Basware launches Vault, an e-invoice archiving service to solve complex regulatory and compliance challenges
With Addition of Archiving Capability, Basware Addresses Entire Invoice Lifecycle
ESPOO, Finland, August 22, 2017 – Basware announces general availability of Basware Vault – compliant, efficient and secure cloud-based archiving service for e-invoices. Basware Network customers can now archive their invoices through one centrally managed solution, ensuring efficient search and retrieval for future needs, including tax audits. Companies no longer need to cobble together physical and third-party data storage or spend countless hours properly filing paper invoices.
Outdated invoice archiving methods - paper archiving, on file servers and content management systems - have long frustrated the market, with ever changing tax regulations challenging firms’ efforts to remain in compliance. Managing these requirements across multiple countries and systems creates a substantial burden. With Basware Vault, invoices and other critical documents are stored in a compliant way. As laws and requirements change in various countries, invoices automatically flow to the right location, with secure archiving to meet local requirements. Basware Vault offers companies a solution that is also flexible and scalable enough to meet their individual needs.
“Companies sending and receiving a high volume of e-invoices face a complex compliance landscape,” said Mikko Pilkama, SVP of Network and Financing services of Basware. “If you’re looking to improve efficiency in document retrieval and to reduce the need for manual labor, this is an excellent way to drive cost savings for your organization.”
Automating the archiving process, Basware retains files for predefined retention periods of up to 15 years. Archived invoices are stored for the legally required retention period and automatically destroyed when it elapses. Each archived package is digitally signed and timestamped to secure its integrity and authenticity and securely stored in an online high-availability storage for quick access. Online audit tools allow users to search by document type, sender/recipient name, ID and invoice number, as well as date/amount ranges.
The service is already delivering benefits to its first customers. The customers are multinational companies, who selected Basware Vault to make their invoice archiving efficient, compliant and safe. As they operate in multiple countries, it is very important that the selected archiving service meets the legal and tax audit requirements locally.
To learn more about Basware Vault, visit www.basware.com/en-us/solutions/network-services/invoice-sending/e-archiving