The partnership will accelerate AP automation and touchless
invoice processing amid compliance regulations
AMSTERDAM, May 21, 2024 /PRNewswire/ -- Deloitte and Basware
have announced an alliance to enhance touchless invoice processing
for global customers. The partnership will combine accounts payable
(AP) expertise to accelerate automation and finance
transformation.
E-invoicing is increasingly taking priority within CFO
departments alongside e-reporting requirements from local
governments or tax authorities. Accounting teams will be required
to comply with specific legislation when sending and receiving
electronic invoices. The new legislation will replace paper
processes and reporting as the EU and other regions trend towards a
harmonized approach and centralized government databases to compare
reported data.
The Deloitte and Basware alliance will focus on key challenges,
opportunities, and regulatory requirements in the finance domain.
It will bring together Basware's strengths in AP automation, with
Deloitte's access to its network of finance, procurement and tax
experts, to drive value for customers. The partnership will also
deliver enterprises with the latest trends and best practices
around finance transformation through the integration of AP
automation services.
Finance teams in large enterprises that process and pay
thousands of invoices per week often face challenges around late
payments to suppliers, duplicate invoices and even fraudulent
payments. As a result, according to an Ardent Partners' Performance
Benchmark, only 32% of invoices on average pass through finance
teams without requiring manual intervention, compared to 89%
through Basware's AP automation platform. A completely touchless
invoice process eliminates the need for AP staff to spend extensive
time matching and approving invoices, freeing them up to deliver
operational and financial insights.
The alliance between Deloitte and Basware will work on
developing a joint go-to-market strategy to reach a wider audience,
creating co-innovation opportunities to address evolving
legislative e-invoicing requirements, and building a pool of
certified Deloitte consultants trained on Basware solutions for
project delivery.
Through the partnership, AP teams will have the potential to
process invoices 80% faster, reducing the average invoice
processing time from 10 days to less than one day.
Jason Kurtz, CEO at
Basware, commented on the alliance:
"This is a significant milestone for Basware and Deloitte to
accelerate touchless invoice processing. CFOs are constantly
grappling with manual AP processes that slow down teams and impact
bottom-line profits. It's been exciting to collaborate with
Deloitte over recent months and work towards a joint vision that
helps companies save time and money when sending and receiving
invoices, while reducing compliance risk. Together, our technology
and leadership in the AP space will unlock new levels of touchless
invoice processing."
Arian Kaandorp, Director at
Deloitte Consulting, also commented:
"Our clients are moving from automating task-specific
processes to running autonomous finance operations. Partnering with
Basware to combine our expertise in touchless invoice processing is
an important step to increase the adoption of e-invoicing. Through
our alliance, we aim to support our clients with the
technology-enabled transformation of their AP process while meeting
the rising legislative e-invoicing requirements."
About Basware
Basware is how finance leaders in global enterprises can finally
automate their complex, labor-intensive invoice processes and stay
compliant with regulatory change. Our AP automation and invoicing
platform helps you achieve a new level of efficiency – in a matter
of months – while reducing errors and risks. We bring a unique
combination of true automation, complete coverage, and deeper
expertise to make it all just happen for our customers. That's why
the world's most efficient AP departments at thousands of companies
rely on Basware to handle over 220 million invoices per year. With
Basware, Now it all just happens.™
About Deloitte
Deloitte provides industry-leading audit and assurance, tax and
legal, consulting, financial advisory, and risk advisory services
to nearly 90% of the Fortune Global 500® and thousands of private
companies. Our professionals deliver measurable and lasting results
that help reinforce public trust in capital markets, enable clients
to transform and thrive, and lead the way toward a stronger
economy, a more equitable society, and a sustainable world.
Building on its 175-plus year history, Deloitte spans more than 150
countries and territories. Learn how Deloitte's approximately
415,000 people worldwide make an impact that matters at
www.deloitte.com.
Photo -
https://mma.prnewswire.com/media/2415908/Basware_Deloitte.jpg
Logo -
https://mma.prnewswire.com/media/2398888/Basware_logo.jpg
View original
content:https://www.prnewswire.co.uk/news-releases/deloitte-and-basware-form-alliance-to-transform-e-invoicing-302148969.html