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Finance Finland FFI > Current Topics > CSR and sustainability > Sustainable developmentStreamlining financial management

Streamlining financial management

The Federation of Finnish Financial Services has made a commitment to sustainable development together with the Association of Finnish Accounting Firms and the accountancy firm Leppävaaran Laskenta. The objective of the commitment is to improve the efficiency of accounting systems. Improvement is possible by making use of the structured data in e invoices, account statements and card receipts. The project is assisted by Natural Interest Ltd, a sustainability consultancy. The progress of the commitment is measured through several indicators.

The financial sector has spearheaded the promotion and development of electronic services. Not looking to leave the forefront, the sector wants to co-operate in the promotion and implementation of the national information society strategy together with the government and the other sectors and industries. Co-operative effort is the only way to improve and advance the use of electronic services throughout entire service chains. Success of this commitment would mean more efficient accounting processes, up-to-date reporting data from companies, and, ultimately, higher Finnish competitiveness. 

Accounting automation would save hundreds of work years

Accounting automation can be expected to reduce the climate impact of a company by 80–90 percent regardless of enterprise size.

Time saved

  • In a one person enterprise, paper-based accounting takes five working hours per month. Were the process automated, it would take only one and a half hours. A small enterprise would save more than 20 hours per month.

  • The full automation of all VAT reporting would save 250–300 person-years in Finland.

 

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