BasWare Establishes International eInvoicing Unit

eInvoicing can cut cost of invoice processing by up to 70%

BasWare Corporation, the leading provider of financial process automation software, has established an international eInvoicing unit. The unit will provide businesses with a translation platform that enables the seamless monitored transfer and processing of electronic invoices between customer and supplier systems. The service already offers access to thousands of suppliers and buyers that are connected to other platforms. This is made possible through an existing network enabled by numerous roaming agreements.

eInvoicing is becoming standard practice in Scandinavia, with the Danish Government even refusing to accept paper invoices. This unit will help European organisations benefit from cost reductions through reduced manual tasks such as scanning and printing, and improved data accuracy and control. According to recent research by the European Union, these organisations stand to reduce the processing cost of an individual invoice from €1.40 to €0.40.

BasWare has created the eInvoicing unit to tackle this issue, by providing a common platform through which all invoices can be translated. The eInvoicing service works on a pay-as-you-go model and is accessible through a web portal. Invoices are presented in HTML format and automatically sent and received through the eInvoicing service, eliminating the need to re-key information. The automation of these processes improves data accuracy, adding value for both supplier and customer.

Sari Karhunen, Team leader of the Accounts Payable department at DHL Express (Finland)  says, "The BasWare eInvoicing unit provides a link between our own fully automated internal processes and those of our partners and suppliers.  Part of the invoices we receive are now transferred straight into our invoice workflow, without the need for manual intervention. We estimate that eInvoicing will increase and expect to receive electronic invoices from more suppliers in the future."

Esa Tihilä, General Manager, Europe and Americas, BasWare comments, “At present businesses are forced to implement bolt-on software packages to transmit invoices, which is time consuming and expensive. The BasWare solution is compatible with all ERP platforms and eInvoicing formats.”

Tihilä continues, “BasWare’s web-based service can save huge amounts of time and money by streamlining invoice processing. We see huge growth potential in the eInvoicing market as Europe as a whole is just taking the first steps in eInvoicing.”

BasWare has over six years of experience in eInvoicing in the Nordic region, and is now extending the service across Europe. The service is already being used by over 1,600 organisations and is translating over five million invoices per year. The opening of an international eInvoicing unit is a key step in BasWare’s European growth strategy and its drive to introduce new eInvoice market standards for suppliers and customers across Europe.

About BasWare
BasWare is the global leader in Enterprise Purchase-to-Pay and Financial Management solutions.  More than 450,000 end-users in over 20 countries use its software to automate back-office financial operations to enhance efficiency, gain process control and transparency, and meet compliance requirements. BasWare’s products are widely used in Shared Service Centres.

In 2005, net sales reached EUR 43 million.  The growth target for net sales for 2006 is approximately 40% and will continue to be supported by a growing network of value-added resellers.
 
Founded in 1985, BasWare Corporation is a public company listed on the Helsinki Stock Exchange.  Headquartered in Helsinki, Finland, it has eight subsidiaries in the US and Europe.