Through the agreement, automation and financial transformation will be accelerated by combining accounts payable (AP) skills.

E-reporting requirements from tax authorities or municipal governments are being progressively replaced by e-invoicing inside CFO departments. Accounting staff will have to send and receive electronic invoices in accordance with certain laws. As the EU and other countries move toward a standardized methodology and centralized government databases to compare provided data, the new legislation will replace paper processes and reporting.

The cooperation between Deloitte and Basware will concentrate on the main obstacles, chances, and legal specifications in the finance sector. In order to maximize value for clients, it will combine Basware's AP automation capabilities with Deloitte's access to its network of finance, procurement, and tax specialists. Through the integration of AP automation services, the alliance will also provide businesses with the newest trends and best practices around finance transformation.

Large companies' finance departments frequently deal with issues related to duplicate invoices, late payments to suppliers, and even fraudulent payments as they process and pay thousands of invoices every week.Because of this, 89% of invoices go through Basware's AP automation platform while only 32% of invoices, on average, travel through finance teams without requiring manual intervention, according to an Ardent Partners' Performance Benchmark. The requirement for AP employees to spend a lot of time matching and approving bills is removed by a fully touchless invoice procedure, freeing them up to provide operational and financial insights.

In order to meet the changing legislative requirements for e-invoicing, Deloitte and Basware have formed an alliance. Together, they will devise a cooperative go-to-market strategy, foster co-innovation opportunities, and cultivate a pool of certified Deloitte consultants who have received training on Basware solutions for project delivery.

The agreement will enable accounts payable teams to process bills up to 80% faster, resulting in a reduction of the average invoice processing time from 10 days to less than a day.

"This is a significant milestone for Basware and Deloitte to accelerate touchless invoice processing," stated Jason Kurtz, CEO of Basware, in regards to the partnership. The manual accounting procedures that slow down teams and reduce profitability are a persistent source of frustration for CFOs. Working together with Deloitte to create a shared vision that lowers compliance risk and saves businesses money and effort when sending and receiving invoices has been an exciting experience in the past few months. New frontiers in touchless invoice processing will be made possible by our combined technological prowess and AP industry expertise."

"Our clients are moving from automating task-specific processes to running autonomous finance operations," said Arian Kaandorp, Director at Deloitte Consulting. Joining forces with Basware to pool our touchless invoice processing know-how is a critical first step toward driving e-invoicing adoption. Through our partnership, we hope to address the growing legislative demands for e-invoicing while assisting our clients in transforming their AP process through technology."