Financial data is seamlessly transmitted

A company needs both time and resources to manage its core business. For this reason, reducing the administrative burden is important for companies’ success. One way to streamline administration is to automate and harmonise financial processes as much as possible.

With machine-readable (structured) business vouchers (orders, invoices and eReceipts), all transactions can be automatically entered in bookkeeping accounts. VAT rate can then already be correctly entered in the product and service information of the contracting partners’ joint product catalogue. Standard-format information is automatically transferred from the order system to invoicing and further to bookkeeping, and financial administration reports are created on this basis automatically and in real time. ​

A company needs reports to monitor and forecast its own business operations and for customer relationship management, as well as for enterprise resource planning. The aim is that all information needed would be transmitted to the company’s trusted partners and to the relevant authorities via interfaces in a single transfer. Companies can decide what information to transfer and to whom. In addition, in the future, digital identity wallets can allow a company to identify another party and share verified information about itself and use the wallet to take various actions, such as signing contracts or confirming the trustworthiness of a trading partner.

There is no longer any need for manual entries or manual data transfers. There is less need for investigating matters after the data transfers, because the information supplied to partners and authorities is of high quality. ​

The project uses international standards, and we also participate in developing them. This ensures the international interoperability of financial data to the benefit of companies. For example, procurement messages compliant with the Peppol standard are like this.

, Updated 14.6.2023 at 13:41