Ivack is a web application that enables businesses to recover VAT from receipts dating back four years while providing a digital platform for expense management. By automating the conversion of tickets into invoices, Ivack helps companies streamline their financial processes and recover an average of €3,079 annually.
Funding
$140.1K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many businesses, especially small and medium-sized enterprises (SMEs), struggle with the complexities of value-added tax (VAT) recovery on everyday expenses, often missing out on potential refunds due to cumbersome manual processes and a lack of efficient tracking mechanisms. Converting receipts into compliant invoices is time-consuming and prone to errors, leading to lost revenue and increased administrative overhead.
Solution
Ivack is a web and mobile application designed to streamline VAT recovery for businesses by automating the conversion of receipts into invoices. The platform enables users to easily upload and manage their expenses, digitizing the process and ensuring compliance with tax regulations. Ivack's system identifies eligible VAT refunds from receipts dating back up to four years, helping companies maximize their returns. By providing a centralized digital platform for expense management, Ivack simplifies financial processes and reduces the administrative burden associated with VAT recovery.
Target Audience
Ivack primarily targets SMEs, the self-employed, and accounting firms seeking to simplify VAT recovery and expense management processes.
Features
- Mobile app and web portal for uploading and managing expense receipts
- Automated conversion of receipts into compliant invoices
- Digital storage and organization of expenses for easy access and reporting
- VAT recovery identification for receipts up to four years old
- User-friendly interface for expense tracking and management
- Homologated digitization by the AEAT (Spanish Tax Agency)