Compliance in Switzerland
- Last updated:
Product Marketing Manager, Yokoy
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Proof of Receipt
Regulations in place
According to Swiss regulation, companies can store expense receipts digitally. The records must be retained electronically in a digital format for 10 years.
The Swiss Code of Obligations provides for the following book-keeping principles:
- Complete, truthful and systematic recording of business transactions and facts;
- Documentary evidence for the individual accounting transactions
- Clarity
- Appropriateness regarding the type and size of the company
- Verifiability
In addition, the ordinance on Bookkeeping states that the records shall not be changeable or modifiable without a trace and should be provided at the time of an audit.
The ordinance permits modifiable data carriers on certain conditions such as:
- Technical procedures which guarantee the integrity of the stored information (e.g., digital signature procedures).
- The time at which the information is stored is verifiable in an unforgeable manner (e.g., by means of “time stamps”).
- Further regulations existing at the time of storage concerning the use of the technical procedures concerned are complied with.
- Processes and procedures for their use are defined and documented, and the corresponding auxiliary information (such as logs and log files) is also retained.
Yokoy's solution
Yokoy allows users to upload or take pictures of receipts and submit them in the Yokoy app (mobile phone or computer).
Yokoy extracts all of the necessary data from the picture, automatically and quickly prepares the expense report. In addition, it validates the information by checking against policies and generates warnings to highlight specific events (e.g. a duplicate of a receipt picture).
Depending on the workflow of the company, the data and pictures can be checked by multiple parties (including the Finance team) before the expense is approved, booked in the Finance tool and reimbursed to the employee. Such checks can include the correctness of the data or quality and completeness of the picture.
Yokoy archives the images in line with the requirements for storing electronic photos for at least the statutory retention period.
Per Diem
Regulations in place
According to Swiss regulations, companies can define their own Per Diem rate; the Swiss government does not set any specific rates or any limitations for employees to receive Per Diem.
With Yokoy’s powerful Per Diem engine, businesses can quickly configure, manage and assign required Per Diem rates.
Yokoy's solution
A company can enter different Per Diem rates and the respective calculation rules. Per Diems are thereby automatically calculated based on the rates and the calculation rules without any manual work needed from the employees.
Mileage Allowance
Regulations in place
According to the Swiss code of obligations, employees are entitled to receive mileage allowances if they use their private vehicles for business purposes. However, mileage rates for business use of private vehicles are not standardized across all companies in Switzerland. Instead, organizations often refer to guidelines provided by the Touring Club Switzerland (TCS), which publishes annual estimates of vehicle operating costs based on factors like vehicle type and usage.
Yokoy's solution
VAT Rate
Regulations in place
The Swiss Federal Tax Administration levies VAT for the exchange of goods and service. There are different VAT rates relevant for expense management:
- Standard VAT 8.1%
- Reduced VAT 2.6%, applied to basic goods
- Reduced VAT 3.8%, for services in connections with the provision of accommodation
- No/Zero VAT 0%
Yokoy's solution
Yokoy can automatically extract all VAT which is relevant for expense management from the receipt images. If relevant, companies can also add additional VAT rates for extraction. Yokoy can also extract VAT from receipts from other countries.
Additionally, Yokoy offers standard integrations with external VAT reclaim providers, whereby the receipt images and the extracted VAT rates can be automatically sent to the third party for reclaim.
