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VeriBiz Monitor adds value in various ways.
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Reduce Risk of Loss
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When you choose to use VeriBiz Monitor you literally “connect” your business system with the combined EU business registry. Therefore you are always fully informed about the (legal) status of all your business partners.
Since VeriBiz Monitor “remembers” who you are trading with – and since the verification is performed every night you are automatically informed whenever there’s a change to their legal status:
- If a customer enters bankruptcy, you want to stop any delivery to limit your company’s exposure.
- If the same happens to a supplier, you want to NOT return any goods to the supplier before you have cleared any outstanding balance.
It alway problematic to lose a customer or supplier, but the earlier you’re informed, the lesser the risk of loss.
VeriBiz Monitor helps you, by informing as soon as technically possible.
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EU Compliance
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With the implementation of EU Regulation 2011/282 all EU companies are required to verify the identity (the legal existence) of their (non-domestic) EU trading partners. The goal is to ensure intra-community VAT is collected correctly – and VAT Fraud is prevented.
The legislation has received harsh feedback from the business community – not for the intent, but for the lack of efficient tools. Using the standard tool (VIES) will definitely require quite an effort from the companies, adding to the cost base (and thereby negatively effecting the competitiveness of EU companies).
VeriBiz offers an automated process, tailor-made to help companies comply with EU-2011/282.
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Reduce Administrative Burden
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VeriBiz Monitor reduces the administrative burden by automating the verification of their trading partners to comply with EU regulation 2011/282.
Built-in functionality guarantees minimal workload for the user – and mitigates VIES’ acute problem with un-availability. The company may opt to complete remove the administrative burden by fully integrating with VeriBiz Monitor.
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Supply Chain Management
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Companies today perceive themselves as being part of an extended network of companies and refer to the management task as Supply Chain Management.
Managing a company still requires eg. management of internal resources and monitoring of in-house processes, but it is becoming increasingly important to “manage suppliers and customer through relationships”. The management task has thereby evolved from solely focusing on the “inner workings” of the corporation to also encompass the selection, integration, and monitoring of supply chain partners.
The integration of companies has led to improved performance (shorter process times, lower overall inventory levels) but also increased (systemic) risks (as thoroughly documented during the financial crisis). It is therefore imperative for any company to ensure supply chain partners are non-fraudulent, well-run companies.
Using VeriBiz will ensure any irregularities in legal status with supply chain partners are identified as early as possible.
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Corporate Social Responsibility
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Corporate Social Responsibility (or CSR) has evolved from a niche to a main stream concept. In some countries it has even been integrated into tendering practices for public works.
Internationally, the concept is represented by the UN Global Compact who has developed the ten universally accepted principles within human rights, working conditions, the environment, and the fight against corruption.
The tenth principle in UN’s Global Compact framework states: “Businesses should work against corruption in all its forms, including extortion and bribery.” Fraud, and hereunder VAT fraud, falls within this category.
VeriBiz assists your company in complying with the tenth principle.
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Safeguarding Reputation
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Besides the direct financial consequences of dealing with fraudulent companies, you risk damaging what is often considered a company’s most important asset: it’s reputation !
The judgement passed by the business community is not always fair – even companies who undoubtedly have been “in good faith” have had their reputation damaged due to their trading with “questionable” companies. Any company therefore has an important task in constantly ensuring their trading partners are “decent, law abiding companies”.
VeriBiz helps you safeguard your company’s reputation.
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