Skip to the content

Financial administration

Business payment transactions are handled digitally in Finland, but financial administration often has to enter transaction data manually in different systems. We can only automate financial administration processes if we have access to structured data. In that case, data can be reused and it is compatible with other operations. Moreover, if a company has access to structured data, it can reuse real-time information for such purposes as official reports or assessment of its financial situation.

What will change?

Finland can only become a pioneer in digital economy, as envisaged by the Government, if all business transaction data is in electronic format and it is transmitted between companies and from companies to government agencies in real time. Data can only be transmitted automatically if all receipts and invoices are in electronic format.

Benefits of using automated financial administration

Automated financial administration makes financial processes more efficient, enhances data quality, reduces errors and eliminates manual work, which burdens financial administration and companies.

Financial reporting

Automated financial reporting, e-invoicing and digital receipts are all components of financial administration automation. It is estimated that automation will reduce financial administration costs in the long term. Automation will also make real-time use of financial information easier for such purposes as management support.