Basware PDF e-Invoice provides opportunities for early payment and improved cash flow
Basware, the global leader in providing networked purchase-to-pay solutions, e-invoicing and innovative financing services, today announces new capabilities for Basware PDF e-Invoice, enabling both small and large enterprises to speed up and simplify e-invoice processing. By connecting to the Basware Network, the largest open commerce and financing network, automation is increased and supplier collaboration improved. The new functionality means businesses of all sizes are able to easily submit their invoices electronically and with even less resource required to integrate with existing billing systems.
With research suggesting it takes an average of ten days to approve an e-invoice, versus 55 days for a paper invoice*, businesses are looking for solutions to leverage e-invoicing with minimum disruption to existing processes. For many growing businesses, improved cash flow through faster payment is a significant motivator to e-invoicing adoption.
Basware PDF e-Invoice is designed to work within existing processes, ensuring the invoice is delivered in the format the customer requires, and adds crucial business efficiencies by automating key aspects of the process – converting invoices into formats such as xml or e-mail. By speeding up payment processes, businesses can also benefit from invoice financing and early payment opportunities, therefore improving cash flow for the organization.
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Basware PDF e-Invoice also has the ability to list line items within an invoice, providing detailed information on individual items rather than just the total amount. This is highly valuable when invoices require sign-off by multiple people. It is also a tool to enable large buyer organizations to onboard their suppliers to e-invoicing, and as many countries now have mandated e-invoicing – Basware PDF e-Invoice therefore presents a way to easily meet regulatory guidelines.
For smaller businesses, the implementation of the new service is immediate: the process requires them to register with Basware and then send their invoices to a Basware Network email address instead of directly to the vendor or buyer. For larger organizations, the service can be integrated directly with the ERP or billing systems. Emails generated from billing systems can be easily converted to e-invoices and sent directly to customers in the required format.
Ilari Nurmi, SVP, Purchase to Pay, Basware said, “Processes such as invoicing must be as efficient as possible in order to allow the business to focus on strategic priorities. The benefits of e-invoicing are clear. It speeds up the invoice approval process and reduces the resource organizations need to invest in their payment processes, creating opportunities for early payment and invoice financing. Basware PDF e-Invoice is another important step businesses can take to improve their cash flow and achieve important efficiencies.”