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 financial processes to the extent possible.
With machine-readable (structured) vouchers (orders, invoices and digital receipts), all transactions can be automatically entered in bookkeeping accounts. VAT rate is already correctly entered in the product and service information of the contracting partners’ joint product catalogue. Structured 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 and enterprise resource planning. The aim is that all information needed would be transmitted to the company’s trusted partners and to the relevant government agencies via interfaces in a single transfer. Companies can decide, which information to transfer and to whom.
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 the partners and government agencies is of high quality.
The standards to be introduced in Finland will be designed so that they can also be used in international trade.