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Drive efficiencies at scale with automated invoicing

Basware was founded in 1985 in Finland, at a time when paperwork still involved paper, and lots of it. Though the digital revolution was making it possible to digitize and automate internal processes, AP clerks still spent days wading through stacks of envelopes, and CFOs wondered why processing invoices was almost as expensive as paying them. That's when a team of Finnish finance software experts decided to solve the paperwork problem for AP teams, by building the world's first invoice processing software with what they identified as a "scan & capture" workflow designed to digitize paper invoices.

Basware, which currently employs more than 1,300 staff members in 13 countries, became a privately held corporation in 2022 in a go-private transaction led by software private equity firm Accel-KKR. The company continues to leverage artificial intelligence (AI) and machine learning (ML) technologies, Basware representatives stated, noting that its AP automation and invoicing platform is designed to help companies reduce errors and risks and achieve new levels of efficiency.

Reduce time, improve cash flow

Jason Kurtz, CEO at Basware, noted that finance teams are scrambling to process invoices, forecast next month's cash flow and stay compliant with regulatory changes instead of focusing on growth. "Basware brings a unique combination of true automation, complete coverage, and deeper expertise, so now it all just happens," he said, adding that the company helps Hewlett Packard, Mercedes-Benz, DHL and other leading brands manage over 220 million invoices a year while reducing time spent on AP processes by up to 60 percent.

Kurtz further noted that Basware has been known for its expertise in e-invoicing and AP automation platform throughout nearly 40 years of helping customers automate invoice processing, from receipt to matching, approval and payment.

Delivering true automation

Describing Basware's vision as delivering true automation for a CFO's team, company representatives cited the following competitive advantages of its platform:

  • True automation: Eliminate all manual invoice processes with an AI/ML-powered solution
  • Complete coverage: Integrate with 250 ERPs across more than 190 countries and the world's largest open network.
  • Deep expertise: Identify and implement best practices and reduce risk across finance operations by leveraging Basware's 40 years of specialized experience.

Partner-centric growth

Basware's mission is to make cross-border compliance, invoice digitization and touchless invoice processing just happen for its customers, the company stated, noting that it will continue to focus on helping enterprise partners elevate finance process best practices. Basware will create value by helping clients and partners meet ever changing regulatory requirements, the company stated, while maintaining a partner-first strategy and outlook. its strongly aligned partnerships will enable Basware clients' AP departments become 100 percent touchless, the company stated, describing its guiding principles as follows: High business ethics: Guided by code of ethics in all interactions and relationships.

  • Customer value: Focused on delivering long-term value to customers, partners and team members while maintaining an agile and responsive way of working.
  • Accountability: Driven to high performance backed by accountability and trusted partnerships.
  • Innovation: Motivated to explore, challenge the status quo, and continuously improve.
  • Diversity and inclusion: Devoted to fostering growth through a diversity of backgrounds and opinions.

Touchless invoice processing

Basware's goal is to help customers and partners transform manual and siloed ways of working into automated accounts payable processes, the company said. To this end, Basware will help companies automate all types of invoices, including invoices with purchase orders from various ERP or purchasing systems, recurring invoices, non-purchase-order-backed invoices, and invoices involving additional charges, in a fully touchless way.

"All can be processed in a fully touchless manner with our AI-powered automation technology," Kurtz said. "This not only minimizes manual efforts for both end users and AP professionals, but provides actionable insights on how to continuously optimize operations." end of article

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