QNB eFinans: Digitalising Accounting and Finance-based Business Processes
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Okay Yildirim, General Manager
Keeping up with e-transformation trends, Turkey aims to introduce new methods to help businesses ensure they process financial transactions properly. Recently, a new rule came into play taxpayer with gross sales revenue greater than five million TL was obligated to register for e-invoice and e-ledger while all e-invoice users will register e-archive invoicing mandatorily in 2020. These regulations are designed to help businesses and individuals manage their finances while reducing costs and enhancing competitiveness. However, introducing an e-invoicing system is a substantial undertaking for most companies, and from a compliance point of view, it is difficult to follow all the related rules and regulations in place. Coming to their aid is Turkey-based QNB eFinans with its innovative solutions and value-added services designed to help companies take advantage of e-invoicing while remaining compliant.QNB eFinans, a subsidiary of QNB Finansbank, a leading financial institution in Turkey, was established in 2013 to provide the latest and highest quality products and services in the e-transformation field. The company’s product portfolio includes e-invoice, e-ledger, e-archive, e-waybill, export and tax- Free e-invoice applications. “We aim to lead the digital transformation of both the commerce and the banking industry in Turkey,” says Okay Yildirim, general manager of QNB eFinans. “What sets QNB eFinans apart from the rest is that we are an ERP-independent service provider,” he adds. For this reason, the company is able to serve a diverse clientele ranging from large enterprises to medium and small businesses. Whether they are running a simple accounting system or a complex ERP system, clients can benefit from QNB eFinans’ services.
Bringing a new perspective to e-invoice, QNB eFinans e-invoice is a system that enables sending, receiving, storing, and displaying invoices electronically.
We aim to lead the digital transformation of both the commerce and the banking industry in Turkey
The e-invoices’ integrity is secured by a financial seal when it is being transmitted or stored in accounting applications. Through the QNB eFinans Portal, users can manage invoices at any time and set up e-mail notifications to alert about the status of an invoice. “You can automatically distribute e-invoices to the relevant units/users in your company based on customizable criteria,” adds Yildirim. Further, as government regulations oblige taxpayers to keep issued and received invoices for 10 years, QNB eFinans guarantees privacy and confidentiality during storage in its protected cloud system. Often, clients are hesitant to share such sensitive information with third parties, but in the case of QNB eFinans, this is not the case due to its reputation as a trusted partner to over 12,000 clients.
QNB eFinans developed a unique service together with QNB Finansbank named “e-Invoice Collateralised Credit” by integrating its e-transformation system to the bank in 2014. Thus, they brought about rapid and completely automated credit opportunities to their customers who permit their e-Invoice information being shared with QNB Finansbank. With this opportunity, the bank lately announced 1 month interest-free credit campaign up to 100.000 TL credit limit for SMEs who permit their e-Invoice data being processed by the bank. “In this sense we make a great contribution to the finance industry as a fintech company,” says Okay Yildirim.
Accommodating the needs of several industries, QNB eFinans built a tailored e-invoicing solution for Global Blue (Turkey), a tourism shopping tax refund company. With the help of the system, Global Blue was able to send its global clients invoices seamlessly while maintaining careful records of every transaction.
Yildirim mentions that by 2020 e-ledger data will be stored in certified integrators by regulation, such as QNB eFinans. This development will enhance the importance of working with certified integrators for e-ledger. As an innovative company, QNB eFinans interpreted this regulation to provide a new solution beyond the necessities. With its new product, e-Ledger Analysis, QNB eFinans’ customers will be able to send their data instantly and receive credit valuations from QNB Finansbank easily. QNB eFinans is also working on a P2P finance platform that will allow the concerned parties in a business contract agreement to discuss the details of an invoice and instantly make changes in line with their negotiations such as moving due dates and changing payment balance of an invoice. This feature for example enables prolonging due date while raising payment balance or changing both variable in any case, which is totally flexible. The product is slated for launch in early 2020. QNB eFinans continues to develop financial products and remains true to its pursuit of transforming all business transactions to digital while maintaining compliance.