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Invoice Automation: Best Practices and Case Studies
The key to successful AP automation lies in the redesign of invoice and payment management processes and a strong strategy to leverage the available technology to meet each organization’s specific business requirements. This reference tool looks at some of the best practices AP innovators are following to complement their technology, including invoice receipt, invoice validation, approval workflow and discount management. Also included are four user case studies revealing how Basware has helped world-class organizations achieve the benefits of increased efficiencies, lower costs, reduced errors and much more. Read more in Invoice Automation: Best Practices and Case Studies.
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Invoice Automation for Small & Medium Enterprises (SME)
Understand the advantages and challenges in implementing an invoice automation solution with this resource from PayStream Advisors. “Invoice Automation for Small & Medium Enterprises (SME): Electronic Invoice Strategies for the Mid Market” features insights on what’s driving interest in invoice automation, top automation goals for 2010, buyer and supplier benefits, the appeal of on-demand solutions, and the convergence of eInvoicing and outsourcing.
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What Controllers Want: How AP Automation Can Help
Today’s controller faces a myriad of issues. Charged with running a tight financial ship on a limited budget while simultaneously trying to meet an ever growing list of regulatory demands, controllers, like everyone else, are challenged with too much work and not enough people to do it as well as they would like. “What Controllers Want: How AP Automation Can Help” identifies the challenges today’s controller faces and the improvements, efficiencies and financial accountability AP automation can bring to an organization.
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How to Make the Case to Management for AP Automation
The benefits of automating the accounts payable process are well known. Unfortunately, recognizing the benefits and finding the funding to pay for the projects do not necessarily go hand in hand. The focus of this paper is to provide readers with a framework they can use to make the financial case to management to go forward with a specific project. By cost justifying a project, you‘ll be one step closer to getting the go ahead and increasing the productivity of your accounts payable function. Read more in “How to Make the Case to Management for AP Automation”.
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Finding Cash in a Cash-Strapped World (Article 1): Increase Profit by Removing Inefficiencies in the Financial Supply Chain
From sourcing to settlement, companies use archaic, error-prone processes laden with redundancy that depending on the size of the company, costs millions, if not billions of dollars. Fortunately, companies can increase their bottom line and show additional value to shareholders, investors and analysts by improving their financial supply-chain (FSC) processes. Available technology enables companies to correct inefficiencies and empowers executives to make more strategic decisions, which increases a company’s competitive advantage in addition to its bottom line. Read more in article 1 of this 3-part series “Finding Cash in a Cash-Strapped World”.
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Finding Cash in a Cash-Strapped World (Article 2): Use Accounts Payable to Improve the Financial Supply Chain and Take Treasury to New Heights
Adding automation and collaboration between treasury and accounts payable (AP) departments can increase a firm’s cash position, provide more detailed and accurate cash flow forecasts, and increase the bottom line. Companies often neglect AP in pursuit of increasing cash and optimizing working capital because AP is often perceived as a cost center responsible merely for sending money out the door. Yet, with the right tools, AP can not only save money and boost the bottom line, it can help the treasury department optimize cash, manage risk, increase ROI, and provide greater visibility into the organization’s financial supply chain. Read more in article 2 of this 3-part series “Finding Cash in a Cash-Strapped World”.
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Finding Cash in a Cash-Strapped World (Article 3): Unlock the Power of Accounts Payable
When organizations seek to increase and optimize cash as dictated by the current economy, they often neglect the accounts payable (AP) department — perceiving it to be merely a group of paper chasers. Although this may be true in a paper world, nothing is further from reality in an electronic world. As the world shifts from paper to electronic source data for invoicing, so does the role of AP. Read more in article 3 of this 3-part series “Finding Cash in a Cash-Strapped World”.
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Seven Points of Engagement for Procurement and Finance to Improve Collaboration
Usually it is a single need that leads to a targeted collaboration between a company's finance and procurement functions. In most companies and situations, this approach and form of engagement do little to align finance and procurement as part of a sustainable collaboration between both.
Having worked with hundreds of global procurement and finance organizations in the past decade, Basware has observed that there can be a continued and effective dialogue when framed around specific issues and hypotheses for bringing both groups together. Learn here the seven points of engagement.
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How to Improve Your Cash Management and Forecasting by Automating Purchase to Pay - a special Basware report for CFOs
Poor cash management and forecasting cost money, multiply risk and cut market capitalization. Yet most enterprises admit they do a poor job of these. In part, this is because CFOs cannot see deeply enough into AP cash commitments. This white paper identifies the three main causes of this lack of visibility, provides two key AP benchmarks to measure, sums up three enterprise success stories and urges CFOs to push back the veil of darkness over AP to light the way to far-seeing cash forecasting.
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Aligning Your Organization Starts with Accounts Payable
How world-leading companies are realizing that A/P is no longer just a window onto the world, but a key driver in business performance.
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Is Your Indirect Spend Out of Control? Building Blocks for an SSC Business Case: Basware Report for CFOs and SSCs
In order to gain the maximum benefits from Accounts Payable process automation, it is necessary to improve also the Procurement processes.
