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.
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