Basware (Nasdaq: BAS1V) announced today the launch of an e-invoicing solution that provides compliance with Indias national e-invoicing mandate. Qualifying businesses will need to implement the technical capabilities to deliver invoices into the governments Invoice Registration Portal (IRP) and secure the required clearance. The Basware solution seamlessly enables compliance and offers customers the full range of its e-invoicing package benefits.
This mandate will bring about stronger compliance and is widely regarded as a strong step forward towards further establishing e-invoicing in India, and with international businesses that operate within the Indian market, said Sami Nikula, Director Network Solutions, Basware. Once more businesses implement e-invoicing solutions in India, they will soon realize the big advantages of e-invoicing: faster payments, less paper, a reduced carbon footprint, stronger compliance, less exception handling, faster processing times and higher invoice data quality. All of this helps to gain 100% cash flow visibility.
The new national ruling mandates that businesses with an annual revenue higher than 500 cr INR (~60 million Euros) must register their invoices electronically within the national IRP. Initially, this mandate is required for B2B invoices of high-revenue organizations. In the future, the mandate will progressively extend to B2B, B2G and B2C invoices and other business documents of smaller organizations. The solution that Basware provides for the start of the e-invoicing mandate covers the relevant business cases for Basware customers.
Many businesses operating in India face the mandate’s challenging short timeline and operational implications, commented Sami Nikula. A world-leading supplier of power solutions to marine and industrial applications, a Basware customer who operates in India, overcame those odds. With Basware, the organization has achieved compliance with the mandate on day one.
To learn more please visit Basware Network Ensures Compliance with India.
Basware is the only procure-to-pay and e-invoicing solution provider that empowers businesses with 100% spend visibility through 100% supplier connectivity and 100% data capture. Our cloud-based technology enables organizations to fully manage their spend, mitigate financial risk and reduce the cost of operations via automation. With the worlds largest open business network and an open technology ecosystem, we are uniquely positioned to deliver the solution required for Visible Commerce, which provides customers with complete transparency into all the flows of money, goods, and services around the world. A global company, Basware has offices in 14 countries and is traded on the Helsinki exchange (BAS1V: HE).