B2B commerce provider Basware has upgraded its PDF e-invoice software to make it easier for businesses to process electronic invoices.
Basware PDF e-Invoice works within companies’ existing processes and converts them into formats such as XML or e-mail. According to the company, enhancements to the system now speed up and simplify the process:
- Companies can extract line-level and header level data, creating true e-invoices.
- Advanced functionality is bundled into the product, such as integration for companies sending large volumes of invoices directly from their ERP/Billing system, messaging clients, and more.
- Now the service can be sponsored by the invoice sender (supplier) as well as the invoice receiver.
Citing a 2015 industry report, Basware says it takes an average of 10 days to approve an e-invoice compared to 55 days for a paper invoice.
“Businesses are looking for solutions to leverage e-invoicing with minimum disruption to existing processes, and for many growing businesses, improved cash flow through faster payment is a significant motivator to e-invoicing adoption,” the company said.
“Processes such as invoicing must be as efficient as possible in order to allow the business to focus on strategic priorities,” said Ilari Nurmi, senior vice president, purchase to pay, Basware. “The benefits of e-invoicing are clear. It speeds up the invoice approval process and reduces the resources organizations need to invest in their payment processes, creating opportunities for early payment and invoice financing. Basware PDF e-Invoice is another important step businesses can take to improve their cash flow and achieve important efficiencies.”