Basware, the leading providers of e-invoicing and purchase-to-pay solutions, is championing the 'E-invoicing Switchover', helping businesses maximise the number of electronic sales invoices they send. The initiative emphasises the importance of an e-invoice rollout strategy to develop better buying and selling processes.
Many international companies still struggle to establish consistent electronic invoicing across their large and heterogeneous customer bases. Many companies would like to receive 100% e-invoices, as they see the efficiency, cost, visibility and cash flow benefits they can achieve. The key to achieving this lies on the side of the invoice sender, which is where Basware’s initiative focuses.
Esa Tihilä, CEO of Basware: “There are multiple factors that point companies towards e-invoicing, from customer demand to cost pressure. Almost all companies hit a complexity barrier at some point. Implementing these systems can be a complex process and encouraging adoption from the whole buyer network can be tough. But these companies cannot simply do what they’ve always done…otherwise they will be using paper forever. This is why we’re launching the E-invoicing Switchover. We’re championing the change that will help vendors by making it easy for customers on the other end of the invoice and building an opt-out process around e-invoicing. This helps make e-invoicing the default standard for financial processing.”
With this launch, Basware is offering large companies a 100% e-invoice sending solution, introducing 'opt-out' as a new rollout method to connect customers. Historically sending e-invoices has been affected by a wide spectrum of local, legal or technical requirements, which have been handled by locally operated e-invoicing providers. These local requirements have been slowing down the growth of e-invoicing in many countries. Through the customer onboarding process Basware is providing the tools and services to tackle this.
The cornerstone of the E-invoice Switchover lies in selecting the optimal e-invoice rollout strategy for multichannel e-invoice delivery to recipients. To aid in this approach, Basware provides a free portal that makes it easy for any company to go through this transition. In the opt-out approach, the use of e-invoicing is assumed, and paper-based invoices are only implemented for those that specifically request them.
In recent years, Basware's footprint in large scale global e-invoice sending has been strengthened by the acquisition of Certipost in Belgium, and 1stBusinessPost in Germany, as well as investment in local and industry specific expertise. Together with the Basware Commerce Network, which connects over 900.000 companies globally, the company is primed to aid businesses in this e-invoicing switchover to enable faster speed, better control, considerable cost savings and improved cash flow forecasting possibilities while getting rid of paper.
“At Philips we strive to optimise our internal processes to ensure maximum energy savings and efficiency. One of the major projects we have initiated in this regard is the delivery of electronic invoices, replacing the paper version. This enabled us to bring our paper flow down to a minimum, while providing the customer with the required information in a fast and correct manner,” said Lode Reyskens, ICT business analyst at Philips.
"The Basware Commerce Network supports just about any international invoice format and facilitate communication at all levels, such as via Value Added Networks, or via the Internet. This enabled us to quickly start sending electronic invoices to our integrated EDI partners. We can easily deliver invoices to the customer in other formats too, e.g. on paper or in PDF. That’s why we are currently setting up a process for delivery via other channels, so we can offer electronic invoices to all our customers."
Another example comes from Rutger Frissaer, e-Consultant at Staples Advantage: "Customers can choose between an interactive or an automated way of working, depending on their profile and the number of invoices they receive."
“Our staff no longer have to waste valuable time creating invoices manually, printing them, putting them in envelopes and mailing them. They can therefore focus on more productive tasks. Furthermore, our cash-flow position has improved thanks to a shorter DSO cycle (Days of Sales Outstanding). Finally, we have also greatly reduced our paper consumption and once the invoices have been sent, they are stored on a secure electronic platform during the entire retention period."
The model can be tailored to suit each business environment and, importantly, this does not require every business, customer and supplier to be using the same e-invoicing tool. Customers who are not able to receive e-invoices directly to their invoice processing system can access their invoices directly from the Basware Portal after receiving notification of the arrival of the new invoice via email.
A full e-invoicing approach enables a host of added benefits, including monitoring and reporting, archiving and meeting local compliance requirements. Furthermore, network services like the Basware Portal provide a secure, easy to use e-invoice channel designed for companies who have no capabilities or invoice processing systems to receive e-invoices. Invoices can be viewed, sorted, stored and downloaded from the portal, with any dispute or comment being easily handled from within the system.