Hungarian Ministry of Justice and Law Enforcement entrusted Bull with the processing of company accounts via Internet

In Hungary, the Register Service of the Ministry of Justice and Law Enforcement maintains the national companies register and publishes their financial accounts on the Internet every year.

All companies established in Hungary are required to send their financial accounts to the Ministry of Justice and Law Enforcement for publication on the Internet by the end of May. As a result, the paper versions of over 300,000 annual reports are sent to the Ministry each year, with the Ministry then having to computerise the accounts and put them on line.

Last March, the Ministry issued a public invitation to tender, which has been won by Bull Hungary. The contract value is €3.2 millions over a four-year timeframe. Bull won the public purchasing procedure in fierce competition achieving the best result in the evaluation process, which took into consideration the financial and technical aspects of the offers.

The project

As prime contractor and systems integrator, Bull will deliver the images and the extracted data from the financial statements, using Optical Character Recognition (OCR) technology), which will involve:

• Registering and scanning the financial statements
• Extracting the balance sheet data using OCR technology
• Creating e-documents, which contain the images and the data from each statement, an electronic signature and time stamp
• Delivering the e-documents for publication on the Internet.