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International Internet Magazine. Baltic States news & analytics Friday, 18.09.2020, 17:34

People will continue to use paper invoices for at least another ten years - Fitek

BC, Riga, 12.12.2019.Print version
People in Latvia will continue to use paper invoices for at least another ten years, financial automation processes company Fitek head in Latvia Edgars Strazds said in an interview with LETA.

Speaking about invoicing services, Strazds says that digital solutions make up 50% of all invoices, and paper invoices make up the other part. This is because of the customer base of Fitek's customers, large companies.

For instance, if it is a company that provides telecommunication or management services, it must be understood that some of its customers are still not ready to receive digital invoices, Strazds explained.

The use of paper has been declining in recent years, but not as fast as it was predicted ten to fifteen years ago. According to Strazds, at that time people believed that there would be no paper invoices in Latvia by 2020.

"This is not so, and will not be for at least ten years," said Strazds. On the other hand, invoices sent in PDF format cannot be considered electronic invoices, he stressed.

When asked how many customers prefer electronic invoices, Strazds said that economically active citizens, who receive three to seven invoices a month, opt to receive them electronically. They could account for about 70%.

He also pointed out that another aspect is the convenience of electronic invoicing.

According to Strazds, Fitek processes about two million different documents a month, half of which are electronic and half are paper-based.

The company was registered in February 1998, and its share capital is EUR 296,928.


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