Basware Launches Global Invoice Processing Outsourcing Service

Minimizes cost, maximizes agility of financial processes

Stamford, Cn.—Aug. 24, 2011—Basware, a provider of purchase-to-pay solutions, launched Basware InvoiceOut, a process outsourcing service designed to fully automate key aspects of the Accounts Payable (AP) function. Combining Basware’s process expertise with its leading invoice automation solution, Basware InvoiceOut drives efficiencies by externally managing labor-intensive elements of a company’s  invoice handling process. The new service helps companies achieve AP performance levels in a rapid timeframe, with the lowest total cost of ownership.

Basware InvoiceOut brings together three core components of what are often disparate elements in an Accounts Payable operation: access to resources that can be scaled up and down based upon business need, best practice process expertise and a flexible, on-demand technology infrastructure. The service provides businesses with access to highly skilled professionals that take over the labor-intensive and routine processes that impede agile financial decision making.

Basware InvoiceOut includes daily invoice-related tasks, such as dispute management to handle any discrepancies with the invoice, as well as supplier engagement, to ensure disputes are resolved quickly. Invoices are validated so that each invoice contains the required data needed to achieve the highest levels of automatic matching to purchase orders, and monthly process reporting is proactively undertaken to ensure continuous improvement across the invoice handling process.

The new service offers packaged processes for speeding up the transformation from paper to electronic. This includes immediate conversion to 100 percent electronic invoicing, along with sophisticated automatic invoice validation, matching, posting and workflow. Non-core activities to Accounts Payable, such as the scan & capture of paper invoices and accounts payable IT infrastructure, are outsourced to enable in-house teams to focus on higher value activities.

InvoiceOut includes Basware Invoice Automation – a solution for AP automation, along with infrastructure hosting that provides a robust, easily scalable and cost-effective Accounts Payable IT environment. Businesses using the Basware InvoiceOut service also benefit from gaining access to the global Basware Open Network, enabling electronic purchase-to-pay invoices and message exchange within an open environment which connects 320,000 active buyers and suppliers. 

According to the 2010 Lost in Transaction research, commissioned by Basware, invoice scanning /data entry is the most time consuming (38 percent) and error prone (41 percent) part of invoice processing. Seven percent of invoices contain errors and managing these exceptions in-house costs companies time and money, and can result in late payment fees and missed early payment discounts. Incoming invoices need to be validated and in some cases invoices need to be rejected, returned or cancelled. By outsourcing the invoice handling process, businesses can remove this often resource-heavy component, enabling in-house professionals to focus on higher-value cash management activities designed to drive profitable growth of the business.

“Since the global economic downturn, businesses have been under pressure to improve profitability and top-line growth,” said Ari Salonen, Basware general manager, North America. “With time and cost savings opportunities largely exhausted, companies need to look to streamline their internal processes. Basware InvoiceOut is a logical extension of our service portfolio and has been designed for any mid-size or large business that is seeking an efficient and effective Accounts Payable function.”

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