The Centre of Registers and Information Systems (RIK) has introduced a new data bridge service in the e-business register this week, which helps to automatically prepare reports in the annual report submission portal. Micro-entrepreneurs will be the first with the possibility to use the new option.
This is part of a broader data-based reporting system, the aim of which is to improve the quality of the submitted data and reduce the administrative burden on entrepreneurs - significantly simplifying the submission of data to the state. While until now accountants had to calculate and fill in the report forms manually, with the new solution it is sufficient to transfer the data from the accounting software. The system will then prepare the annual report automatically and the entrepreneur only needs to review it, supplement it if necessary, approve it and send it to the register.
According to Aleksandr Beloussov, the head of the RIK's zero-reporting team, the transition to data-based reporting means significant changes in both principles and practice, because instead of the previous form-based reporting, the focus will shift to the transmission of machine-readable data.
"Although 98% of companies will be able to submit abbreviated reports from this year, which will somewhat reduce the reporting burden on entrepreneurs, our goal is broader. We want to create a comprehensive data exchange system through which reporting data, including information from all annexes, will move directly between software. So now that the data bridge service has been made available, we are already preparing for our next step at the end of the year, so that entrepreneurs can also automatically create standard reports. However, to achieve the latter, it is necessary that we join forces with various business software for data-based reporting," said Beloussov.
According to Viktoria Bõstrjak-Butorina, Head of the Real-Time Economy Department at the Ministry of Economic Affairs and Communications, the launch of RIK's new service will significantly reduce bureaucracy for entrepreneurs. "Automating the submission of annual financial statements for micro-entrepreneurs is one of the first tangible results of data-based reporting that will reach entrepreneurs. And this is just the beginning - pilot projects are also being completed in the areas of waste and accommodation, for example, and the state is also planning new support measures for both the transition to data-based reporting and the development of real-time economy solutions."
Initially, five software programs are piloting data exchange through the new data bridge, allowing their users to transfer data for compiling micro-enterprise reports. From here, other accounting and business software can also interface with the data bridge's API services.
Additionally, the data bridge can be used to request information about the company's outstanding annual report obligations, which is necessary for the preparation of a correct report. The data-driven reporting system also ensures that the annual financial report is automatically rounded to the nearest euro.