In the future, it would be possible to digitalise the entire lifecycle of a company, from establishment to termination, as well as its everyday business operations. The goal is that the operation of companies in the digital economy ecosystem is as smooth and effortless as possible, for example with the help of digital identity and machine-readable receipts.
A digital identity for companies identifies the business reliably and uniquely. It contains basic information about the company (e.g., its name, business ID and domicile). In the future, the company can adopt a wallet service that hosts the company’s digital identity.
With the wallet service, information can be transmitted digitally and securely between business partners and when companies are dealing with authorities in Finland and abroad. All trading documents (orders, invoices and receipts) are created in machine-readable, or structured, format. As a result, there is less manual processing of documents, they are more reliable and they contain fewer errors. Companies can transfer financial information and vouchers digitally between systems to different authorities and partners via interfaces. In the future, the same can be accomplished with the wallet service without the need for a separate notification.
Companies’ bookkeeping is automatically created on the basis of digital trading documents. Financial administration information is available for business monitoring in real time.