Read in this Basware executive report how shared service centers can bring together a business case for P2P automation and eventually facilitate the implementation of organization-wide procurement strategies.
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Why now is the best time to integrate Procurement and Finance?
In today's economy bridging the process and functional gaps between procurement and finance is not optional.
Read in this Basware executive brief how organizations can establish a strategic partnership between the two functions.
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Three steps Procurement and Finance must take together to reduce supply risk
An article by Juha Häkämies, Vice President,
Global Market Development at Basware Corporation
February 2010
How can Procurement and Finance together build the visibility over the purchase to pay process in order to continuously measure the supplier performance and proactively reduce the supply risk?
Read Basware expert's view on how organizations should convert the Accounts Payable into a true asset for supplier relationship management.
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How to Best Match Invoices against Purchases - and Drive Down A/P Costs by 50%
Seven Steps to Think About Before Starting the Process Automation Project
February 2010
Automation of the error-prone and laborious manual Accounts Payable (A/P) processes offers today’s companies a tangible cost cutting opportunity with quick payback. However, in order to succeed, the process automation requires focus and effort with improved communication and collaboration between procurement and finance professionals. To make the effort as painless as possible, we have put together a simple checklist with the key elements to be covered prior to diving into an A/P automation project.
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Basware anyERP – Seamless and Safe System Integration
December 2009
System integration in complex multi-ERP environments is a challenge for today’s global organizations. Basware’s mission has always been to guarantee a seamless and safe integration between Basware solutions and organization’s other business solutions. The latest Basware white paper explores all the certified ERP integration possibilities enabled by Basware anyERP middleware.
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Basware Open Network - Enabling e-transactions around the globe
December 2009
Point-to-point and closed networks provide only limited connectivity for organizations wishing to improve their supplier relationship management. Learn in this recent white paper how Basware ensures its customers extended supplier connectivity and e-transactions around the globe.
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A CFO's Guidelines for Streamlining Shared Service Center Operations
Autumn 2009
Substantial Savings through Automated Purchase-to-Pay Process.
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Making Accounts Payable Pay
Autumn 2009
Finance and Procurement can benefit by moving to the next level of performance and maturity - find out how.
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Imaging & Workflow Automation - A White Paper on Basware’s IWA Solution
PayStream Advisors, Autumn 2009
Doing more with less has become the mantra of the day. In the current recessionary economic environment, organizations are constantly being challenged get more done with fewer resources. Accounts Payable (AP) is no exception. AP departments now have to process more invoices and pay them faster, all with a smaller staff.
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Managing Workflow for Cash Flow for CFOs and Controllers
The Accounts Payable Network, Autumn 2008
Imagine spending $1.5 million each month in late fees just from your utilities. Or taking over a department and discovering $200,000 in unpaid invoices sitting in a desk drawer. Both are true examples of how antiquated manual processes in A/P departments can seriously damage a company’s bottom line.
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Imaging and Workflow Automation Using Today's Imaging Technology to Improve Business Processes
PayStream Advisors, Autumn 2008
The emphasis on corporate cost containment and productivity enhancement during the past decade has prompted accounts payable professionals to seek new ways to automate traditionally paper based, labor-intensive processes. Added to this, new compliance regimes have prompted a greater need to document and secure the intrinsic risks associated with the payment process.
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Third-Generation eProcurement Solutions: Driving Value Throughout Your Financial Value Chain
Basware, Spring 2008
It is imperative for companies to know where and with whom they are spending their money, how much is being spent, and where the opportunities are for savings and efficiencies. A new generation of advanced eProcurement tools based on third-generation technology is enabling organizations to easily achieve true visibility into their spend and control over their financial supply chain. Discover the globally emerging best-in-class practices that take advantage of third-generation eProcurement technology.
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Helping companies deliver fast and accurate financial statements in the face of changing international standards
Basware Financial Management, Winter 2008
An introduction to IFRS standard as a global standard, financial consolidation process and what the changing standards mean in practise.
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E-invoicing in Nordics and expansion of e-invoicing across borders
Basware Einvoices Ltd, Winter 2008
An introduction on how to expand companies' e-invoicing solution across borders. Potential market maturity, legislation, operators and other players on the e-invoicing market play a key role in increasing the degree of utilization of e-invoicing.
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Building a Business Case for Accounts Payable Automation
Institute of Management & Administration Inc., Autumn 2007
The number-one issue in Accounts Payable (AP) today is automation. It’s no longer a question of whether AP should be automated—but how to automate and to what extent.
The current body of research reveals that automation can reduce procure-to-pay (P2P) processing costs by up to two-thirds. World-class companies achieve a cost-per-AP-transaction figure of about one dollar (per line item).
The biggest challenge AP departments are likely to face when attempting to implement these new technology tools is making the business case for the solutions itself. The purpose of this white paper is to help AP departments develop a business case for AP Automation by providing a framework of thought.
