For every business, a vital step toward stable growth is maintaining track of its monetary transactions and account records. On this front, it is essential that companies decide on the best way to find suitable accounts payable and receivable structure. Qvalia, a leader in e-invoicing services and solutions, provides these firms with a platform that speeds up the digitization and automation of their finance processes.
Initially introduced as a data analysis company, Qvalia aided customers by providing analytics to correct mistakes in accounting. With the experience from these analysis on how transactions are actually managed in mainly large international companies, Qvalia decided to enter e-invoicing and provide an alternative for more efficient finance automation. “Electronic invoicing is critical to gain digital data. As we are focused on the content of an invoice, we decided to offer our electronic invoicing platform for free,” says Henri Taipale, founder and CEO at Qvalia.
Since an e-invoice can be stored in multiple formats, a challenge that companies face while deploying digital invoicing solutions is to convert formats for further processing in their systems. Qvalia transforms all formats, even paper and PDF invoices. All relevant information is then analysed, categorized and automatically uploaded into the customer’s accounting software. “We make manual finance operations redundant for our customers.
Our solution can, for example in sales transactions, manage a checkout solution based on any order, save the corresponding data, and offer secure invoice automation based on that information,” comments Taipale.
Qvalia is industry agnostic and the platform’s features cater to organisation-specific needs. In one instance, Qvalia aided its customer, Chef—a Swedish publication—that required a change in the management of its accounts receivables from manual to automatic. Qvalia offered a solution to fully digitalise the whole accounting process from offers to reminders, annual subscriptions, and so forth while also guiding the client on issues that required immediate attention. With optimal digitalisation, the client gained access to information that allowed for the generation of new profit streams and also an understanding of how to serve customers based on their behavioural patterns.“With Qvalia, we have taken important steps to future-proof sales. Our customers are securely invoiced, and many processes are automated,” states Calle Fleur, Vice President, Chef.
Another effective implementation of Qvalia’s solutions can be demonstrated with the way the firm assisted the City of Imatra, Finland. Qvalia associated with them when the city’s council and authorities responsible for disbursing funds on behalf of the city were looking to streamline and automate its account payables process. The technology provider quickly realised that many small businesses were dependent on the payments and made a quick decision to make Imatra’s invoice validation and deviation management processes automatic and at the same time offer its e-invoicing solution to the municipality’s suppliers for free. Through a successful process automation and clear insights for their transactions, the city council began gaining momentum in the monetary procedures and now efficiently manages the once time-demanding procedure. The benefits that this customer gained through Qvalia’s solution can be better described in Kari Perälä’s words, who at present, is the CIO at Municipality of Imatra, Finland. He says, “Our suppliers create invoices directly on Qvalia's platform and the information is transferred automatically, structured and validated into our accounting software. It is an easily implemented solution for any municipality.”
Owing to its many successful accounting technology innovations, Qvalia was recently honoured with the title of Best Transaction Analytics Solution Provider 2019 at the International Finance Awards. The e-invoicing consulting and solutions provider has also won many Gazelle Awards that are presented to companies in the Nordic regions with sustained growth and profitability. In the future, Qvalia hopes to fundamentally transform accounting procedures and aid customers in gaining value from automatic categorisation, a new level of spend analytics and control of data.