Avain Yhtiöt has seen rapid growth in the last two years, with purchase invoice volumes increasing by 25% to 85,000 invoices per annum. Circa half of those invoices, 45,000, are contractually recurring based on fees such as building management, water charges, and property maintenance.
Avain Yhtiöt's financial management strategy is to invest in greater automation and improved forecasting. “Our goal is to implement financial management and associated processes by 2024 that position us as a market leader for quality.”
How Avain Yhtiöt implemented AP Automation with Basware
Avain Yhtiöt implemented Basware AP Automation and, working with their dedicated Customer Success Manager, focused on implementing Basware’s best practices across their financial operations.
Basware has been great in supporting us in our e-invoicing efforts and advising us on best practices. Jan Harti, Group CFO, Avain Yhtiöt
A key priority to be addressed was the large volume of recurring invoices with the Spend Plans functionality in Basware AP Automation. Using this solution, they set up payment plans based on schedule, budget, and self-billing criteria. This allowed a large volume of the recurring invoices to be automatically processed and removed many of the standard work stages the finance team had previously conducted.
Finally, Avain Yhiöt implemented Basware Analytics to help monitor their new process's effectiveness and help identify bottlenecks.