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Best practices of electronic invoicing
Basware Einvoices Ltd., Summer 2007
Seeking streamlined processes and better customer satisfaction, many European companies are looking at electronic invoicing as a potential solution. Various studies have proven that replacing paper invoice processing with an electronic invoice provides both short- and long-term gains. Unfortunately, the invoicing market is extremely diverse and each market seems to have its own preferred way of operating. This document provides perspectives on the various players, interest groups, and standards to make it easier for organizations to implement electronic invoicing.
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Fraud in Accounts Payable - How to Prevent it
Crystallus, Inc., Summer 2007
It’s an incontrovertible fact of corporate life; fraud happens. Accounts payable is particularly vulnerable for a very simple reason: it is where access to the organization’s money lies. Andsince accounts payable is responsible for most payment functions, it falls to those in chargeto ensure the tightest possible controls around everything affecting the disbursement function.
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Sarbanes Oxley and the procure-to-pay process
Stout Causey Consulting, Autumn, 2006
The Sarbanes Oxley Act of 2002 was enacted by the US congress as a result of situations that emerged from bookkeeping and business scandals at the time. This paper provides a brief introduction to the Sarbanes Oxley (SOX) Act of 2002 and its impact on the procure-to-pay process of both US and non-US-based companies.
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Case study: Procurement Savings through Control & Compliance
Basware Corporation, Autumn, 2006
The value-creating mission of the procurement function is to provide products and services to the company which enable and support the smooth running of business operations and, in many cases, establish and maintain spend savings at a company level. This document discusses today's procurement challenges from a practical point of view, and puts forward the case for efficient purchasing.
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How to set-up a Best Practice Key Performance Indicator Reporting System for the Purchase to Pay Process
Basware Corporation, Spring 2006
Finance departments which intensively measure their performance are showing significantly better results in decreasing costs and improving the productivity of their operations, according to a strategic advisory firm The Hackett Group. The result will be improved quality, increased productivity and ultimately enhanced customer service. This paper presents the key principles of performance management in the end-to-end Purchase to Pay process.
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Successful Implementation of a Procurement System
Basware Corporation, Spring, 2006
During the autumn of 2005, Basware organized an industry program entitled 'BECS (Boost Efficiency Compliance and Savings) for procurement'. This report highlights the key findings of the BECS program, which endeavoured to understand the business processes and targets of each program member and translate these into deliverable objectives for any business.
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Joint Applications and Purchase to Pay Automation, Insights into Enterprise Purchase to Pay Automation and Transformation
Dr. Martin Fahy on behalf of Basware Corporation, November, 2005
CFOs require ease of use and functionality above an elegant IT architecture, and system flexibility to meet changing business requirements such as mergers and acquisitions. This can be achieved by using a mix of best of breed technologies integrated with an ERP architecture. Based on in-depth case studies, this White Paper examines the challenges and shared experiences of organizations that have implemented Joint application as part of purchasing automation.
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Purchase to Pay, Collecting the automation dividend
Basware Corporation, 2005
Faced with pressure to reduce costs, comply with strict process controls, and provide accurate and timely financial reports, more and more organizations are looking to unlock the dividends proffered by automating the Purchase to Pay lifecycle. This white paper highlights the key strategic and tactical issues that need to be considered when automating the entire end-to-end Purchase to Pay process, starting with purchasing and finishing with the payment of invoices.
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Basware has been recognized as a leading electronic invoice and presentment and payment (EIPP) vendor in the Forrester Wave™: Accounts Payable EIPP, Q3 2005 (Forrester Research Inc., August 22, 2005) market report.
The independent report, which is increasingly being used as an essential tool for businesses, provides a detailed review of the accounts payable EIPP market. It evaluated top vendors over 74 criteria. Customer references were also used for validation. Basware achieved a significantly higher than average rating than its European competitors and is said to be “strong enough in its current offering to be a legitimate alternative in North America to the US-based vendors.”
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Invoice Reconciliation and Payment Benchmark Series
Aberdeen, July, 2005
Aiming to uncover the strategies for success in accounts payable, the Aberdeen Group conducted a benchmark study of more than 700 companies and performed a detailed analysis of AP practices at 25 major organizations. Basware’s customer Finnair was selected as a model of best practices in accounts payable processes.
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Replay a webcast: "Strategies for Success in Accounts Payable by Jeff Pikulik at Aberdeen", Password: aberdeen »
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Leveraging Financial Value Chain Solutions
Meta Group, 2004
Chief financial officers (CFOs) are now experiencing more pressures than ever before. The CFO is more frequently expected to function as a value added business partner, giving financial guidance in business scenarios to help units optimize decision making. This paper will assist you in gaining a perspective on how Financial Value Chain applications can be deployed to control and manage the flow of cash from firm to firm.
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The Next Generation of Payables Automation
PayStream Research, Spring, 2004
Payables automation tools have enabled countless organizations to use standardized processing to great effect in increasing flexibility, visibility and control over the payables processes. By thoroughly examining one leading provider of software solutions to automate purchase-to-pay processes, this paper demonstrates how organizations can maximize the efficiency of the payables operations using a single, integrated solution.
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