Basware Network has hit 50 million transactions

CEO, Basware Corporation

If you’re in Finland it’s commonplace, if you’re in France it’s less frequent. And I’m not talking about Elk Ragu. Electronic invoicing has varying levels of adoption around the world, but the common thread is that usage is growing everywhere and we’ve seen a marked increase recently.

Our Basware Network recently hit 50 million transactions. One of the reasons for this is that companies are realising the huge cost and timesaving benefits that electronic invoicing offers.

As well as the obvious benefits, the ease with which e-invoicing can be adopted, both by large companies as well as smaller buyers and suppliers, has a significant impact on adoption. If none of your trading partners can deal with electronic invoices – either sending or receiving – you don’t get the full benefit either.

The Basware Network has 900,000 active buyers and suppliers trading across 100 countries. Being part of a community this size gives buyers and suppliers unprecedented benefits by creating stronger trading relationships. And everyone in the network is e-invoice ready.

On top of that, our customers’ supplier and customer activation is a big part of Basware projects. We want to help you get the most from e-invoicing – and the best way to do that is have everyone around you automation-ready.

With this wider network comes greater flexibility in terms of both buyers and suppliers. Members of a community like the Basware Network can make small adjustment to trade volumes to capitalise on price reductions, cashflow opportunities or simply to strengthen particular relationships.

Governments and larger companies are leading the charge in forcing suppliers to submit invoices electronically. So it’s something that more and more suppliers are being faced with. The key is finding an open platform – like the Basware Network – in which to operate, so you can maximise the number of relationships you can maintain.

E-invoicing is also a great solution for companies working internationally as postage costs aren’t a factor and it takes the same time to send an invoice across town as across the world.

According to the 2012 Global E-Invoicing Study, approximately two thirds of businesses receiving e-invoices via an e-invoice service provider saw a sizeable reduction in the costs of invoice processing.

The adoption of e-invoicing is growing rapidly internationally, with companies of all sizes reaping the benefit. Companies exploiting these benefits can expect to conduct their business faster, more easily and with greater profits.