The financial technology company Fitek AS, part of Unifiedpost Group, won a public procurement of the Republic of Estonia and became a partner in receiving state purchase invoices for the next five years. Invoices are received with the help of the FitekIN solution. Fitek will also continue to provide outbound sales invoice solutions to the Republic of Estonia. Fitek's partner is the State Shared Service Centre of the Republic of Estonia, which deals with financial accounting.
CEO Fitek Estonia Andrus Kaarelson: “The Estonian state has been a pioneer of digitalization in the world and an example for other countries. The state has also set a good example to the private sector by showing that financial processes can be digitized, and paper invoices can be abandoned very quickly. Last year, we received 380,000 invoices sent to government agencies. If one invoice were to be tapped into a computer in one minute, it would take a minimum of 6300 hours to enter. That is a total of 780 working days, or more than two years.”
Marek Ilves, Head of the Business Software Development Department of the State Shared Service Centre: “E-invoices have significantly reduced the time spent on processing purchase invoices for accountants of the State Shared Service Centre. Machine readability ensures error-free invoice information exchange between seller and buyer, making the purchase invoice process clearer and more manageable. We want to enable our customers to focus on their core business, offering effective solutions for organizing support services, especially through the digitization and automation of processes.”
According to the agreement, Fitek provides the following services to the State Shared Service Centre: receipt of purchase invoices, digitization, use of electronic invoice processing environment, data exchange with SAP unified business software, archiving of e-purchase invoices with procedural information, and accounting document number.
According to Andrus Kaarelson, various expert studies have shown that automatic processing of e-invoices can save 60-80% of costs. The European Commission’s e-invoicing expert group has estimated that the introduction of e-invoicing could save up to € 15 per invoice. With an e-invoice, it is possible to pay faster, reduce human errors, and prevent fraud; in addition, companies hope that invoices will be paid faster. In Europe, the average payment period is around 30 days. If e-invoicing becomes prevalent throughout the European Union, the economic savings could be estimated at € 2.3 billion, according to the Real- time Economy Action Plan.
The State Shared Service Centre mediates the service to its 164 public sector clients, including 151 state agencies and 12 state foundations. Central ordering of the service to state agencies has enabled the state to obtain a lower price than if all agencies would have to procure the service themselves.
Fitek operates in Estonia, Latvia, Lithuania, Slovakia, Serbia, and Bosnia and Herzegovina. The company employs 280 people. Fitek is owned by Unifiedpost Group.
About Unifiedpost Group
Unifiedpost Group wants to become the leading cloud-based platform for SME business services built on “Documents”, “Identity” and “Payments”.
Unifiedpost operates and develops a 100% cloud-based platform for administrative and financial services that allows real-time and seamless connections between Unifiedpost’s customers, their suppliers, their customers and other parties along the financial value chain.
With its one-stop-shop solutions, Unifiedpost Group’s mission is to make administrative and financial processes simple and smart for its customers.
Since its founding in 2001, Unifiedpost Group has grown significantly, expanding to offices in 15 countries throughout Europe, with more than 350 million documents processed in 2019, reaching over 400,000 SMEs and more than 250 Corporates across its platform today.
Noteworthy facts and figures:
- Established in 2001, with a proven track record
- 2019 pro-forma turnover €69 million
- 750+ employees throughout Europe, of whom 100+ work in R&D
- 350+ million documents processed in 2019
- Diverse portfolio of clients across a wide variety of industries (banking, leasing, utilities, media, telecommunications, travel, social security service providers, public organisations, etc.) ranging from large internationals to SMEs
- “Unifiedpost Payments”, a fully owned subsidiary, is recognised as a payment institution by the National Bank of Belgium
- Certified Swift partner
- International M&A track record
- Listed on the regulated market of Euronext Brussels, symbol: UPG
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