According to the company, InvoiceReady automates the accounts payable process of handling invoices for goods and services that a company purchases, from when an invoice is received in either paper or electronic form, through payment.
Basware's SaaS-based InvoiceReady services include invoice scanning from paper to electronic form, as well as the workflow management and reporting of invoices through the approval and payment process.
There are other companies offering accounts payable automation, such as Verian Technologies and Corcentric. However, noted Henry Ijams, managing director at research and consulting firm PayStream Advisors, "InvoiceReady is what we increasingly call a hybrid solution -- technology combined with mailroom and scanning invoice paper management services. Previously, invoice scanning was a separate service, this bundles them, and the pricing is unique."
InvoiceReady also accepts inbound electronic invoices through a portal.
Costs for InvoiceReady start at $1.50 per invoice, with volume discounts available. "This is about one-fifth of what a company pays to process their own invoices," said Ijams.
Additionally, Ijams stated, bringing invoice documents into an electronic workflow system brings improvements in efficiency. "This brings the opportunity for a senior financial manager to have better visibility and control into their process. CFOs crave improved controls over what's being paid and when. The problem with paper is you don't know where it is... when a paper form comes in, nothing happens until it's seen and handled. This improves control over a highly variable process."
According to research by PayStream Advisors, traditional solutions for invoice scanning and data entry represent the largest time aspect of invoice processing, as well as the main part of the process where errors occur.
Benefits of using InvoiceReady, according to Basware, can include reducing accounts processing costs by 40 to 60 percent, improving financial visibility and control over payable invoices, and enabling companies to take full advantage of early payment discounts. According to Basware, InvoiceReady provides fully auditable paperless trails before and after payment, and ensures compliance with local and international finance regulations.
Business process automation solutions like InvoiceReady typically become relevant for companies with $1M or more annual revenues, stated Ijams, "and it really kicks in at $5M and up." A typical 5 million dollar company could have anywhere from 1,000 to 10,000 or more invoices per year, Ijams estimated. "The opportunity for any business with paper invoices is enormous."