Why VATify.eu?

VATify.eu is a service that auto­ma­ti­cally tracks your busi­ne­ss partners, verifying com­pany data on a daily basis and sending out email alerts when­ever in­for­ma­ti­on changes. It can be used without any pass­words to remember and requires no special software installed. See more features...

Did you ever send your products to the wrong address? Filled the paperwork incorrectly? Bought from or sold to a com­pany that no longer exists? One of your smaller suppliers closed down and you never noticed?

It happened to us.

An unexpected complication

VATify.eu was developed from the need to track busi­ne­ss partners we are not in contact with very frequently.

In 2013, we needed some spare parts from a Swiss supplier of industrial IT equipment. Since there was no reply to our e-mails and phone calls, we did a quick search online and were surprised by the results: the com­pany went bankrupt six months earlier. The com­pany that was in busi­ne­ss for tree decades, indeed had some problems with failing revenue, but the final draw was an apparent dispute between the owners.

Since Switzerland is not in the EU, we didn't run VIES checks on the com­pany. All payments were always made in advance, so we never noticed anything unusual. We were not in contact constantly and we made orders a few times per year. Besides, it was one of the better known com­pa­nies in the industry and we would surely notice if it was in any kind of trouble. Or would we?  We follow the industry closely, of course, but appear­an­ces can be deceiving. 
Trying to learn from this mistake, we started looking for a solution that would help us keep our busi­ne­ss partners in check.

About the other pro­vi­ders of such data

We first analyzed what the multitude of existing busi­ne­ss data pro­vi­ders have to offer.

These are the problems we found with most of them:

  • limited to a sin­gle coun­try,
  • providing outdated in­for­ma­ti­on,
  • not automated,
  • very expensive.

Of course, we first looked at the VIES system and sites providing mass verification through VIES. Unfortunately, they offer no automation and so require com­pany IDs to be uploaded manually every time. Also, Swiss com­pa­nies can not be verified using VIES.

We checked the pro­vi­ders of busi­ne­ss registers next. Results have shown that it is easy to get data for com­pa­nies from a sin­gle coun­try. Pro­vi­ders usually charge from about €1 per day for a busi­ne­ss register of a whole coun­try. But the EU alone has 28 member states. We don't do busi­ne­ss in every one of these, but the cost of €1500 annually for in­for­ma­ti­on about busi­ne­sses from four smaller states seemed quite high, considering we only wanted to verify a few com­pa­nies abroad, not a few 100,000 of them.

There is also the ques­ti­on of accuracy. Not all registers offer daily up­dates.  Credit ratings (from e.g. Bisnode or local pro­vi­ders) are usually based on data from the previous fiscal year. For some foreign busi­ne­sses, credit ratings can be based on even older data, yet costing up to €80 per com­pany report.

Therefore — VATify.eu

We couldn't find a suitable provider, so we automated the process ourselves. VATify.eu is a brainchild of our lead developer and is based on the experience he gained working as a financial data analyst at Thomson Reuters.

We first covered Slovenia and the VIES system, then expanded to Switzerland, Croatia and so on. The fact that some of our clients were also in need of such a service helped us keep de­ve­lop­ment costs in check.

Today, VATify.eu covers almost all of Europe, tracking your domestic and foreign busi­ne­ss partners, on-line stores and contractors. It is used in numerous accounting departments and integrated into CRM and ERP systems.

VATify.eu is used by:

accenture, amazon, cinkarna, dhl, dsv, ey, filharmonia_hu, finnair, formlabs, gea, gen-i, goodyear, hitachi_abb, hydrogen, ifrc, ina, logitech, kaolin, polipaks, sia, soudal, talex, toyota, unicredit, vos_logistics,