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Envoice_Project Plan_Tekes_Envoice 1.0 Work flow and invociing solution

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Tuomas Tahvanainen

on 20 April 2016

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Transcript of Envoice_Project Plan_Tekes_Envoice 1.0 Work flow and invociing solution

Envoice Oy
E-invoice simplified Digitisation & accounting automatisation solution
Envoice Oy
WHY?
- Problem and inspiration
Digitalization has been waited revolution in accounting +15 years
Yet it is only to become
Accounting industry is lacking solution for need of wide range of businesses
In Nordics focus has been in larger corporation where the need is easy to understand
Yet only in Finland 97 % are micro companies
This sector consumes enormous quantity of work and material in their administrative process
Actual professionals of accounting works with this industry and they are missing tools
How Envoice can help!
Envoice streamlines invoice management significantly using digitisation, automatisation and smart user tools. And it's not only for invoices but other accounting documents as well.
In affordable way also for SME's and micro companies.
Process automatization can be reached via high data quality and program learning intelligence.
Top reasons to invest in to accounting digitalization
We effectively reduce counterparts spenditure on processing accounting documents.
Go-To Market plan
Market research based plan to focus on niche that needs most attention
Highly competitive Finnish market as test market for the solution
Advanced ecosystem
Best practice accounting solution platform can be spread out to other markets to utilize international opportunity
Localized solutions for local needs
Enable international use of the platform
Companies needs are not bound by geographical borders
Globalization has made global operations possible for small and micro companies
Giving back to the nature
We acknowledge that taking accounting paper-free results also from growing green footprint. Less paper, more trees and nature to enjoy!
Envoice has initiated an activity where 3 % of earnings will be given back to the nature by planting trees.
Team
Tuomas Tahvanainen, CEO, Co-Founder
Holds M.Sc. and KLT-Accountant. He has +15 years experience from accounting industry in Finland. Tuomas has also extensive experience from CFO roles in growth companies like Muxlim and Innohome. He has also several Board seats in Finnish SMB sector.
Matti Rantala, CTO
Holds M.Sc. and KLT-Accountant. He has +25 years experience from accounting industry in Finland. Matti has a large experience of CEO and CFO positions and has been software designer and developer. He has been active in several Boards in Finnish Companies.
Jaanus Põder, Founder
Holds LLM in digital law from Tallinn University and MBA from Oxford University. Jaanus has been investing into paper free accounting platforms from 2007, his recent solution Envoice is the abstract of all former experiences and is designed to be the next generation solution helping entrepreneurs and accountants.
Goals
Envoice goal is to build full service accounting solution family
In Phase 1 Envoice will build first version of the solution to serve biggest demands in market
Expected solution would be automated workflow for payments, sales invoicing, cost claims and e-recipes handling
In Phase 2 Envoice extends the accounting solution with more features and options
In Phase 3 Envoice starts expanding to other Nordic countries
Besides saving paper and being environmental friendly, there are other good reasons to use Envoice
Timely document streamlining maximises comfrot and increases users value
Gain 24/7 access to your accounting data from desktop or mobile
Optimized accounting costs
Happier clients
Hassle free accounting data management
Our Clients
Our clients can trust our solution and services, which respond to the highest security requirements comparable to internet banking.

Public and private large companies and authorities that need extensive workflow for all accounting documents

