How Deloitte & Basware are Transforming E-invoicing
Deloitte and Basware have announced a new partnership as the duo looks to enhance touchless invoice processing for its global customers.
The alliance will combine accounts payable (AP) expertise to accelerate automation and financial transformation.
Enhancing touchless invoice processing: a new alliance
This new partnership will focus on tackling key challenges, opportunities, and regulatory requirements in the finance domain. By combining Basware's strengths in AP automation, and Deloitte’s access to its network of finance, procurement, and tax experts, it aims to bring value to their customers. The pair will further inform enterprises the current trends and best practices around finance transformation through integrating AP automation services.
Jason Kurtz, CEO at Basware, says: “This is a significant milestone for Basware and Deloitte to accelerate touchless invoice processing. CFOs are constantly grappling with manual AP processes that slow down teams and impact bottom-line profits.
"It’s been exciting to collaborate with Deloitte over recent months and work towards a joint vision that helps companies save time and money when sending and receiving invoices while reducing compliance risk. Together, our technology and leadership in the AP space will unlock new levels of touchless invoice processing.”
Navigating e-Invoicing legislation and compliance
CFO departments are seeing e-invoicing increasingly take priority, along with e-reporting requirements from local governments and tax authorities. Accounting teams must comply with specific legislation when sending and receiving electronic invoices. The new legislation will replace paper processes and reporting, as the EU and other regions trend towards a harmonised approach, and centralised government databases to compare reported data.
Large enterprise finance teams process and pay thousands of invoices every week, and they often face challenges relating to late payments to suppliers, duplicate invoices, and even fraudulent payments.
As a result, according to an Ardent Partners’ Performance Benchmark, only 32% of invoices on average pass through finance teams without requiring manual intervention on average, compared to 89% through Basware’s AP automation platform. A touchless invoice process eliminates the need for AP staff to spend extensive time matching and approving invoices, freeing them up to deliver operational and financial insights.
Driving efficiency and innovation in accounts payable
Deloitte, who published a report alongside DocuSign showing outdated agreement management processes will cost businesses nearly US$2 trillion yearly in global economic value, and Basware will work on developing a joint go-to-market strategy. It plans to reach a wider audience, create co-innovation opportunities to address evolving legislative e-invoicing requirements, and build a pool of certified Deloitte consultants trained on Basware solutions for project delivery.
Through the partnership, AP teams will have the potential to process invoices 80% faster, reducing the average invoice processing time from 10 days to less than one day.
Arian Kaandorp, Director at Deloitte Consulting, adds: “Our clients are moving from automating task-specific processes to running autonomous finance operations.
"Partnering with Basware to combine our expertise in touchless invoice processing is an important step in increasing the adoption of e-invoicing. Through our alliance, we aim to support our clients with the technology-enabled transformation of their AP process while meeting the rising legislative e-invoicing requirements.”
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