Ann: Launch of world first AI driven automated auditing product, page-19

Way2VAT, a fast-growing fintech company listed on the ASX (Australian Securities Exchange), has recently launched an innovative AI-driven accounts payable (AP) auditing product called AI-AP Compliance. Let’s delve into the details:

1. What is AI-AP Compliance?
   • AI-AP Compliance is designed to enhance VAT (value-added tax) and GST (goods and services tax) compliance.
   • It uses an innovative ‘document first’ technology to verify the proper submission of AP and domestic VAT/GST expenses to tax authorities.
   • The product can handle invoices up to four years old and checks for common mistakes, identifies wrongly-submitted expenses, and reports on unpaid invoices or redundant VAT recovery.
   • It covers 80 countries and manages regulations across any tax jurisdiction, including the complexity of shipping goods internationally.
   • Additionally, it ensures businesses account for reverse charges correctly.
2. Who Benefits from AI-AP Compliance?
   • Large and multinational companies looking to:
     • Maximize VAT and GST returns.
     • Ensure compliance across multiple trading jurisdictions.
3. Key Features and Benefits:
   • Quicker Processing: AI-AP Compliance operates at magnitudes quicker than manual auditing, reducing processing time from months to days.
   • Risk Reduction: It automatically ensures all invoices comply with various VAT/GST rules and regulations, verifying correct tax amounts.
   • Revenue Stream: Way2VAT expects this product to create a new revenue stream based on a fixed fee per audited invoice and a share (20%) of unclaimed refunds.
   • Avoiding External Advisors: Unlike external advisors who perform spot checks on a sample of invoices, AI-AP Compliance covers all invoices.
4. CEO’s Perspective:
   • Way2VAT’s CEO, Amos Simantov, emphasizes the efficiency and risk reduction provided by AI-AP Compliance.
   • The product aims to revolutionize invoice auditing and streamline compliance processes.

In summary, Way2VAT’s AI-driven solution disrupts the fintech landscape by automating and optimizing AP auditing, benefiting businesses worldwide¹²³.