ºÃÉ«ÏÈÉúTV

“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 ºÃÉ«ÏÈÉúTV™ 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 ºÃÉ«ÏÈÉúTV 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. ºÃÉ«ÏÈÉúTV 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 ºÃÉ«ÏÈÉúTV 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, ºÃÉ«ÏÈÉúTV 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 ºÃÉ«ÏÈÉúTV to create a new ºÃÉ«ÏÈÉúTV Business Network account for the client and configure the platform to handle the new in- and outbound invoicing flows. After deployment, Staria works with ºÃÉ«ÏÈÉúTV as needed to manage the e-Invoicing services on its clients’ behalf.

“ºÃÉ«ÏÈÉúTV 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, ºÃÉ«ÏÈÉúTV provides reliable outbound flows—backed by stringent service-level agreements—that allow clients to send their own sales invoices electronically.”

Cutting time to market and reducing costs

By choosing ºÃÉ«ÏÈÉúTV as its OEM partner, Staria gains the benefits of an enterprise with global reach and a strong local presence. This has allowed Staria to cut time to market for its Oracle NetSuite offering while flexible licensing agreements keep its offering priced competitively.

“The ºÃÉ«ÏÈÉúTV e-Invoicing solution is completely transparent to our clients,” adds Jääskeläinen. “We’ve developed such efficient, repeatable onboarding processes with ºÃÉ«ÏÈÉúTV that there’s barely any need to touch the e-Invoicing workflows after a client has gone live. Technology alone doesn’t make a great business relationship—people and processes are equally important. With ºÃÉ«ÏÈÉúTV, we get a one-stop shop for all our e-Invoicing needs.”

Scaling effortlessly as the business grows

Over five years, Staria’s relationship with ºÃÉ«ÏÈÉúTV has helped the company to grow its Oracle NetSuite services business substantially. Each month, the company uses ºÃÉ«ÏÈÉúTV Business Network to receive 25,000 inbound e-Invoices and scan 17,000 invoices sent by email or physical mail. The company also uses the platform to ensure automated delivery for 22,000 outbound invoices each month for its clients, enabling Staria to focus on value-added activities.

“Our monthly invoice processing volumes are continually rising as we win new business and our existing clients grow into international markets,” explains Jääskeläinen. “With ºÃÉ«ÏÈÉúTV, we can handle that expansion with ease—something that would not be possible if we managed invoice capture and processing with our own in-house resources.”

Protecting the business with dependable SLAs

With the ºÃÉ«ÏÈÉúTV platform at the heart of its e-Invoicing services, Staria has the assurance that its invoice capture services are backed by rock-solid service-level agreements for speed, quality and availability.

“If you handle the kinds of optical-character recognition [OCR] volumes that ºÃÉ«ÏÈÉúTV does, you can invest in perfecting the technology and employing, training and developing skilled people to manage the process—it’s a virtuous cycle,” Jääskeläinen says.

“As a result, we gain the peace of mind that over 99 percent of all invoices will be processed within 14 hours of being scanned, and that the scans themselves will have an OCR accuracy rate of 99.7 percent. Every month, we have a review meeting with ºÃÉ«ÏÈÉúTV where we talk about what’s going well and what can be improved. The team is extremely professional, and we always have open and productive conversations.”

Delivering award-winning services

In 2022, Staria received Oracle’s EMEA NetSuite Partner of the Year Award in recognition of its rapid business growth. Looking ahead, the company plans to build on its relationship with ºÃÉ«ÏÈÉúTV to lift its services to new heights of quality and efficiency.