March 31, 2020

Remote work: the FitekIn solution handles invoices without contact

In today's market situation, the FitekIn invoicing solution enables both remote work and the contactless handling of invoices. FitekIn is used by 16,000 people from 1,150 organisations across Europe. Indrek Allas, the Head of Fitek's Business Unit, explains in detail.

What is FitekIn?

FitekIn is an electronic invoice processing system that consolidates all purchase invoices into an electronic environment where they can be validated, costs can be shared, and the entire process can be automated to a large extent, using a computer or mobile device. In today’s market situation, FitekIn makes it easy to work remotely from home and to validate purchase invoices electronically. Last year, one million purchase invoices in 40 different currencies passed through FitekIn.

What are the benefits of this solution?

Clarity and transparency. If invoices are moved the traditional way, on paper, or by email, there may not be a full transparency of the invoice workflow. A purchase invoice processing solution keeps you informed of where the invoices are at any given moment. Without electronic invoice management, the loss of invoices can be a very common problem, and lost invoices can, in turn, cause problems with the supplier or necessitate the refiling of amended tax returns. Another important benefit is the speed of invoice movement when closing a month or another period.

Who needs invoice workflow transparency?

Invoice workflow transparency is essential, starting from the CEO all the way to the accountant. This also includes those who are associated with a specific purchase invoice in the business and need to confirm it before payment. The goal is to make life easier for everyone who needs to confirm invoices.

How can the FitekIn solution affect an accountant’s daily work routine?

The FitekIn solution helps accountants with manual tasks and gives them the opportunity to focus more on financial analysis and planning. Accountants no longer have to manually enter purchase invoices, even though they inevitably used to have to do this as part of their job.

How many purchase invoices should there be to make the solution cost-effective?

Companies that benefit the most from the FitekIn purchase invoice management system have 300 or more purchase invoices per month, at least five people who handle and confirm invoices, and the invoice approvers are either in a large business centre or work in multiple business locations.

How is FitekIn different from other similar solutions?

The FitekIn solution saves time for our customers. We have local customer support in all countries where Fitek offices are located and the possibility to speak to someone at the service desk in their local language is a great advantage for our customers. The FitekIn solution can find data form invoice rows and do the automated postings based on this data. For example, if you want to find from one invoice all of your parking and fuel costs  and summarize them in two different rows but there are 200 different rows on invoice, then in FitekIn you can do it with only a  few clicks. In addition, we have completed a purchase order module where you can create and validate purchase orders, giving you even more control over all of the expenses in your company. We can also tag product codes on different lines, which allows our customers to make even better comparisons against an order. Product codes can be set manually, but we are also able to digitise them automatically. In addition, FitekIn accepts international e-invoices through the PEPPPOL network.

What’s coming next?

In the coming months, we plan to add the FitekIn Mobile App to this solution to make it even easier to approve invoices in any place, at any time that suits you.

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.

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Fitek AS (“Fitek”), part of Unifiedpost Group, became the partner for sending sales invoices for Eesti Energia, an international energy company owned by the Estonian state and the largest energy company in Estonia. Fitek won a public procurement and expects to send approximately 500,000 sales invoices per month to customers of Eesti Energia.

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Fitek will start incorporating the phrase "Part of Unifiedpost Group” in its logo and communications starting today, in recognition of the parent company’s listing on the regulated market of Euronext Brussels (the “Listing”).

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