UpSteam: We don’t have any suppliers that send us PDF invoices any more

UpSteam: We don’t have any suppliers that send us PDF invoices any more

Uudise avaldamiskuupäev - 02. August 2022

02. August 2022

Uudise autor - Anette

Anette

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Start-uppers and entrepreneurs alike will sooner or later find themselves in a situation where they are forced to get a clear understanding of the basics of accounting.

Generally, it’s easy to start out with basic accounting processes, but as soon as the business volumes start to grow, the time and money spent on accounting will also increase.

However… ,,If you approach the matter knowingly, it is actually possible to save time, money and energy by digitizing your accounting systems,” says Valjo Kütt, who has been running a mobile car wash startup UpSteam.

UpSteam Co-Founder, Valjo Kütt

“When we started, we didn’t even know how to extract a profit statement from the accounting software,” he recalls the early days of the business. “I simply converted the amounts from the bank statements one by one into my Excel.” Since the volumes were small, manual processes were not particularly difficult at first. However, when the volumes started to grow, this arrangement became very time-consuming.

Smart invoice solutions save money and time

However, a solution was found three years ago: the company’s invoicing process was transferred to Finbite’s e-invoice solution. This meant that there was no longer a need to keep track on paper or to copy data line by line from the internet bank into Excel.

The fact that computers will take over the most tedious tasks of accountants has been talked about a lot. Digitization gives accountants time to deal with more important topics. Secondly, it is a good opportunity for companies to save time, money and get a faster and clearer overview of the invoice progress. This is due to the fact that the data reaches the accounting system twice as fast.

This is also the case for UpSteam. Previously, invoices arrived as PDFs into several mailboxes, where they had to be sent to both the billing center and accounting, entered and processed. Now their contract partners send invoices directly to Finbite’s system, where department managers link them with the right accounts and give their confirmation. After that, the invoice moves automatically into accounting.

A well-thought-out expense account system

According to Kütt, the biggest task in order to join Finbite was to come up with a good expense account system. This work paid off, because the well-thought-out accounting structure gives an accurate picture of the company’s activities and costs.

“This is the work on accounting foundation. When it is done and the unit economics are accurate, then we can monitor the results very well to get an understanding on what is working and what should be paid more attention to,” notes Kütt. “It might seem basic for the financial managers, but for us as a small company, it has been an important development curve.”

Our partners adapted quickly to the new system

In other areas, the transition to e-invoicing was not difficult. UpSteam collected information about who had sent them PDF invoices and sent a letter to all of them asking to send purchase invoices as e-invoices in the future. ,,Most of our contractual partners also implemented the changes. Now there aren’t any suppliers that send us PDF invoices,” confirms Kütt.

UpSteam also sends e-invoices to a large number of its customers. For almost a hundred of their customers, there’s no other way of sending invoices. According to Kütt, this option also creates trust with customers.

UpSteam is currently active in Tallinn, Tartu and Helsinki and is preparing expansion plans to other markets as well. Finbite’s environment is compatible with the international Peppol network, so the same e-invoicing system can be used for other European markets.

“Without the Finbit solution, processing invoices and determining expense accounts was a serious headache, as the invoices came from different places and the necessary information was often lost in communication,” Kütt recalls. “Now the heads of departments can determine the account and department themselves with a few clicks. This saves time for both us and the accountants and makes the work of all parties more efficient.”

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