Basware, the leading provider of Source-to-Pay (S2P) solutions, today announced the general availability of smart coding, a capability that helps customers further automate their invoice processing of non-PO invoices.
Smart coding is designed to eliminate the need to manually code invoices when there is no purchase order available. This is done by automatically identifying the correct allocation of costs, which helps customers speed up the invoice processing and improve productivity.
“Traditionally non-PO invoices are automated with business rules that are very laborious for customers to manage. We have developed a revolutionary algorithm to determine the best possible cost allocation for non-PO invoices. The logic leverages big data; transactions from the past provide an accurate proposal, which can be complemented with business rules,” 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 is designed to help employees by allowing them to fully code an invoice with a click of a button, where the smart code algorithm searches through user’s own transaction history, automation rules and shared coding templates to obtain the optimal cost allocation. The business user can then just review and confirm the suggested cost allocation. This improves the business user experience significantly and reduces the need for AP department to rectify erroneous coding lines.
“Through the years, we’ve worked closely with our customers to simplify their operations and spending smarter through forward-thinking approaches to automating accounts payable and e-invoicing”, said Ilari Nurmi, SVP of Purchase to Pay Business Area, Basware. “Our customers are always inspiring us to improve and deliver innovations to drive measurable value for their organizations, and Smart Coding is a direct result of that”.
Contact:
press@basware.com
About Basware
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.
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