Basware releases sustainability agenda to future-proof financial accounting
CHARLOTTE, N.C. and HELSINKI, April 29, 2024 /PRNewswire/ -- Basware, a global leader in AP automation and invoice processing, has released its first Sustainability Report, outlining how it is helping customers reduce their carbon footprint and embrace sustainable practices.
With incoming regulations anticipated from the European Sustainability Reporting Standards (ESRS) and the SEC in the US, ESG has become a critical priority for finance teams worldwide. A survey with Forrester found that 90% of accounts payable (AP) decision-makers in the EU and 74% in the US are considering enhancing their ESG footprint as a top priority over the next two years.
Research shows that the average enterprise still receives half (50%) of its invoices in paper format. Basware's automated e-invoicing platform and online portal helps customers slash their paper-based invoicing by 80%, resulting in less than 10% of invoices being paper-based. By going paperless with digital invoicing, businesses cut their carbon emissions.
Basware's Touchless Invoice Processing dashboard helps customers identify and remove manual touchpoints in the invoice process, enabling them to save on the human resources required and CO2 emissions associated with legacy manual processes.
To empower customers to further reduce their emissions, Basware Analytics includes an Invoice Carbon Footprint Index Dashboard. This tool calculates CO2 emission savings, as well as the number of trees and water saved by switching to electronic invoices rather than paper.
Basware is also driving its own sustainability initiatives, with 47% of the company's offices currently using renewable energy. Basware has launched a series of learning and development programs for staff, implemented a comprehensive DEI framework, and participated in global charity schemes.
Jane Broberg, Chief HR Officer at Basware, commented on the launch of Basware's first Sustainability report:
"ESG is a top priority at Basware. Our first sustainability report holds us accountable for our ESG strategies and ensures that we make progress towards collective climate goals, social responsibility targets, and governance policies. Our actions impact the wider industry, and it's crucial to be transparent with our customers, partners, and prospects. As regulation around tax laws also increase, Basware is committed to being a leader in global e-invoicing, addressing compliance at both the global and local levels for its customers."
As e-invoicing mandates also drive urgency, countries worldwide are realizing the benefits of digital invoicing, not only for sustainability but also for fraud prevention and compliance with tax and trade laws.
In 2023, Basware was awarded a Silver Medal for its ESG efforts by independent regulator EcoVadis, placing its sustainability management system among the top 25% of assessed companies. Basware was also ranked in the top 38% in the IT and software development sector by the CDP (Carbon Disclosure Project).
To read the full sustainability report, visit: https://www.basware.com/en/resources/basware-sustainability-report
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. Basware. Now it all just happens.
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