• What?

    Finnish businesses handle their transactions electronically, but the financial administration must often enter information manually into its systems. In order for us to automate these systems, we need the information to be in a structured format. This will allow us to reuse the information, and the information will also be coherent with the rest of the operations. That way, real-time information can be reused in reports sent to the authorities or to assess the financial situation, among other things.

    The duties of the State Treasury include the promotion of automated financial management in Finnish society. One of the goals in the current government agenda is the automation of expenditure processing, resulting in savings. In order for this goal to be achieved, everyone should send their invoices and issue receipts in electronic format.

  • Benefits

    Through the automation of the financial administration, we can

    • enhance financial processes,
    • improve information quality,
    • reduce the number of errors and
    • reduce the amount of manual labour, which burdens the financial administration and businesses.

    The automation of the financial administration can help eliminate overlapping work phases, making the operations of businesses and the public administration more efficient.  When it comes to the financial administration’s structured information, electronic invoices, for example, will allow for significant cost savings to be made. Various types of financial reports and reports to the authorities can be created automatically based on the information contained by electronic invoices. Access to accurate information in real time will improve decision-making in companies and the public administration, as their decisions will be based on accurate information that is available in real time.

    Furthermore, processing automated financial information will also enable the development of new and comprehensive digital services for the financial administration.