By Claire West
Basware, the leading provider of purchase-to-pay solutions, has announced a new best-of-breed e-invoicing service for small and medium sized businesses. Basware InvoiceReady provides immediate benefits for businesses seeking to control and simplify unruly and resource heavy invoice and expense processing. Delivered as a service, InvoiceReady automates the accounts payable processes from receipt of invoice, through approvals until payment, avoiding errors, reducing lengthy approvals processes and eliminating wasted hours spent on repetitive tasks.
InvoiceReady incorporates Basware’s 25 years of renowned invoice automation expertise into one workflow solution, giving small and medium sized companies the tools to implement best practice processes within their finance departments. The service provides fully 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.
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[i]. Basware InvoiceReady provides immediate processing benefits for finance and management professionals from day one of service implementation, including 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.
“Small and medium-sized companies are struggling with manual, paper-driven processes and are realising that automation can alleviate most of the challenges they face in their day-to-day operations. Our research indicates that over 60% of these companies feel their accounts payable function has inefficiencies caused by paper invoices. Even worse, 55% are making late payments and missing discounts because of decentralised processing and a lack of automation. The opportunity for any business with paper invoices is enormous,” commented Henry Ijams, Managing Director, PayStream Advisors.
“There is strong understanding within finance departments of the link between automation, accuracy and efficiency,” commented Esa Tihilä, SVP Connectivity Services at Basware. “For years our technology and thorough knowledge of invoice automation best practice has helped some of the world’s largest organisations 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 organisation’s cash flow.”
”InvoiceReady has enabled F-Secure to maintain a full and complete audit trail through the electronic archive, ensuring easy verification about who has done what and when,” said Monika Lukinmaa, Head of Accounting, F-Secure. “InvoiceReady’s processing system provides clarity and eliminates overlapping tasks, which has saved valuable time for our business units and employees.”