“One of the first big challenges that companies face when they begin moving into new geographies is financial accounting,” says Jani Jääskeläinen, CTO at Staria. “As smaller businesses grow into international enterprises, it’s essential that they meet country-specific requirements around bookkeeping, payroll and other statutory obligations. Non-compliance can introduce significant business risks, yet staying on top of many different regulatory regimes can be a time-consuming task that diverts valuable resources away from core competencies.”
Streamlining international expansion
To support businesses on their growth journey, Staria provides expert implementations of Oracle NetSuite® augmented with Staria-developed software solutions. These solutions include automated workflows that help clients streamline core financial processes, such as international account payables.
“Oracle NetSuite—combined with a Staria-developed ecosystem of automation and analytics solutions—provides powerful ways for fast-growth companies to reduce the complexity of financial management and to accelerate international expansion,” Jääskeläinen says. “By digitizing, automating core finance processes and adopting consistent company-wide standards, many of our clients can reduce the operational cost of accounting by up to 80 percent."
“E-invoicing services are a key component of Staria’s value proposition for our Oracle NetSuite clients, and for our own business growth strategy in financial outsourcing services. We have set a target to grow the company revenues to €60m by 2025—and to reach that goal it’s imperative that we can deliver accurate, reliable and cost-effective e-Invoicing at scale across geographies.”
Enabling robust e-Invoicing capabilities
To ensure its Oracle NetSuite deployments can support e-Invoicing processes from end to end, Staria uses OpenText™ Business Network to leverage modern cloud integration services augmenting traditional B2B integration with end-to-end process visibility and data quality.
“Oracle NetSuite is a very powerful solution, but it doesn’t offer access to an e-Invoicing and scanning service,” Jääskeläinen says. “So, we looked at the choice between building our own e-Invoicing capability in-house or engaging an external partner. Early on, we realized that teaming up with an expert OEM like OpenText would be the most effective way to achieve our goals.
"Naturally, we want to deliver e-Invoicing services at a low cost to keep our offering competitive and to ramp up our capacity quickly as we add new clients. OpenText Business Network offers us access to decades of financial services expertise, to a proven technology platform and to the economies of scale that enable us to grow fast while keeping costs lean. Moreover, working with OpenText frees us to focus on developing our automation and analytics services, which is where we can add the most value for clients.”
Building a multi-year partnership
Through a close, multi-year partnership, OpenText and Staria have shaped a streamlined process for setting up new clients with e-Invoicing services. Each time Staria begins a new deployment of Oracle NetSuite, the company works in parallel with experts from OpenText to create a new OpenText Business Network account for the client and configure the platform to handle the new in- and outbound invoicing flows. After deployment, Staria works with OpenText as needed to manage the e-Invoicing services on its clients’ behalf.
“OpenText Business Network is the gateway for all types of inbound invoices: whether they arrive electronically, as email attachments or as paper documents,” explains Jääskeläinen. “In the other direction, OpenText provides reliable outbound flows—backed by stringent service-level agreements—that allow clients to send their own sales invoices electronically.”