Invoice Matching: Transforming Accounts Payable

Manual, PDF, and paper-based accounts payable (AP) invoice processing is not only a drag on operational efficiency, but a liability for compliance. Manual data entry, error-prone processes, and lengthy approval cycles slow productivity while enhancing exposure to financial risks. That’s why increasing numbers of global businesses will rightly choose to automate this process. Basware can help.

Every business is keen to promote greater efficiency, to gain or maintain the advantage on their competitors. And with governance being a major consideration for executive boards, compliance with financial legislation and regulatory frameworks is often top of the agenda.

Basware Invoice Matching is at the forefront of transforming how enterprises increase efficiency while remaining compliant within the accounts payable function.

In comparison to Basware’s cloud-based AP invoice automation solutions, a manual approach to AP is outdated, and an on-premise system is nothing short of legacy. Basware Invoice Marching offers a comprehensive approach to optimizing your workflows, reducing manual errors, and ensuring adherence to regulatory standards.  

Enhance efficiency in accounts payable

The implementation of Invoice Matching provides a multitude of efficiency improvements within the accounts payable process:  

• Faster processing: Automation is the bedrock of improved efficiency in cloud-based invoice matching solutions. By leveraging advanced automation technologies, Invoice Matching drastically reduces time spent on manual data entry, matching, and approval. This acceleration in invoice processing speed facilitates timely payments to your vendors, enhancing supplier relationships and contributing to a seamless, collaborative business ecosystem.
• Cost reduction: The reduction in manual tasks and associated errors leads to tangible cost savings. You’ll automate routine processes, allowing you to allocate resources more strategically. With a focus on higher-value tasks that require human expertise, you can achieve operational efficiency while optimizing costs.
• Real-time visibility: Cloud-based solutions provide real-time visibility into the status of invoices, approvals, and payments. This transparency allows for better decision-making and proactive issue resolution. With instant access to critical information, you are ideally positioned to prevent bottlenecks, rapidly resolve discrepancies, and optimize cash flow and working capital management. The real-time nature of these solutions will transform your AP process from reactive to a proactive and strategic function. 

Ensure compliance and mitigate risks 

Compliance with regulatory standards is vital, but it can be difficult to stay abreast of ongoing developments. Cloud-based invoice matching solutions play a crucial role in helping you keep compliant:

• Audit trails and documentation: Automated invoice workflows generate detailed audit trails, documenting each step of the invoice processing journey. This documentation not only facilitates internal audits and quality management but also ensures transparency, should there be a need for external regulatory scrutiny.
• Adherence to policies: You’ll embed compliance rules directly into your AP process, ensuring each invoice undergoes a consistent validation process. By automating adherence to compliance rules, you’ll apply your policies to the required standard, mitigating the potential for errors and regulatory violations. 
• Data security: No discussion on compliance and financial data is complete without including security. Basware implements robust security measures in line with globally recognized standards for information security. The platform is deployed on Microsoft Azure, within a single-tenant architecture to support resilience and security, hosted to meet specific data sovereignty requirements. These measures contribute to safeguarding sensitive financial information, ensuring compliance with data protection regulations, fostering trust among stakeholders.

Interested in learning more? Contact us to learn how Basware Invoice Matching can be a pivotal step in transforming your accounts payable process.