ESPOO, Finland, May 3, 2018, Basware, the global leader in networked source-to-pay solutions, e-invoicing, and innovative financing services, has released intelligent enhancements to its payment plans, helping customers to further automate their accounts payable processing. Payment plans are used for automating recurring expenses – even those without purchase orders (POs) – for categories such as rentals, utilities, cleaning and subscriptions.
“In a typical organization, around 30% of spend is repeated on a monthly, bi-monthly or bi-weekly basis. Since the average cost of processing an invoice in an environment with no automation or low levels of automation can be up to 20 times greater than the cost of processing in a fully automated environment, we are thrilled to help our customers simplify their operations to save time and money,” says Perttu Nihti, VP of Purchase to Pay Product Management, Basware.
The first step in driving efficiency through AP automation typically involves funneling more spend through POs; the next step is to look at recurring spend. Even with driving more spend to a PO process, there will always be a certain amount of non-PO invoices, and those are often recurring expenses. The enhancements Basware made to payment plans are streamlining the handling process for those invoices and automating regularly occurring payments for AP professionals.
“With the latest enhancements, we have simplified the payment plan process from start to finish so it only requires input from one person and sign-off from approvers, freeing up business users and AP professionals to do more thought-intensive, meaningful work,” continues Nihti.
With the new enhancements, the business users do not need to track regularly occurring invoices, nor do they need to chase down AP professionals to fill out information for the payment plans. Instead, the solution automatically identifies recurring invoices and recommends the business user to request a payment plan. After the request is placed, the process is easy – all required information is automatically populated, so the business user can manage the task from start to finish in just a few clicks. Once completed, the plan is sent for approval with dedicated fields to the reviewer and approver, making it easy for the payment plan manager to enter the new plan into workflow. In addition to schedule-based, recurring invoice, payment plans also support self-billing and budget-based invoices.
To learn more about how Basware innovation is empowering companies to simplify operations and spend smarter, visit the Basware blog.
Basware (Nasdaq: BAS1V) is the global leader in providing networked source-to-pay solutions, e-invoicing and value-added services. Basware’s commerce and financing network connects businesses in over 100 countries and territories around the globe. As the largest open business network in the world, Basware provides scale and reach for organizations of all sizes, enabling them to grow their business and unlock value across their operations by simplifying and streamlining financial processes. Small and large companies around the world achieve significant cost savings, more flexible payment terms, greater efficiencies and closer relationships with their suppliers. Find out more at http://investors.basware.com/en.
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