Basware launches new features to speed up invoice processing for increased business performance
Basware Matching speeds up invoice exception handling, streamlines goods receipt based matching and improves visibility of invoice handling process
Basware, the global leader in purchase-to-pay solutions, today announced major new features for its world class matching solution that will enable organizations to further expand their automation footprint for improved business performance. Basware Matching, part of the Basware Invoice Automation solution, is designed to reduce manual intervention by boosting the efficiency of invoice processing through more intelligent exception handling, full line level visibility throughout the process and more precise matching capability utilizing goods receipts.
New features to Basware Matching include Smartflow functionality which automatically routes exception invoices to a specific individual based on the discrepancy type, and a new goods receipt based matching capability enabling higher matching rates with highly detailed line level associations and posting. Line level visibility has also been improved for increased ease of use.
THALES Avionics, a global technology leader for the Aerospace, Space, Defense, Security and Transportation markets, has recently implemented the Basware Invoice Processing and Matching solutions to increase efficiency and visibility of its invoice processing. 70% of the 12,000 invoices THALES receives each month are now processed automatically, at line level, without any manual intervention, using the Basware Matching solution.
Lionel Bonnaud, Project Leader for THALES Service Division says: “Basware enables us to apply automatic, business rules-based matching which has minimized the need for time-consuming, repetitive invoice handling tasks. This has significantly increased the efficiency of our invoice handling process, ensuring we have no delays in payments. As a result, Basware Matching has freed up valuable time allowing our team to focus on more strategic activities like management controls and cost analysis.”
Invoice matching is a crucial step in the process that automatically occurs after invoice data is captured or received as an e-invoice into the Basware Invoice Processing solution. The Basware Matching solution associates invoices with corresponding purchase orders, order lines or goods receipts, contracts or any pre-defined payment schedules. By shifting from paper-based to electronic invoices, up to 95% of purchase order based e-invoices can be automatically matched with Basware Matching. Basware Invoice Automation, including the invoice processing and matching solutions, helps companies reduce the total invoice cycle times by up to 75%. Globally over 1,500 organizations, such as Panasonic, Ernst & Young and BNP Paribas rely on Basware to generate savings, gain control and improve visibility over the purchase to pay process.
Basware’s Product Marketing Manager, Rowan Lemley, said: “Handling exceptions is still by far the most time consuming and expensive part of the invoicing process. We’re seeing an increasing number of customers combine the Basware Matching solution with Basware Invoice Processing to drive further efficiencies and savings. With this new version of Basware Matching, we’ve added stronger exception handling tools that dynamically route failed invoices based on the type of exception, making the solution much more proactive. We’ve also added improved matching capability overall by enabling customers to match invoices against individual goods receipts which will significantly boost matching rates for improved process efficiency.”
Basware is the global leader in purchase-to-pay solutions with more than 1,500 customers and 850,000 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 US, and Asia-Pacific through an extensive network of Basware offices and business partners. www.basware.com
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