Streamlining Accounts Payable with Deloitte’s Lights Out Finance™ and Basware   

The concept of Lights Out Finance™ marks a new horizon for finance functions. By embracing automation and advanced technologies, finance teams can focus on strategic analysis, generate valuable insights, and seamlessly align with changing business needs, fostering a collaborative and agile environment. This paradigm shift enables finance to be a proactive partner in shaping the organization's future success. As finance leaders understand how to embrace this transformation effectively, Lights Out Finance™ has the potential to revolutionize financial management for the better. 

The foundation of Lights Out Finance enables the transformation of the finance function from traditional transactional processing to strategic, agile, and data-driven entity. This rests on three PPT (People, Process, Technology) key pillars: 

Next-generation Roles and Skills: By embracing AI (Artificial Intelligence), automation, and predictive analytics, finance professionals can evolve to become strategic business partners, analysts, and advisors. Investing in human talent development maximizes the benefits of Lights Out Finance™ and maintains a competitive edge.

Clean Data and Standardized Processes: Establishing a data governance framework ensures accurate and reliable data. Standardizing finance processes streamline operations, reduce errors, and enhance collaboration between business units.

Seamless Integration and Real-time Data Availability: Integrating finance systems creates a unified ecosystem, breaking down data silos. Real-time data empowers finance teams to respond rapidly, make data-driven decisions, and provide timely insights for business growth.

Challenges faced by finance teams

  • Manual Processes: Many finance teams still rely on manual tasks such as data entry, invoice processing, and approvals. These manual processes are time-consuming, prone to errors, and hinder productivity.
  • Lack of Efficiency: Manual processes and paper-based workflows cause inefficiencies in AP operations. The absence of automation leads to delays, processing bottlenecks, and difficulties in meeting payment deadlines.
  • Limited Visibility: Without real-time visibility into AP data, finance teams struggle to gain insights into spend patterns, cash flow, and supplier performance. This lack of visibility hampers decision-making and prevents proactive management of AP operations. 
  • Compliance and Risk: Compliance with regulatory requirements, internal controls, and data security standards is a significant challenge for finance teams. Manual processes increase the risk of errors, non-compliance, and potential fraud. 
  • Regional e-Invoicing Requirements: The impending mandatory B2B e-invoicing requirements in several European countries (e.g., Italy, France, Spain, Belgium, Portugal, Poland, Greece, and Turkey) will require organizations to implement real-time digital reporting to comply with local mandates. 

How Basware helps overcome these challenges

  • Automation and Process Efficiency: Basware automates invoice capture, extraction, and validation processes, reducing manual efforts and errors. It streamlines workflows, eliminates paper-based processes, and accelerates the AP cycle, resulting in improved efficiency and productivity for finance teams. 
  • Enhanced Visibility and Reporting: Basware provides real-time visibility into AP data through comprehensive analytics and reporting functionalities. Finance teams gain access to accurate, up-to-date information on spend, supplier performance, and cash flow, enabling them to make informed decisions and drive strategic initiatives. 
  • Compliance and Risk Mitigation: Basware's automated workflows and approval processes enforce internal controls, ensuring compliance with regulatory requirements. The integration also enhances data security, reducing the risk of fraud and ensuring the integrity of financial transactions. 
  • Supplier Collaboration and Relationship Management: Basware's vendor portal fosters collaboration between finance teams and suppliers. Suppliers can submit electronic invoices, track payment status, and resolve inquiries, which reduces manual communication and strengthens supplier relationships. 
  • Streamlined Auditing and Reporting: Basware integration provides a centralized repository for AP data, streamlining auditing processes and generating comprehensive reports. Finance teams can easily retrieve and present accurate records during audits, saving time and effort. 

Benefits of overcoming challenges with Basware integration 

  • Improved Efficiency and Productivity: Automation and streamlined processes reduce manual tasks, allowing finance teams to focus on higher-value activities and strategic initiatives. 
  • Cost Savings: Eliminating manual processes and optimizing workflows result in cost savings through reduced errors, late payment penalties, and operational inefficiencies.
  • Enhanced Compliance and Risk Mitigation: Automated controls and standardized processes ensure compliance with regulations, internal policies, and data security standards, mitigating risks and preventing fraud. 
  • Better Decision-making: Real-time visibility into AP data empowers finance teams to make data-driven decisions, negotiate favorable terms with suppliers, and identify cost-saving opportunities. 

Finance teams face numerous challenges in managing AP operations. However, with Basware integration as part of Deloitte’s Lights Out Finance™ Program, these challenges can be effectively overcome. By automating processes, enhancing visibility, ensuring compliance, and fostering collaboration, Basware integration empowers finance teams to achieve AP excellence. Embrace the power of technology and streamline your AP. 

Moving forward with Basware integration

The Foundation of Lights Out Finance™ forms the bedrock upon which the transformation of the finance function is built. Clean data and standardized processes, seamless integration of systems, and the cultivation of next-generation skills combine to create a dynamic and forward-thinking finance organization. This foundation empowers finance teams to focus on generating valuable insights and analysis, fostering a more strategic and influential role within the business. 

While finance teams face numerous challenges in managing accounts payable (AP) operations, integrating Basware as part of Deloitte’s Lights Out Finance™ Program effectively addresses these challenges to achieve AP excellence. 

Contact us or download the whitepaper, “Deloitte Lights Out Finance™: Streamlining Accounts Payable with Basware,” to learn more about how integrating innovative technology and automation can transform your finance operations and drive strategic growth.  

SVP, Partner First and Business Development Kevin Farrell is Senior Vice-President for Basware's Partner First and Business Development program. This global program is dedicated to driving measurable value for Basware customers through deep partnerships with thought-leading firm like Deloitte. Kevin brings over 33 years of experience in sales, alliances, and leadership through various roles at Eastman Kodak, EMC Corporation, and Coupa Software. He currently resides outside of Boston, Massachusetts.