E-Financial Reporting Recognized at EU Enterprise Awards
Estonia's e-Annual Reporting system merited special mention at the sixth European Enterprise Promotion Awards in Cyprus today.
The Estonian Ministry of Finance said that the electronic financial reporting system, which lets companies file their annual reports to the central commercial registry online, has led to savings of over 4.5 million euros since it was put in place in 2010.
The grand prize at the awards ceremony - jointly organized by the European Commission, the Cypriot EU Presidency and the Committee of the Regions - went to the UK's entry, Outset, an initiative supporting startups among society’s most vulnerable groups.
Cyprus, Sweden, Italy, Portugal and Turkey also received prizes for innovative enterprise solutions, ranging from a fund for women aspiring to be entrepreneurs to a cooperation project between five small wine producers.
Altogether, 57 national winners were entered in the competition.
Holland and Lithuania were also given special mention by the jury.