Basware (Nasdaq: BAS1V) is pleased to now offer a fapiao-compliant e-invoice receiving and validation solution. Via its Chinese partner, Shanghai Yodoo Information & Technology Co., Ltd., Basware connects its network to the Golden Tax System (GTS), enabling effortless validation of all local VAT invoices, known as fapiaos, against the GTS interface.
“This milestone provides a huge sigh of relief for our customers because so many conduct business with China and have always struggled to efficiently process and validate fapiaos,” states Sami Nikula, Director Network Services, Basware. “This solution eliminates the burden for AP staff and allows them to uniformly process all their invoices, regardless of country of origin. Business dealings know no borders, so we have put the onus on ourselves to serve as the invoice regulation and compliance experts for our customers so that they don’t have to -- essentially enabling a ‘set it and forget it’ process. We are excited about the number of customers already interested in implementation.”
The Basware solution adds China-specific functionality for the GTS validation step allowing customers to quickly and easily detect invalid invoices. Most companies are currently validating invoices one by one via the GTS portal before payment. This extra feature in the Basware P2P system significantly reduces AP staffs’ workload as users can easily route these invoices to the exception handling queue so that they aren’t inadvertently paid. Additionally, as is the case with all Basware e-invoicing solutions, this technology provides high quality invoice data, enabling spend visibility and accurate forecasting.
“This is an exciting step for both Basware and Yodoo,” states Vincent Wang, CEO, Shanghai Yodoo Information & Technology Co., Ltd. “We look forward to continued cooperation with Basware in providing their customers with compliant and seamless validation of local invoices in China.”
This Basware solution is also able to process the new special VAT e-invoice, which the State Taxation Administration of China piloted in 2020 and rolled out to the whole country as an option at the beginning of this year.
Basware is the only procure-to-pay and e-invoicing solution provider that empowers businesses with 100% spend visibility through 100% supplier connectivity and 100% data capture. Our cloud-based technology enables organizations to fully manage their spend, mitigate financial risk and reduce the cost of operations via automation. With the world’s largest open business network and an open technology ecosystem, we are uniquely positioned to deliver the solution required for Visible Commerce, which provides customers with complete transparency into all the flows of money, goods, and services around the world. A global company, Basware has offices in 14 countries and is traded on the Helsinki exchange (BAS1V: HE).
As a Chinese finance and taxation SaaS company, Yodoo focuses on invoice digitization, electronic invoice delivery, enterprise supply chain collaboration and big data services. At present, Yodoo provides SaaS services for nearly 500 large and medium-sized enterprises in China.