SME-s that are serviced by inhouse accountants or by accounting firms

Financials
Financial Dashboard
Envoice Oy - Information
Envoice Oy has been established in Summer 2015 as a daughter company of Estonian based Envoice Oü. The Finnish company's purpose is to localise and sell a new highly automated accounting work flow and management software in Finland.
66,6% of ownership from Envoice Oü
33,4% of ownership from Envoice Oy’s management in Finland
Envoice Oü
Established in 2014 in Tallinn Estonia and is owned by holding company owned by Jaanus Pöder
Jaanus is investor living in Tallinn with several companies management responsibility and has remarkable experiment from purchase invoice management in Estonia.
Jaanus was co-founder in a company developing a purchase invoice work-flow software – the software was partly sold to and afterwards acquired by Estonian Post where the founders ended up as directors afterwards.
Envoice Oü did a large research and design effort in 2014 targeting to a completely new highly automated accounting work flow and management system emphasizing on new thinking on UI (User Interface)
Project plan
Envoice 1.0 Work Flow and Invoicing Solution
Target markets and customers
Nordics SME's and micro companies.
Envoices first markets are Finland and Estonia.
Test markets has been chosen by three reasons:
1) Company has strong understanding of the markets
2) In two markets solutions parameter solution can be tested
3) Finland is extremely competitive from technology point of view
Envoice Products
Phase 1
Work Flow/ accounts payable
Invoicing/ accounts receivables
Cost claims/ recite handling
Bank payments
Phase 2
Bookkeeping
Payroll
Reporting
Orders/ CRM
Market needs
Envoice wants to make difference in progress of digitization in companies accounting process by offering solution for wide range of businesses.
Digital accounting material processing a significant efficiency benefits can be achieved in businesses and society level.
Current solutions focuses on mid and large enterprises.
Need of small and micro companies has been overlooked
Even their volume is up to 97 % of all companies.
According to latest studies (Tallberg, 2016) only 20 % of all invoices in Finland are e-invoices.
Low volume of e-invoices creates great limitation for utilization of digitized accounting.
Market focus and competition
In First phase Envoice focuses on Finnish SME and micro companies markets.
Envoice offers cost efficient and easy to use solution to handle and create invoices and make payments.
With Envoice solution accounting process (starting form entrepreneur) can be made dramatically more efficient and increased quality.
In Second phase Envoice solution offering is widened to payroll and bookkeeping processes to enable full digitization of accounting processes
With wider solution Envoice aims to accounting Solution markets in Nordics and Europe.
Competition:
Heeros, Procountor, Netvisor, Tikon, Fivaldi, Lemonsoft, Econet, Fortnox, Directo, Visma.net
Largest solution covers around 15 000 companies and have around 20M€ annual revenue.
Project goals
Goal of the project is to develop following accounting solutions to Finnish and Estonian markets:
Digitizing solution of invoices
Work flow
Invoicing Cost claims and recite handling
Bank payments
API for 1 - 2 existing bookkeeping solutions
TALTIO integration + research possibility to develop solution for TALTIO platform
Sub projects and resources
Project is divided into seven sub projects as project goals were presented
Resources of the project
Employees:
Tuomas Tahvanainen, CEO (30 %)
Jaanus Põder, (full time)
Matti Rantala, Technology manager (full time)
Technical platform, Development management, Functionality and UI
Software Designer, To be hired
Outsourcing
Trinidad Oü, Functionality Analysis and UI
Simion Oü, Programming
Brainart Oü, Programming
Avalosys Oy, Banking solution
Leppävaaran Laskenta Oy, Testing
Digitizing
Software that enables Envoice to identify invoice information for work flows.
Invoice information is recognized with OCR technology and Finvoice standard file is produced from the invoice information.
Unlike in current solution row based information will be identified and structured to standard format.
Row based information enables significantly greater level of automation in accounting processes than single invoice amount level information.
Cost of digitizing needs to be brought down significantly to enable use for micro companies as well.
Term: 4 - 5/ 16
Resources:
Matti Rantala 53 hours
Simion Oü, 8K€
Trinidad Oü 2K€
Work Flow
Two work flow process views
Simple single approval process for micro companies
More complex enterprise solution to to enable more complex approval process
Booking and cost place information automation by
Supplier
Row based text information
Booking rules can be copied from company to another
To enable creation of general rules
Information processing by entrepreneurs, managers and bookkeepers
Goal to achieve high level of automation
Archive
Term: 4 - 7/ 16
Resources:
Matti Rantala 158 hours
Softwar Designer 53 hours
Trinidad Oü 6K€
Simion Oü 13K€
Brainart Oü 6K€
Banking
Project plan Gantt graph
Project Budget
Banking engine to connect Envoice solutions to banks in Finland and in Estonia.
Key function to create local-international solution.
Centralized payment and receivables/ payables management beyond geographical borders
Two-direction connection with banks
Payment files, bank statements, reference payments, payment confirmations, e-invoices
Direct payments from Envoice in Finland and Estonia
Term 5 - 6/ 16
Resources:
Matti Rantala 63 hours
Avalosys Oy 10K€
Simion Oü 2.5K€
Invoicing
Solution to create sales invoices
E-invoices (Finvoice 2.01 and Estonian Electronic Invoice ver. 1.1) as well as pdf invoice for email sending
Easy to use and best practice functionalities
Easy to create from any process point
Automation of repeating invoicing rules
Archive
Term: 7 - 9/ 16
Resources:
Matti Rantala 211 hours
Graphic Designer 53 hours
Trinidad Oü 4K€
Simion Oü 8K€
Brainart Oü 3K€
Cost Claims
Mobile recite scanning and collection to Envoice
Creation of cost claims from scanned recites or adding recites for cost claims
Travel allowances for Finland and Estonia regulations
Approval process and payment functions
Travel request as function before cost claims
Automized allowance calculation functions
Term: 9 - 11/ 16
Resources:
Matti Rantala 53 hours
Graphic Designer 53 hours
Trinidad Oü 3K€
Simion Oü 5K€
Brainart Oü 2K€
TALTIO
Standard and Integration groups
Envoice will build integration according TALTIO standard
To receive and send data in TALTIO format
Envoice investigates possibility to build its solution according TALTIO standard
Term: 4 - 11/ 16
Resources:
Matti Rantala 130 hours
Tuomas Tahvanainen
Other sub projects
API
API build to 1 - 2 local bookkeeping software's to enable market launch for Phase 1 solutions
Bookkeeping, Payroll data and invocie images
TALTIO Integration
Term: 4 - 11/ 16
Resources:
Matti Rantala 123 hours
Trinidad Oü 7K€
Simion Oü 14K€
Brainart Oü 6.5K€
TESTING
Solution functionalities tested with professional users for feed back and needed corrections
Resources:
Leppävaaran Laskenta Oy 4K€
Project Summary
Full transcript