Basware is a cloud-based purchase-to-pay and e-invoicing solution; enabling businesses around the world to reduce costs, manage spend and forecast growth.
It offers networked source-to-pay tools, e-invoicing, analytics and value added services, facilitating automated operations and management, spend and supply chain visibility, supplier management, early payment discounts and much more.
The software helps you to reduce paperwork, save time and effort spent in manual work, boosts working capital and enhances business ROI. It serves B2B companies of all sizes and industries.
As the industry’s leading AP Automation provider, Basware’s AI/ML-powered solution is designed to make touchless invoice processing a reality for your organization. Our AP automation solution’s artificial intelligence and machine learning functionality is available at every point in the process – from invoice receipt and routing to automated matching and coding – adding value by speeding up tasks and eliminating errors.
Basware provides the largest global, compliant, open e-invoicing network to interact and collaborate with your suppliers. The Basware e-Invoicing Network connects you to all your suppliers, eliminating paper-based invoicing and enabling you to receive invoices electronically, send purchase orders, and manage your supplier data. This allows you to eliminate manual processes, lower processing costs, and ensure global compliance.
Basware ensures global regulatory compliance with worldwide invoicing and tax mandates is a central business challenge for organizations operating in multiple geographies.
Regulations around invoice receipt and sending as well as tax compliance vary vastly between countries, and in practice your organization needs to understand and deal with all local and cross-border requirements.
Since compliance in these areas is complex, fragmented, and constantly changing, you need a seasoned partner by your side who has a deep understanding of ongoing global developments.
When organizations take a procurement-centric approach to procure-to-pay (P2P) you risk delaying the realization of its benefits; creating significant cost exposure and fragmented financial processes. You can address your procure-to-pay transformation from the other end by starting with Accounts Payable (AP).
By automating your AP first with Basware, you can cover all purchase order sources by integrating into any existing procurement or ERP system, realize savings in under 12 months to fund your procurement transformation and enable visibility and control of all spend categories and inform your digital procurement strategy.
This approach to procure-to-pay gives you the platform to continue your procurement transformation both from a data and technical perspective.
Basware’s AP Automation solution enables the use of any combination of invoices, POs, goods receipts, quality checks, contracts, etc. at the line or header level for straight-through processing of PO-based invoices. And if information is missing, recognition methods review the available data to calculate the best matching scenario.
Using Basware as your AP Automation provider you can;
As a SaaS system, the Basware platform is built around cloud computing, making it resilient to the failure of individual hardware components. This also means all your files and data are backed up and equipped with proper recovery procedures in case of a system failure.
Basware Procure-to-Pay solutions are designed for SaaS delivery and operate on a modern cloud platform, ensuring that the applications are providing optimum performance when you need it.
Basware’s cloud-based solutions unlock the potential for your organization to finally have maximum visibility of your financial data.
Basware’s artificial intelligence (AI) and machine learning (ML) capabilities deliver many benefits across the procure-to-pay cycle. From invoice capture and data extraction to coding and matching, our innovative AI and ML technologies add value by accelerating processing times, reducing the need for manual effort, and eliminating errors.
Basware’s 40+ years of experience and advanced API technology for integrations, ensure that you can easily integrate Basware solutions within your existing ERP landscape. With Basware procure-to-pay solution, you can simultaneously and seamlessly integrate with over 250 ERP systems and deliver a single procure-to-pay process to your organization through more than 220 network interoperability partners.
Whether you use SAP, Oracle, Microsoft, another ERP or a combination of multiple ERPs, we can connect to existing solutions in your technology landscape and deliver 100% supplier and spend visibility from our P2P core.
Global invoicing and tax compliance is complex, fragmented, and constantly developing, posing a key business requirement for globally active organizations. Even more, with the ongoing spread of e-invoicing surging across the globe comes a multitude of laws, mandates, and new compliance requirements.
These rulings often are highly complex – but with Basware as a partner, your organization is best prepared to meet regional compliance challenges on a global scale.
With Basware you can ensure tax compliance in your AP processes, guarantee globally compliant invoice sending & receiving and adhere to local archiving regulations.
Electronic invoicing is becoming the norm. It’s wide-spread and subject to local regulations – on a global scale. You can easily discover the complex, fragmented, and constantly changing environment of e-invoicing compliance country by country.
Basware can support your company with e-invoice compliance in many countries as they have extensive experience of various mandates, laws and requirements.
