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As the real-time economy develops, the laggards stay in their tracks

What if running your company’s financial administration was as smooth and transparent as handling money matters as a consumer? Purchases and invoice payments would be whizzed on a mobile phone, there would be no need to store paper receipts, and all the necessary information would always be accurately archived and available on a mobile device.

The real-time economy refers to a fully digitized financial system. The technology to move to a real-time economy already exists – now the delaying factors are us people and our practices.

There is no longer any reason to cling to the conservative practices of the financial administration sector

At Accountor, we launched our Korttia+ product during the summer, thanks to which companies can move one step closer to the real-time economy. With the help of the new payment card and the mobile application connected to it, a company’s payment transactions are easily connected directly to their corresponding receipts.

Our new payment card and our receipt application eTasku, which has been in use for a longer time, together make the future solutions available today. The Finnish government is now aggressively guiding companies towards the real-time economy by requiring eReceipts and digital vouchers by 2025. When eReceipts become more common, with the help of solutions like Korttia+, we can finally get rid of the time-consuming rounding of receipts in accounting, and the company’s individual purchases are in practice handled as easily as for consumers.

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Don’t postpone the inevitable

According to research, companies that are at the forefront of digitalization, i.e. that use new tools and methods in an agile way, are the most productive. This was especially emphasised during the corona era: companies who had the ability to digitize their operations quickly survived and were unprecedentedly successful afterwards.

Messages from both the EU and the Finland’s government regarding the direction of the development of the real-time economy are clear: in public tenders, companies are required to be able to utilise the latest implementations of the real-time economy already in the few upcoming years.

Reshaping routines always takes resources and can feel awkward. Slowing down, however, prevents success. The fact is that the forerunner claim their place in the market – the others are left behind. Jumping on board with the real-time economy is all the more challenging the longer you postpone it, because the demands are now growing rapidly.

Real-time economy brings companies not only millions of euros in savings, but also sheer smoothness in everyday life

Real-time economy improves financial transparency. In the simplest terms, this means that you constantly know what is happening in your company’s finances and you can monitor what are the effects of the measures taken. You save time to run your business. With transparency, it becomes easier to draw conclusions and you don’t have to manage your company blindfolded.

Our society is dominated by an “everything all at once” culture: the need to get information and do things as smartly as possible. Without transparency, companies can’t achieve this demand. When your company’s financial data is at your fingertips all the time, you can take measures reactively, if necessary. In the old-fashioned paper world, the receipts could easily be lost, and real-time decision-making based on real data was impossible. With transparency, your company’s activities always leave an accurate digital footprint.

Ease of use and transparency together create trust. When you can trust that your company’s financial management runs with automation, the everyday life of doing business becomes easy.

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