Basware provides new Accounts Payable solution

November 8, 2010  |  Electronic Invoicing

Basware logo 230x200Purchase-to-pay solutions provider Basware has rolled out a new best-of-breed e-invoicing service for small and midsize businesses, automating the accounts payable processes from receipt of invoice, through approvals until payment.

Basware said that the new InvoiceReady solution could provide immediate benefits for businesses seeking to control and simplify unruly and resource heavy invoice and expense processing. Delivered as a service, InvoiceReady is intended to help companies avoid errors, reduce lengthy approval processes and eliminate wasted hours spent on repetitive tasks, the solution provider said.

The solution incorporates Basware’s invoice automation expertise into one workflow solution with the goal of giving small and midsize companies the tools to implement best practice processes within their finance departments. The service provides auditable paperless trails, both before and after payment, giving detailed visibility of spend commitments as well as ensuring compliance with local and international finance regulations, according to Basware.

Research among global accounts payable staff earlier this year found invoice scanning and data entry considered to be the most time consuming and error prone elements of invoice processing, and 60 percent of finance professionals think automation is a reliable method for removing payment and accounting errors from the business.

Basware said that the kinds of processing benefits that InvoiceReady can provide for finance and management professionals from day one of service implementation would include invoice scanning services, data migration, real-time workflow tracking, travel and expense management and a fully auditable archiving service, all available on a per transaction price.

“There is a strong understanding within finance departments of the link between automation, accuracy and efficiency,” said Esa Tihil ä, senior vice president of connectivity services at Basware. “For years our technology and thorough knowledge of invoice automation best practices has helped some of the world’s largest organizations to achieve these benefits, along with the logical time and cost savings. With InvoiceReady we are now extending that same capability to small and medium-sized businesses as a pre-packaged, easy-to-use, on-demand service to help them transition invoice processing from a burden to a value, by improving visibility into their organizations’ cash flow.”

Monika Lukinmaa, head of accounting with Basware customer F-Secure, said that InvoiceReady has enabled her company to to maintain a full and complete audit trail through the electronic archive, ensuring easy verification about who has done what and when. “InvoiceReady’s processing system provides clarity and eliminates overlapping tasks, which has saved valuable time for our business units and employees.”

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