Basware Announces InvoiceReady, Rapidly Automating Accounts Payable Processes For Small And Medium Businesses
InvoiceReady Removes Paper and Reliance on Manual Spreadsheets, Reducing the Time and Cost Burdens of Financial Processes and Increasing Visibility of Financial Commitments
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 business1. 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 realizing 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 decentralized 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 a 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 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."
"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."
For more information, visit http://www.invoiceready.basware.com/.
About PayStream Advisors
PayStream is a research and consulting firm that minimizes risks and maximizes value associated with technology investments. PayStream Advisors delivers unbiased, third-party market trend information, assessments of financial automation technology, and innovative ideas to business leaders in healthcare, consumer billing, finance and treasury, accounts receivable and accounts payable. For more information, visit http://www.paystreamadvisors.com
About Basware
Basware is the global leader in purchase-to-pay solutions with more than 1,500 customers and 1,000,000 users in over 50 countries around the world. With Basware, organizations can reduce the cost of buying and paying for goods and services and gain visibility and control of their entire spending process by automating manual processes, from sourcing, contract management, purchasing and supplier collaboration to invoice automation. Basware solutions and services enable substantial cost reductions across businesses and deliver value by providing compliance and control, as well as fast return on investment. The solutions are distributed and implemented, either on site or as a service, in Europe, the U.S., and Asia-Pacific through an extensive network of Basware offices and business partners. The company's U.S. business, Basware, Inc., is headquartered in Stamford, Conn. For more information, visit www.basware.com/us.
1 Basware Lost In Transaction, 2010 (Loudhouse), www.basware.com/transaction
SOURCE: Basware