Deloitte and Basware have partnered to facilitate accounts payable (AP) automation, touchless invoicing and compliance with eInvoicing regulations for global customers.
Together, they will develop a joint go-to-market strategy to reach a wider audience, address evolving eInvoicing requirements and develop certified Deloitte consultants trained on Basware solutions, the companies said in a Tuesday (May 21) press release.
“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,” Basware CEO Jason Kurtz said in the release.
Arian Kaandorp, director at Deloitte Consulting, said in the release: “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 eInvoicing.”
This partnership brings together Basware’s AP automation platform and Deloitte’s network of finance, procurement and tax experts, according to the release.
The alliance comes at a time when companies’ finance departments are facing the challenges of meeting eInvoicing and eReporting requirements from local governments and tax authorities, the release said.
In addition to helping companies meet these requirements, Basware and Deloitte will facilitate the implementation of AP automation that will eliminate the need for manually matching and approving invoices and will reduce the average invoice processing time from 10 days to less than one day, per the release.
PYMNTS Intelligence has found that full AP automation allows organizations to cut labor costs, reduce the occurrence of errors, accelerate their processing of high volumes of transactions, and gain improved data availability and insights.
Among mid-sized firms that have embraced full AP automation, 70% reported positive outcomes, according to “Accounts Payable and Receivable Trends: What’s Next in Automation,” a PYMNTS Intelligence and American Express collaboration.
AP automation has been given an additional tailwind by new and upcoming regulations in Europe that mandate the electronic transmission of invoicing and payment data, Kurtz told PYMNTS’ Karen Webster in an interview posted in September 2023.
He said Basware is seeing robust demand from enterprises in countries such as Spain, Poland and Germany where eInvoicing regulations are in place or are mandated to be in place.
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