How can companies benefit?

As business becomes more efficient, clear savings arise for the company

  • Manual processing of business documents is reduced, and subsequently the reliability of documents and financial information is improved
  • The processing of structured documents enables the automation of financial administration processes, leaving more time for more productive business
  • Trading with companies operating in the EU becomes smoother with the introduction of international standards for receipts and technically interoperable solutions

The financial situation of the company is real-time

  • Forecasting the financial situation is easier, as real-time financial management helps anticipate future payments and official obligations.
  • Real-time cash and inventory management becomes a reality even for the smallest companies.
  • Up-to-date and real-time information also enables trust in the company as a contractual partner. Services can be developed for companies that allow them to quickly check their business partners’ registrations and financial situation and to verify that the partners have paid all taxes and met all other obligations.
  • Efficient online invoicing speeds up the realisation of sales income.
  • Applying for various subsidies for the company is smoother.

The companies’ administrative burden will be eased

  • Different systems and services can communicate with each other when the information is machine-readable, i.e., structured and defined, and systems and services are interoperable.
  • Manual steps in data transfer are eliminated, with trusted partners exchanging information in the agreed manner through interfaces.
  • The company can manage and share its financial data itself with different service providers in order to get better services. With the company’s consent, orders, delivery information and invoices can be relayed automatically from one operator to another and to the necessary systems.
  • Companies no longer need to collect information manually from different sources to monitor and forecast business operations. The information is updated in real time as business transactions accumulate.
  • It is easier to be sure of the reliability of a business partner with the help of a digital identity generated on the basis of defined company information. Digital identity wallets can produce a service solution for this in the future.
  • With the help of the company’s identity, it is also easier to verify the reliability and integrity of various documents.
  • Mandatory data retention becomes easier when all vouchers are in structured and electronic format from the outset and no paper documents are needed.

Reporting to the authorities is fast and accurate

  • Making reports and notifications to the authorities is handled automatically, and the authorities can use information that has already been provided. Each government agency will only receive the information that must be submitted to it by law.
  • Unintentional errors in reporting to the authorities and the resulting clarification requests will be reduced.
  • It is easy, fast and safe to transfer data not only to the authorities but also to other companies and service providers with the company’s consent.

Infographics. RTE benefits for entrepreneur. Described in text.

, Updated 29.2.2024 at 14:35