Respecta

Global group reporting sets its own challenges for financial management. Together with Respecta, we created a centralized process for all purchase and sales invoices.

 
 
 
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Respecta is the leading expert in assistive devices and services associated with assistive devices in Finland. The selection includes prostheses, orthoses, orthopedic shoes and insoles, and assistive devices to assist movement and coping at home. The company, which operates nationally, has 200 employees and its turnover in 2014 was EUR 36 million. Respecta is part of the German Ottobock Group, which operates in 49 countries. The Group’s annual turnover is EUR 870 million.

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Challenge

Global group reporting sets its own challenges for financial management. A centralized process was needed to provide an up-to-date overview of incoming and outgoing payment transactions.

 
Solution

Both purchase and sales invoices go via one process through all channels quickly and in a cost-efficient way. Receipts are stored in an electronic archive. The centralized method provides an overview of the incoming and outgoing payment transactions. Customer-specific wishes regarding invoices and attachments can easily be taken into account.

 
The multichannel invoice sending solution speeds up our invoicing routines. It is also a cost-effective way of sending sales invoices to customers in the form that they want to receive them using one process. We also receive all of our purchase invoices electronically through the service.

Jukka Peltomäki
Senior Controller, Respecta Oy

 

Centralized Invoicing is easy to Monitor

 

All outgoing and incoming paper, e-mail and electronic invoices travel along one route at Respecta Oy. The company, which is Finland’s leading expert in assistive devices for medical rehabilitation, has been using our service for sending and receiving invoices since 2009.

The multichannel invoice sending solution speeds up our invoicing routines. It is also a cost-effective way of sending sales invoices to customers in the form that they want to receive them using one process. We also receive all of our purchase invoices electronically through the service.

Jukka Peltomäki, Senior Controller.

Foreign suppliers, in particular, tend to send their invoices by e-mail in PDF format. Invoices used to be sent to the e-mail addresses of Respecta employees until 2014 when receipt of these invoices was transferred to our service.

This has helped us to create a straightforward process, also for invoices from foreign suppliers, and ensures that invoices are now quickly forwarded for processing.

Jukka Peltomäki

Once a day, purchase invoice data is transferred to Respecta’s ERP system, where the invoices are checked and approved. Our payment transaction solution then forwards the payment information to different banks. The solution is complemented with an electronic archive where invoice receipts and cash receipts from Respecta’s stores are stored. Account statement transactions are collected and processed by the Accounts solution.

Reports always up to date

In summer 2013 Respecta became part of the Scandinavia Group within the global Ottobock organization. Jukka Peltomäki explains that this change introduced a large number of new reporting tasks for financial administration. The seven-member financial management team now provides information to its own company, to the Nordic management in Norrköping and to the head office in Duderstadt in Germany.

The centralized procedure provides us with an overview of incoming and outgoing payment transactions, for example at the end of the month at the closing of the accounts receivable and accounts payable. Group reporting sets its own challenges, and information must be available for use quickly and must always be up to date.

Jukka Peltomäki

Majority of invoices go to public sector

Respecta sends about 8,000 sales invoices per month. A large share of these go to the procurement departments of the hospital districts and elsewhere in the public sector where decisions are made on the assistive devices or services required by patients.

We updated our invoice sending system at the beginning of 2015. Now the implementation stage is over and we can tailor our invoices even better for individual clients, for example by including an important attachment, such as a payment agreement, with the invoice.

Jukka Peltomäki

According to Jukka Peltomäki, continuous cooperation between Respecta, us and the ERP system provider is of vital importance in order to ensure the smooth functioning of the entire process.

Now we have a contact person who knows exactly what is going on. This means that matters related to any area of our service package can easily be taken care of.

Jukka Peltomäki