Sarbanes-Oxley Compliance Journal
Imaging and Workflow Automation
BasWare Corporation, the leading provider of financial automation and purchase-to-pay solutions, has announced that its Invoice Automation solution has been recognized in the Winter 2006 Corporate Insights Report released by leading technology research and consulting firm, PayStream Advisors, Inc.
The comprehensive report, “Imaging and Workflow Automation (IWA): Moving toward a Paperless Organization,” researched the growing market for imaging and workflow applications and the impact of these solutions on Sarbanes-Oxley compliance. The report, featuring the solutions of eight companies shaping the industry, cited BasWare’s Invoice Automation solution as a flexible and robust solution for invoice processing that can offer ROI for customers within six months.
“As PayStream noted, the market for imaging and workflow systems is growing, as companies seek new ways to automate labor-intensive, paper-based processes and cost-effectively address Sarbanes-Oxley compliance requirements,” said Esa Tihila, General Manager, Europe and North America, BasWare Corp. “We’re proud that PayStream’s research proves that BasWare is a strong player in the market for imaging and workflow solutions, helping customers quickly achieve ROI, improve productivity and reduce costs. Additionally, we provide the visibility and internal controls needed for compliance.”
According to Sush Koka, Senior Research Analyst at PayStream Advisors, “BasWare is a strong player in the imaging and workflow space, due to its commitment to providing an integrated and highly configurable accounts payable solution and its emphasis on minimal programming efforts that translate into rapid deployment and ROI. Additionally, BasWare interfaces with more than 115 accounts payable (AP), Enterprise Resource Planning (ERP) and legacy systems, which enables it to be easily integrated with customers’ existing systems.”
BasWare’s Invoice Processing solution is an invoice automation tool that streamlines and improves processes, and increases the efficiency and cost-effectiveness of invoice management. The solution enables finance departments to manage an electronic workflow of an organization’s purchase invoices. It automates the scanning of invoices, online review, cost code allocation, approvals and transfer to the ERP/accounting system, and enables customers to reduce costs through the elimination of manual invoices, as well as improved utilization of cash discounts earned for timely invoice payment. BasWare Invoice Processing eliminates the risk of misplaced and lost invoices during workflow and the associated problems that occur as a result, such as lost discounts and late fees.
The PayStream research report also found that “since most of the BasWare Invoice Processing functionality is available out of the box, it is able to offer the solution to customers quickly and efficiently - - with an average implementation of eight to-twelve weeks. Further,” the report notes that “BasWare is a fully configurable, best-of-breed solution that requires very little programming and automates the entire accounts payable processing cycle from requisitioning through invoice processing and archiving.”
PayStream Advisors estimates that the market for imaging and workflow solutions will grow rapidly over the next five years, especially in accounts payable. Within this market, according to PayStream, “BasWare is an exceptionally strong competitor in North America and around the world.”
BasWare has recently been recognized by several independent industry analyst firms. In 2005, a BasWare customer, Finnair received the “Best Practices Award” for Operational Excellence in Accounts Payable by Aberdeen Group; Forrester Research named BasWare as a leader in Electronic Presentment and Payment in its Forester Wave* Report; and Paystream cited the company as a leader in the industry.
BasWare is the global leader in enterprise purchase to pay and financial management solutions. Over 400,000 end-users in more than 20 countries use its software to automate back-office financial operations to enhance efficiency, gain process control and transparency, and meet compliance requirements. BasWare’s products are widely used in Shared Service Centers. In 2005, net sales were $53 million. The growth target for net sales in 2006 is approximately 45 percent and will continue to be supported by a growing network of value-added resellers. Founded in 1985, BasWare Corporation is a public company listed on the Helsinki Stock Exchange. Headquartered in Helsinki, Finland, it has eight subsidiaries in the U.S. and Europe. The company’s U.S. business, BasWare, Inc., is headquartered in Stamford, Conn.
More information can be found at www.basware.com/us.
PayStream Advisors is a technology research and consulting firm that improves the way companies plan, evaluate, and select emerging technologies to achieve their business objectives. Their services are designed to minimize risk and maximize the value associated with technology investments. PayStream Advisors assists clients in sorting through the growing complexities of IT applications related to financial automation with the goal of making objective, analytical, and actionable recommendations. Their clients include leading companies in the financial services, oil and gas, telecommunications, and waste management industries. Wherever financial automation technology is an issue, PayStream Advisors is there to help.
For more information visit them on the Web at paystreamadvisors.com
