E-Financials and the e-Invoice Centre will help small companies keep up with e-Estonia

As we know, to promote e-Estonia and paper-free economy, it will become compulsory for the private sector to only send e-invoices to state authorities as of 2017. The best tool to assist small companies in doing so is e-Financials.

E-Financials is a simple web-based accounting software that assists companies in managing their book-keeping themselves. The software is located in the Company Registration Portal and it is available for both entrepreneurs and authorized persons (e.g. accountants).

According to Aleksandr Beloussov, Deputy Head of the Court Registers Department of RIK, e-Financials and the Omniva interface are important steps in a more extensive introduction of e-invoices in the country as a whole. “In addition to the fact that sending invoices is becoming easier, in 2017 and 2018, the clients of e-Financials will also be able to send e-invoices to state authorities free of charge,” adds Beloussov.

To make the transfer to e-invoices a bit easier for local entrepreneurs, information days are organised in different counties by the Ministry of Finance. At the information days, it is explained to local entrepreneurs why the transfer to e-invoices is made. It is also described how e-Financials functions and an introduction is made to the whole accounting process.

One of the lecturers who spoke at the information days is Sander Aasna, Head of Information Logistics Business of Omniva. According to Aasna, the benefits of transferring to e-invoices are not limited to saving the environment but companies themselves will benefit as well. “E-Financials and Omniva’s e-Invoice Centre interface make sending invoices to the public sector very simple and fast – invoices arrive in seconds,” specifies Aasna.

According to Aasna, the benefits of Omniva’s e-Invoice Centre also include interfaces with accounting software. “The e-Invoice Centre is not only interfaced with e-Financials but also with other most common accounting software. The Centre is interfaced with 20 different pieces of software in total, which enables to send and receive e-invoices,” explains Aasna.

Today, about a third of the public sector is using Omniva’s e-Invoice Centre solution; E-Financials has 3,131 users. There are 1,662 public institutions in Estonia, which will only be accepting e-invoices as of the beginning of 2017.