|[April 15, 2014]
In Recognition of Earth Day Basware Issues Guidelines for Establishing Green Financial Practices
STAMFORD, Conn. --(Business Wire)--
the leading provider of e-invoicing and purchase-to-pay
solutions, today released guidelines designed to help companies minimize
their carbon footprint through financial process automation and
e-invoicing. These guidelines were developed for the growing number of
companies that are concerned about corporate compliance with green
initiatives, and at the same time are looking to streamline processes
and gain business benefits.
"Many companies are drowning in paper, and nowhere is this more evident
than in the Accounts Payable department," said Bob Cohen, Basware VP,
North America. "The hundreds of billions of invoices that are sent
annually worldwide create business as well as environmental problems,
increasing costs, inefficiencies, errors, and more. By switching to
e-invoicing and automating financial processes, companies gain greater
visibility and control over spend and working capital, and improve their
supplier relationships. It's not only a matter of businesses 'doing
good,' it's also good business."
Basware recommends four key steps to establish green purchase-to-pay
Send invoices electronically through cloud-based business commerce
netwoks. Of the approximately 350 billion bills and invoices sent
globally each year, about 330 billion (or more than 94%) are sent as
paper invoices, according to industry consulting firm Billentis1.
If all of these invoices would be sent electronically, 138.6 million
trees and 143 billion liters of water could be saved, which would
reduce the carbon footprint of one invoice by 63 percent2.
In addition, it enables up to 80 percent cost savings as companies
eliminate time-consuming and manual processes, such as printing,
mailing, scanning, keying in invoice data, and manual matching of
invoices to orders and archiving. With supplier on-boarding, supplier
portals and other services, companies can be well on their way to
receiving 100% of their invoices as e-invoices and encourage
environmentally friendly practices among their trading partners.
Promote green initiatives in procurement by ordering through
e-catalogs on business commerce networks to eliminate large paper
catalogs. Additionally, identify and purchase from suppliers that
support environmentally friendly initiatives.
Look for ways to make payments electronic. Innovative e-payment
solutions are becoming available that will speed up slow invoice
processing and invoice payment tasks, ensure that suppliers get paid
quickly, and extend terms for buyers.
Strive for continual improvement. Use analytics to measure key metrics
in your green initiatives. This will provide insights into ways you
can elevate processes to work smarter, achieve greater green benefits
and take performance to new levels.
Basware is the global leader in providing purchase-to-pay and
e-invoicing solutions in the world of commerce. We empower companies to
unlock value across their financial operations by simplifying and
streamlining key financial processes. Our Basware Commerce Network, the
largest open business network in the world, connects 1 million companies
across 100 countries and enables easy collaboration between buyers and
suppliers of all sizes. Through this network, leading companies around
the world achieve new levels of spend control, efficiency and closer
relations with their suppliers. With Basware, businesses can introduce
completely new ways of buying and selling to achieve significant cost
savings and boost their cash flow.
Find out how Basware helps money move more easily and lets commerce flow
1 ,Billentis Research Report 2013: E-invoicing/E-billing. The
catalyst for AR/AP Automation
2 Tenhunen, Maija and Penttinen, Esko, "Assessing the Carbon
Footprint of Paper vs. Electronic Invoicing" (2010). ACIS 2010
[ Back To Technology News's Homepage ]