Deloitte and Basware have revealed a collaboration aimed at refining touchless invoice processing for customers worldwide.
The alliance between the pair will prioritise addressing crucial challenges, seizing opportunities and adhering to regulatory standards in the finance sector.
The firms aim to achieve these goals by leveraging Basware’s expertise in accounts payable (AP) automation and Deloitte’s extensive network of finance, procurement and tax specialists.
Furthermore, the partnership will aim to equip enterprises with insights and optimal approaches to finance transformation by integrating AP automation services and delivering the latest trends and best practices.
Jason Kurtz, CEO at Basware, commented: “This is a significant milestone for Basware and Deloitte to accelerate touchless invoice processing. CFOs are constantly grappling with manual AP processes that slow down teams and impact bottom-line profits.
“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. Together, our technology and leadership in the AP space will unlock new levels of touchless invoice processing.”
This agreement follows data that shows only 32% of invoices on average pass through finance teams without requiring manual intervention, compared to 89% through Basware’s AP automation platform, according to Ardent Partners’ Performance Benchmark.
Aiming to make significant improvements, the collaboration seeks to enable AP teams to process invoices 80% faster, cutting the average processing time from 10 days to under one day.
In detail, the partnership will see Deloitte and Basware create a joint go-to-market strategy to expand the pair’s audience. This includes developing co-innovation opportunities to meet changing legislative e-invoicing requirements and training a group of certified Deloitte consultants on Basware solutions for effective project delivery.
Arian Kaandorp, Director at Deloitte Consulting, said: “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 e-invoicing.
“Through our alliance, we aim to support our clients with the technology-enabled transformation of their AP process while meeting the rising legislative e-invoicing requirements.”
This deal comes after Deloitte announced strategic Alliance Agreements in the US and UK with 10x Banking in a ‘pursuit of making banking ten times better’.
