Shared real-time economy in the Nordic countries: Digitalising financial administration will make life simpler for small and medium-sized enterprisesNews, 9/2/2020
The Nordic countries are aiming to build a digital ecosystem where business data can flow automatically, safely and in real time both from business to business and from business to authorities. On 1 September, the Nordic Ministers of Economic Affairs approved a roadmap for the Nordic Smart Government (NSG) project to implement a real-time economy in the Nordic countries.
The real-time economy will make life simpler for small and medium-sized enterprises (SMEs) and save money. Based on an estimate of the NSG project, the two million SMEs in the Nordic countries will save 500 million euros by 2025, if they use electronic business data and financial administration services.
In the next few years, according to the real-time economy roadmap, SMEs will start using electronic business verifications (such as e-receipts) and services, systems will be interconnected by open and standardised interfaces, and new private and public services using electronic business data will be created for businesses. Read more about the roadmap on the website of the NSG project.
The roadmap corresponds to the objective of the Finnish Government Programme to make Finland a pioneer of the real-time economy. The ministries and authorities in Finland are implementing solutions in accordance with the roadmap and creating opportunities for developing new services in close collaboration with businesses and organisations.
The approval of the Ministers of Economic Affairs gives a strong mandate to continue the Nordic collaboration in digitalising financial administration. Collaboration between Nordic authorities is necessary to make sure that business data will also flow between the Nordic countries. The collaboration will continue in the next stage of the NSG project.
NSG is a joint project of the Nordic Trade Registers and a number of other authorities, businesses and organisations. In addition to the Finnish Patent and Registration Office (PRH), participants from Finland include the Finnish Tax Administration, the State Treasury, and Statistics Finland. Watch an introduction film about the NSG project on the NSG website (duration approx. 4 minutes).