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Basware Solution Eliminates Duplicate Payments and Fraudulent Invoices

April 9, 2018 Tech No Comments Email Email

Basware, the global leader in networked source-to-pay solutions, e-invoicing, and innovative financing services predicts that supplier information management solutions and cloud-based purchase-to-pay will end the long-standing problem of duplicate and fake invoices. company has been continually innovating to deliver better supplier information management capabilities to make it easy for customers to create, maintain and verify supplier data – ultimately eliminating the problem of companies accidentally receiving and paying duplicate invoices or processing phony invoices with fraudulent intent.

“Both duplicate and fraudulent invoices impact corporate and shareholder value. Errors in invoice processing, inefficient manual processes, and poor data quality lead to businesses paying duplicate invoices to their vendors. Then there are fraudulent invoices costing the typical organization 5% of revenue in a given year, according to the Association of Certified Fraud Examiners,” says Teemu Toroi, director of data services at Basware. “But these two problems have one thing in common – they can both be solved by technology.”

The unique offering of Basware’s purchase-to-pay solution empowers customers to be particularly effective at eliminating duplicate payments and preventing fraud:

  • Validate every incoming invoice: The Basware solution is the only solution on the market that covers all invoices (paper, electronic, EDI/XML, PDF, etc. – covering direct, indirect, PO, Non-PO spending) and converts these documents into electronic invoices (i.e. – invoices with structured data formatting for machine reading without human intervention) giving organizations total visibility over every invoice in process and removing opportunity for human error. Every invoice is validated to check for duplicate invoices and proper matching.
  • Let suppliers own their information: Businesses invite their suppliers easily online to Basware Network, the world’s largest open business Network. In this network, suppliers can receive purchase orders and send invoices electronically, and take control of their own supplier information. This removes manual data maintenance from the buyers and ensures that the business information is always up-to-date.
  • Enrich vendor data with third-party information: Basware customers can combine and verify suppliers’ information with the business information from Dun & Bradstreet global business database, and achieve better supply chain transparency.

“The first step to eliminating duplicate and fake invoices is to no longer accept lack of visibility and data fragmentation. Businesses need to start managing supplier information in a systematic way that will benefit not only accounts payable but also purchasing. This is true collaboration between accounts payable and procurement,” Toroi says.

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