XBRL seminar in Finland 31.3.2011
Real-Time Economy program organized an XBRL (eXtensible Business Reporting Language) seminar on 31.3.2011 at the Aalto University School of Economics. The aim of the event was to explore the possibilities of implementing XBRL in Finland. The speakers of the seminar included Esko Penttinen (Aalto), Bo Harald (Tieto), Lars Berglöf (xbrl Europe), Vuokko Mäkinen (Hawcon), Anders Tallberg (Hanken) and the sessions generated lively discussion on the different aspects..

3rd Annual RTE Poster Evening 5.5.2011
The third annual Real-Time Economy Poster Evening was held on 5.5.2011 at the Aalto University School of Economics. The event brought together around 100 people interested in learning more about the latest research conducted in the Real-Time Economy Competence Center. The organizers were especially happy to see so many company representatives (around 70) participating to the event. The evening acted as a networking event as well and we could see a number o..

22nd XBRL International Conference in Brussels http://conference.xbrl.org/.

XBRL (eXtensible Business Reporting Language) is XML-based global standard for exchanging business information. XBRL is described to bring major benefits in the preparation, analysis and communication of business information. Learn more about it at http://www.xbrl.org/WhatIsXBRL/

The standard business reporting scheme was developed to make it easier for companies to report their mandatory business information to various government units, including the Tax Office and the Statistics Finland. The reporting scheme is easy to use and up to date, containing all the mandatory business reporting requirements in Finland.

The reporting scheme was one the results in Real-Time Economy (RTE) program and Fully Integrated Accounting project. Standardizing the reporting practices saves..

Based on a Commission proposal from 2007 the EU set itself a target of cutting administrative costs imposed by EU legislation by 25% by 2012. The Commission has now published an overview of progress to date.

In total, the measures proposed by the Commission would enable businesses to save around € 40.4 bn (33% of the estimated burden) from € 123.8 bn on red-tape stemming from 72 EU texts and the measures that transpose and implement them in the Member States.

The overall reduction of 40.4 bn € ..

The EC drive to reduce administrative costs by 25% in SMEs by 2012 is surely worth all support - especially as SMEs represent 63% of turnover. But it is not possible to achieve this goal without moving resolutely into the accounting area - reporting to autorities can be streamlined with the same tools.

We now see a quite clear road to how this - and more can be achieved - based on the VAT directive proposal where enterprises with turnover up to 2m (20m+) are encouraged to move to cash-based acc..

From Deutsche Bank report:

"the bulk of the companies [SMEs in Germany] squander the sizeable efficiency

gains that come with the introduction of digital invoices. According to

estimates by researchers at the University of Hannover, the German

economy offers total cost-savings potential of around EUR 54 bn,

mainly in more efficient processes, i.e. in the immediate further processing

of invoice data in company bookkeeping and controlling

systems. Why don't more companies make use of digital invoici..

This is just a thought, more like a question for the experts.

 Even now it seems a bit difficult for a small company to start recieving electronic invoices. This might become a bit easier if the smallest companies could choose to recieve e-invoices into their internet bank like consumers nowadays can. They would only give a consent in the bank when opening the account and to the company sending the invoice.

 It would be enough if the picture of the invoice could show on his bank statement before..

Palkka.fi proudly presents a new feature starting April 2009:

A business using Palkka.fi can now save the salary files as a CSV-file instead of printing them out as paper files. The CSV-file can then be sent to the bookkeeper electronically. Up until now the files had to be printed out to be mailed to the bookeeping - where they had to be either typed or scanned into the accounting system. 

Thus the new feature builds up considerable savings both in time and delivery expenses for both parties. I..

Real-Time Economy programme is developing new technical solutions and operating models for use in corporate financial management. The aim of the development work is to enhance the efficiency and automation of financial management processes as well as the competitiveness of Finnish companies.

The project, Fully Integrated Accounting (FIA), focuses in particular on developing electronic financial management processes, taking into account the demands created by archiving, auditing and taxation. On..