Basware Simplifies and Speeds Up Customers’ Invoice Processing with Machine Learning
ESPOO, Finland, November 9, 2017, Basware, the leading provider of Source-to-Pay (S2P) solutions, today announced the availability of smart coding, a capability that helps customers further automate their invoice processing of non-PO invoices through machine learning.
Smart coding eliminates the need to manually code invoices when there is no purchase order (PO) associated with the invoice. The system does this by automatically identifying where the costs should be allocated to speed up invoice processing and improve productivity.
“Traditionally, non-PO invoices are automated with business rules that are laborious for customers to manage. To create a more touchless process, we developed an intelligent algorithm to determine the most accurate cost allocation for non-PO invoices. The solution uses machine learning to analyze customer’s historical transactions and then provides a highly reliable recommendation to the user,” says Sami Peltonen, VP of Purchase to Pay Product Management, Basware.
Finding a correct cost allocation is typically a challenging task for employees who are not familiar with bookkeeping rules, especially when there is no purchase order to copy information from.
Smart coding automates those manual steps, so employees can easily code an invoice with a click of a button. The smart coding algorithm searches through transaction history, automation rules and shared coding templates to determine the most logical cost allocation. The only step required of the user is to review and confirm the suggested cost allocation. Not only does this simplify the process for the user and save time in processing the invoice, it also reduces the need for the AP department to rectify erroneous coding lines.
“Through the years, we’ve worked closely with our customers to simplify their operations and help them spend smarter through forward-thinking approaches to automating finance and procurement processes,” said Ilari Nurmi, SVP of Purchase to Pay Business Area, Basware. “Our customers are always inspiring us to improve and deliver innovations that drive measurable value for their organizations, and smart coding is a direct result of that.”
Basware is the global leader in providing networked purchase-to-pay solutions, e-invoicing and innovative financing services. Basware’s commerce and financing network connects businesses in over 100 countries and territories around the globe. As the largest open business network in the world, Basware provides scale and reach for organizations of all sizes, enabling them to grow their business and unlock value across their operations by simplifying and streamlining financial processes. Small and large companies around the world achieve significant cost savings, more flexible payment terms, greater efficiencies and closer relationships with their suppliers. Find out more at www.basware.com.