Way2VAT increases SMB client access through Webexpenses agreement

Way2VAT (ASX:W2V), has expanded dramatically the number of clients able to use its automated VAT claim and return solutions product for Small and medium sized business (SMBs) signing a partnership agreement with the online expenses management platform, Webexpenses, part of the ELMO Software group.

The new partnership comes on top of recent agreements with Allocate Software’s expense management solution, Selenity Expenses and Yokoy and will initially allow European users of Webexpenses to use Way2VAT’s VAT/GST automated claim and return solution.

The partners operate across thousands of organisations Across Europe, US and Australia.

Part of ELMO Software (ASX:ELO), Webexpenses provides online expenses management including invoice processing, corporate travel, payment, and auditing to thousands of companies in the UK, North America and Australia.

Way2VAT’s SMB solution will be integrated into the Webexpenses platform initially for its UK based SMB customers, with the plan to expand to other markets in due course.

In those agreements Way2VAT will originate its revenue from clients through a one year contract based on each successful VAT reclaim transaction that it processes through the Way2VAT Platform, with the ability to process large numbers of reclaims without substantially increasing the cost of processing.

Way2VAT CEO and Founder, Amos Simantov, said, “Between them Webexpenses, Yokoy and Allocate supply thousands of organisations in the UK commercial and public sectors with expense solutions. Partnering with these leaders presents a major opportunity for Way2VAT to capture a large addressable market within the UK and lays a solid foundation for further business development activity through their operations in Europe.

“We will continue to search for partnerships that allow us to scale at pace and access large markets to meet employees VAT claim and return needs more efficiently. This is part of our strategic plan to expand our reach globally by partnering with leading expense management software companies and to automate their VAT solution.

“The ability of Way2VAT to quickly and conveniently integrate our patented, end-to-end technology into software platforms will enable Webexpenses and other partners’ 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.”