Estonian Post sees e-invoicing growth
Estonia’s public sector is moving towards a switch to e-invoicing – powered by the national post. This year a number of Estonian public sector bodies – local governments and administrative authorities of the Ministries have already joined Estonian Post e-invoicing solution.
A postal spokesman said: “Estonian Post E-invoice Centre solution allows a convenient web-based electronic invoice approval process. Automated e-mail message informs the verifier about the new invoice, approved invoices are immediately visible in the central accounting system. Estonia, like many countries, is using internationally most common SAP financial software.”
Estonian Post ended the first half of 2010 with net profit of 86.7m kroons (5.5m EUR). Company revenue was 449.3m kroons, operating expenses stood at 360.8m. Compared to the same period of 2009, revenues of both letter and parcel services have dropped. As for the letter services, the main reason is movement of letters to the electronic channels. The drop in volumes of parcel services has been caused by the economic downturn, increased competition and the consequent reduction in prices. The costs of economic activity has fallen compared to the same period in 2009 by 14.3%, which represents the major part of the decline in labour cost – about 56.4m kroons.