inclusive of payment and reconciliation. It is easy for HRS LaaS clients to get started reclaiming their VAT expenditures – clients merely need to opt in. VAT Reclaim is provided at “net no cost” to clients using the LaaS platform, as recovery costs are covered via a nominal percentage of successfully collected funds.

“Travel procurement executives and managers are directly navigating the challenges of tighter travel allocations as negotiations for 2024 suppliers are finalized this quarter. Every cent counts,” continued Tobias Ragge. “VAT Reclaim has long been a missed opportunity for corporations to recover costs. With the unparalleled data quality this solution brings to HRS’ LaaS platform, corporations now have an automated path to access up to 10 percent of program expenditures, providing newfound cash to the bottom line and potentially funding the totality of their travel operations.”

About HRS 

HRS is reinventing how businesses work, stay and pay in today’s evolving global marketplace. Our unique Lodging-as-a-Service platform brings together hotel procurement, booking, payment and reconciliation data to drive newfound transparency and savings for program management while making everyday business travel better for employees. HRS’ innovative platform approach to corporate lodging elevates hotel automation to new heights, while the company’s award-winning Green Stay Initiative technology helps companies achieve their climate targets. Find out more about why one-third of the Fortune 500 work with us today at www.hrs.com/enterprise and follow HRS on LinkedIn.

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