Open accounting and Simplified reporting

Open accounting consists of sharing an entity's data with users of information in a standardized and structured way, which enables real-time view of the relevant information. Our focus is to find the relevant use-cases for open accounting together with our different stakeholders and help the development of open accounting in the Nordics.

Together with Open Accounting, SMEs can automatically aggregate and share accurate information nationally and cross border in a structured and standardised way. By aligning the needs of reporting to governmental organisations with the needs for B2B reporting we believe we can reduce the burden of reporting for the SMEs and make it easier for service providers to support the SMEs in their reporting.

Project manager for solution area Open accounting and Simplified reporting is Anitta Ikast Drejer.

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Watch a short video where former project manager Anttu Osanen primarily presents solution area Open accounting.

Open accounting

  • Currently there is no standardised way of sharing bookkeeping and transactional information from the bookkeeping systems. Even though some file formats exist, they are not used to their full potential.
  • No standardised way of integrating other business systems or services with the main accounting system.
  • No standardised way of transferring historical bookkeeping data into a new bookkeeping system, and other services.
  • SMEs can change service provider and business system without losing essential historical data.
  • SMEs can easily make use of new systems and services that depend upon access to bookkeeping data.
  • System Vendors make it easy for potential customers to start using their system.
  • Banks (and other Service Providers) make it easy for clients to share bookkeeping and accounting data with them in order to automate processes so that they can provide excellent services (access to credit, benchmarking and advice, etc.) based on the bookkeeping data.
  • Service providers find it easier to integrate essential information sources into their systems.
  • Clarify the scope and ambitions of Open Accounting, including risk analysis for the core use cases; limited scope for short term, higher ambitions for a long term.
  • Define Nordic target state for Open Accounting.
  • Finding out the main use cases for open accounting together with key stakeholders and finding out the potential business cases.
  • Standardisation and interoperability: Methods, formats, and security mechanisms (including authentication and authorization mechanisms) for accessing structured accounting and bookkeeping information (standard APIs).
  • Design and plan for further development of the Nordic ecosystems support for Open Accounting, including interoperability between national formats and charts of accounts, validation service, lookup service, authentication, authorisation and consent.

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Watch a short video where former project manager Anna Elverheim primarily presents solution area Simplified reporting.

Simplified reporting

  • Governmental organizations have different needs for reporting from SMEs and often they are not coordinated towards the SMEs. Both the content and the process for reporting can differ which makes it hard for the SMEs in the reporting process and for service and system providers on a Nordic level to support the SMEs operating in the Nordic market.
  • There is a need for coordination cross border and nationally between governmental organizations from a legal, technical, organizational and semantic point of view..
  • There is a lack of knowledge on how the need for reporting from a B2B point of view looks and if it can be aligned with the reporting to the public sector to reduce the burden and increase the benefit for the SMEs in reporting.
  • Lack of compliance with the Once Only Principle.
  • SMEs wish to avoid manual reporting so that they can focus on doing business
  • SMEs wish to feel safe, not worrying about whether they have missed reporting requirements and deadlines
  • System Providers wish to offer the best user experience for their customers when dealing with reporting requirements, so that they can attract more customers
  • System Providers wish to offer new and exciting services using data
  • Government Agencies wish to make it easy for the SMEs to fulfil erquirements and ensure that tax, statistics and other reporting requirements “just happen”
  • Government Agencies Iwish to make it difficult to manipulate reports and commit fraud
  • Start the implementation of the NO pilot for statistical survey for SMEs based on Open Accounting.
  • Pilots in 2022.
  • Analysis of which B2B reporting that can align with B2G reporting to create value for SMEs and decrease the burden of reporting.
  • Identify national charts of accounts and identify how they will map to reach interoperability for analytic.s
  • Define Nordic target state for Simplified reporting on a nordic level.
  • Look into Nordic Accountants Federation (NAF) and their Nordic Sustainability Reporting Standard (NSRS) work and see how it could relate to sustainability reporting and Nordic coordination of reporting.

Anitta Ikast Drejer, project manager Open accounting and Simplified reporting

Project manager Anitta Ikast Drejer

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