Here are the key advantages of Basware which include:
Discover Basware’s adaptable pricing options designed specifically for medium to large enterprises. Each plan is crafted to boost operational efficiency, ensure regulatory compliance, and provide clear visibility into your financial processes, empowering you to make informed decisions with confidence.
| Pricing Segment | Typical Cost | Key Features | Business Size |
|---|---|---|---|
Basic Plan | $100,000/year | • Purchase Requisitions & Orders: Simplify procurement by digitizing requisition and order processes. • Invoice Processing: Automated handling and matching of invoices, reducing manual intervention. • Mobile Access: Access and approve processes on-the-go, enhancing flexibility. • Compliance Management: Ensure adherence to regulations and policies automatically. | Medium to Large Enterprises |
Standard Plan | Custom Pricing | • All Basic features + • Supplier Management: Centralized database for managing supplier relationships and performance. • Contract Management: Monitor and manage contracts to ensure compliance and reduce risks. • Budget Tracking: Real-time tracking and management of budgets against actual spend. • Multi-Currency Support: Handle transactions in multiple currencies seamlessly, ideal for international operations. | Large Enterprises, Non-Profits |
Premium Plan | Custom Pricing | • All Standard features + • Advanced Reporting & Analytics: Gain deep insights into financial data through customizable reports. • Audit Trail: Maintain a detailed log of user activities for enhanced security and compliance. • Integration Capabilities: Integrate with existing ERP systems to streamline workflows and data accuracy. • Compliance Tracking: Automatic checks to ensure all processes meet regulatory standards. | Large Enterprises, Public Administrations |
Enterprise Plan | Custom Pricing | • All Premium features + • Supplier Portal: Direct communication and transaction portal for suppliers to streamline interactions. • Punchout Catalogs: Allows employees to shop from external supplier catalogs while maintaining organizational control. • e-Invoicing: End-to-end electronic invoicing, from submission to payment, enhancing efficiency and reducing errors. • Real-Time Spend Visibility: Instant insights into spend data for strategic decision-making. | Large Multinational Corporations |
Below is a list of some alternatives of Basware that will help you to expand your business more efficiently.
BILL is a financial operations platform primarily ideal for small and midsize enterprises (SMEs). The main aim is to automate finance operations to help businesses in becoming more successful.
The integrated solution is designed to enhance efficiency in handling payables, receivables, and spend and expense management. The proprietary network of BILL serves a large user base assisting them when it comes to do quicker transitions.
As a global Information Management company, OpenText offers a portfolio of solutions across content, business network, digital experience, security, application modernization, operations management and developer APIs.
OpenText solutions help customers to simplify their systems, connect their data, build frictionless automation and thrive in a multi-cloud world. The company fosters inclusive environments that leverage the diverse backgrounds and perspectives of all employees, customers, suppliers and partners.
Coupa Software is a cloud-based platform focusing on business spend management (BSM). The primary objective of Coupa Software is to provide companies with the necessary tools and features needed to gain visibility and control over their business expenditures, enabling them to make more effective and secure spending decisions.
SoftCo focuses on providing automation solutions in digital procurement processes. Its P2P software concentrates on eProcurement, Accounts Payable, Vendor Management, Payments, and Compliance. SoftCo’s software uses AutoML Machine Learning technology, applied consistently across all its solutions.
The key business problems addressed by SoftCo include achieving 90% straight-through processing for PO invoices, speeding up processing of Non-PO invoices by 89%, and ensuring 100% visibility over all expenditures.
xSuite Group is a software manufacturer specializing in intelligent applications automating document-based business processes. xSuite serves organizations across the globe with expertise in workflows for accounts payable in SAP and provides all services and software components from a single source.
More than 300,000 users at mid-sized to large enterprises and public institutions use xSuite software to process over 80 million documents each year. xSuite solutions optimize processes in the cloud, on premises, and in hybrid settings.
The entire digital workflow is based on xSuite technology and contains the components necessary for document capture, e-invoicing, workflow, and audit-proof archiving, with all the advantages of targeted AI functions for optimal usability.
