image 05.03.2021
EET 18:40:30
CET 17:40:30
Click for latest actual time
Focus focus preview Click on focus to view     image SCC Latvia
    image SCC Lithuania
    image Estonian Swedish Chamber
    image Estonian Swedes
barometer The Estonian
Economic Barometer
    image Key Economic Indicators
    image Foreign Direct Investments
    image Goods Exports and Imports
    image Balance of Payments

picture News March, 5 2021
image: The 3rd Generation Cash Flow Management The 3rd Generation Cash Flow Management Arranged in cooperation with the Swedish and the other Nordic Chambers of Commerce in Estonia, the Lindorff Business Breakfast Seminar last Thursday, September 29th offered two great speakers and an equally great interactive response from the audience!

Andres Arrak: The 3rd Generation Consumption Party is over!

When not being busy as the Director at the Institute of Estonian Entrepreneurship University of Applied Sciences, Andres Arrak is known to present his opinions to the Estonian business and political community in a very colorful way. He did no exception this morning.

- The era of the 1890's neoclassical principles of economics, the more, the better, is over. The rational economic behavior of the homo economicus doesn't exist anymore. The era of borrowed consumption is over and so is the 3rd generation of consumption parties, said Andres Arrak.

- The old European countries don't have capitalism anymore. They have welfare systems making people lazy! And as an increasing part of the population is ageing, the number of people working and generating money to the pension funds is decreasing. The Estonian Nokia could very well be Spa-like convalescent homes for foreign pensioners!

- According to Andrus Ansip we do not have a euro crisis; we have a crisis in a few European countries. According to me, we do not have any real estate, financial or economic crises. We have a crisis of values! We need to rewrite the neoclassical principles of economics, concluded Andres Arrak.

Seppo Lahtinen quoted Henry Ford from the days of the T-Ford: "If I would have asked the customers how to help them move faster, they would have advised me to build quicker horses."- The Nordic countries are on top of the list in terms of internet banking but in terms of invoicing a majority still hangs on to paper and printer, with the invoices surface mailed or e-mailed, said Seppo Lahtinen.

- An e-mail invoice is not an eInvoice! While the e-mail invoice is just an attachment to an e-mail, the fully electronic eInvoice means that all information is electronically handled on both sellers' and buyers' side.

- It is estimated that the total number of invoices issued in Europe amounts to 30 billion, and out of these some 20 billion could be made as eInvoices. By doing that we would save 12 million trees, 2 700 tons of ink, 400 000 tons of paper and there would be 1 million tons less of CO2 emissions. In money 243 billion Euros could be saved in Europe altogether!

- Few companies have invoicing and receivables management as one of their core businesses. But we do, and that's a niche for us on the market, concluded Seppo Lahtinen.

A Business Breakfast Seminar should be interactive and this morning Jaroslava Nurmsalu from Radisson Blu Hotel's economy department highlighted eInvoicing from the user's point of view:

- We have used outsourced eInvoicing for some time by now and we are totally happy with the system. It works with our different suppliers as well as with the tax authorities. Our eInvoices are with me where ever I am, allowing me to work from home or from abroad, said Jaroslava Nurmsalu.

On behalf of the SCCE Council I would like to thank Lindorff for putting up two great speakers. My thanks also go to all participants who were very interactive throughout the seminar and to Radisson Blu Hotel for a very nice Business Breakfast.



Kristiina Sikk
SCCE Ombudsman




read more:
· Newsletter
· Andres Arrak
· Seppo Lahtinen

< back
royal members
Pärnu Bay Golf
Saare Golf
Swedish Chamber of Commerce in Estonia  ·  GSM: +372 501 9813  ·  e-mail: info[at]  ·  statistics