Basware Brings Compliance Solutions to SAP Store

Basware has increased the extent of its offering for SAP users by providing e-invoicing and taxation compliance products via the SAP Store. This initiative intends to make life easy for companies trying to upgrade their existing ERP platforms while being compliant with increasing tax and e-invoicing laws across the globe. This means that Basware intends to simplify the process of upgrading the financial processes without taking compliance separately.

Rising Demand from SAP Customers

Basware's Invoice Lifecycle Management was rolled out earlier in the year on the SAP Store. In recent times, there has been a triple surge in customer interest from SAP clients who wish to enhance their ERP strategy.

Basware offers an SAP certified connector that has direct access to SAP Cloud ERP. With the integration of Basware Compliance, it is possible to achieve a streamlined process and compliance without compromising on a clean ERP core.

Helping Businesses Modernize and Stay Compliant

With many corporations moving towards SAP Cloud ERP, financial departments are being forced to update their processes in line with new e-invoicing and tax legislations.

According to Basware, corporations should take into account both issues in unison rather than separately. The corporation states that it is more beneficial for the company to address both these problems at once because it will improve the financial processes, minimize risks, and be ready for the increased use of artificial intelligence in finances.

Compliance Across the Entire Invoice Process

According to Basware, compliance needs to be embedded in all stages of invoice management, from invoice entry to making payments.

A survey conducted by the company discovered that 56% of companies face compliance difficulties when they grow beyond borders, and 36% of companies have faced taxation fines due to improper filing.

In order to solve this problem, Basware provides Guardian for AP, which is an AI-based software that authenticates the invoice before its approval.

Supporting Global Regulations

The compliance solution from Basware provides e-invoicing capabilities in over 190 countries and manages over 60 regulatory requirements. The solution has already been rolled out by customers from France before the September compliance deadline for the country, and the company is working on supporting regulations in Germany.

Over 650 SAP customers are using Basware Invoice Lifecycle Management today. Some of the companies that are already benefiting from the platform include ENGIE and Mauser Packaging Solutions.