Let’s have a look at the following pros and cons of Basware:
| Pros✅ | Cons ❌ |
|---|---|
| External Factors (Client, Vendor, and Regulatory Impact) | |
| • Client Satisfaction-Streamlined invoicing and payment processes improve customer experience, leading to faster payments and fewer disputes. | • Integration Challenges with Vendors-Some vendors, especially smaller ones, may find it difficult to integrate with Basware’s system due to technical or resource constraints. |
| • Submit Invoice-Customer friendly and they do not need too many screens to submit the invoice. | • Regulatory Complexity– While Basware supports global compliance, staying updated with ever-changing local tax regulations across multiple regions can be complicated and might require continuous updates. |
| • Vendor Collaboration– This software extensive supplier network and e-invoicing capabilities allow for seamless communication and transactions with vendors, reducing delays and improving supplier relationships. | • Limited Vendor Adoption– Although Basware has many suppliers, not every vendor may want to use electronic invoicing or the procure-to-pay system. This can slow down the adoption process, meaning businesses might still have to do things manually or take extra steps for vendors who aren’t using the platform. |
| • Global Compliance– Basware software helps companies stay compliant with international tax and invoicing regulations, which is crucial for businesses operating in multiple countries. | • Risk of Over-Reliance on Automation– If you depend too much on automated invoicing and payment systems, you might not talk to important vendors as much. This could hurt your relationships with those vendors, especially when personal communication is needed or useful. |
| Internal Factors (Within the Organization) | |
| • Ease in Use– This tool is highly effective and user-friendly. The homepage features a straightforward design, making it easy to navigate and understand. All tasks are clearly visible, and upon completion. | • System Lagging/Slow Performance Issue– Sometimes, the system forcefully logs out the user, or there is noticeable lag and slow performance. |
| • Management– This system provides an excellent solution for managing, viewing, and tracking expenditures by consolidating all information in one central location. The Procure-to-Pay (P2P) system is a highly effective concept that streamlines processes and enhances operational efficiency. | • Limited Functionality Due to Lack of Administrative Access – If administrative access is not granted, the user can only access a very limited set of functions. |
| • User Experience– Basware truly makes the user experience easy for managers, minimizing user time spent on educating them so,can focus on more advanced tasks. | • Internal Issue– Maybe it is an internal issue not from software side,find the purchasing part difficult to work with sometimes, that is an internal issue more than a systematic issue. |
| • Help Finance Department- Helps our finance department to be effective with getting the purchase invoices accepted. Does the job for line managers too. | • User Friendly– The platform is not particularly user-friendly, resulting in a suboptimal experience for end users. There are instances where the interface can be cumbersome or poorly designed. |
| • Dashboard- The dashboard is both useful and visually appealing. I like how the software displays everything clearly, making it simple to find what you need. | • Different Plans– A diverse range of plans tailored to meet the specific needs of various types of organizations, It may create confusion for new users who want to go for a purchase plan. |
| • Credit Control– The software lets businesses set a maximum credit limit for each customer based on how reliable they are with payments. This helps make sure that customers don’t borrow more than they can handle, which protects the business from giving out too much credit and risking late or missed payments. | • Report – Cannot create many detailed reports, Several report functionalities needed are not in this particular software. |
| • Update System- The product gets better with every update, and Verian’s support is excellent. They offer the resources and expertise of a big company while still being as easy to reach as a smaller one. | • No customization– Almost no customization or advanced functionality. Reports often lack critical details that are readily available in other programs. |
| • Invoice History- This feature is very useful „invoice history” where I can view the entire history of an invoice and any potential errors that have occured. | • Format Rule – Submitting an invoice is really difficult because the format rules are hard to follow, and the user guides are confusing. For example, you’re told to include the word “attachment” in files, but then invoices get rejected whether they include it or not. |
| • Data Accuracy– Reduces human error in financial reporting and data entry, leading to more reliable financial information. | • Purchase Order – The purchase order processing isn’t great, so if your company handles a lot of them, you might want to consider another app. It’s slow and not easy to use. |
Other Factors (Cost, Usability, and Technical Concerns) | |
| • Support- Stability and customer support as well as technical support, these all are exotic. | • Ongoing Maintenance and Upgrade Costs– Regular updates and technical support can add to the overall cost of ownership. |
| • Teach– Because Basware is easy to use, you can teach other employees how to use it quickly. It also moves smoothly between screens, unlike some other invoicing programs that can freeze or get stuck. | • Security Concerns– While software can improve data security, it can also be a target for cyberattacks, requiring constant vigilance. |
| • Integration Capabilities- Basware can connect with different ERP and financial systems, helping businesses make their processes smoother and keep everything consistent across different platforms. | • Dependency on Internet Connectivity– Basware is a cloud-based tool, so it needs a good internet connection to work. If there are any internet problems, it can be hard to access important financial information and complete tasks. |
