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Basware’s e-invoicing platform and carbon footprint tracker help customers reduce paper invoices by 80%
Basware publishes sustainability agenda to prepare financial accounting for the future
CHARLOTTE, N.C. and HELSINKI, April 29, 2024 /PRNewswire/ — Basware, a global leader in accounts payable automation and invoice processing, has published its first Sustainability Report, outlining how it is helping customers reduce their carbon footprint and adopt sustainable practices.
With incoming regulations anticipated from the European Sustainability Reporting Standards (ESRS) and the SEC in the US, ESG has become a critical priority for finance teams around the world. A Forrester survey found that 90% of accounts payable (AP) decision makers in the EU and 74% in the US are considering improving their ESG footprint as a top priority over the next two years .
Research shows that the average business still receives half (50%) of their invoices in paper format. Basware’s automated e-invoicing platform and online portal helps customers reduce their paper invoicing by 80%, resulting in less than 10% of invoices being paper-based. By going paperless with digital invoicing, companies reduce their carbon emissions.
Basware’s contactless invoice processing dashboard helps clients identify and eliminate manual touchpoints in the invoicing process, saving on the human resources required and CO2 emissions associated with legacy manual processes. .
To enable customers to further reduce their emissions, Basware Analytics includes an invoice carbon footprint index dashboard. This tool calculates CO2 emissions savings, as well as the number of trees and water saved by switching to electronic invoices instead of paper.
Basware is also driving its own sustainability initiatives: 47% of the company’s offices currently use renewable energy. Basware launched a series of learning and development programs for staff, implemented a comprehensive DEI framework and participated in global charitable programs.
Jane Broberg, Chief Human Resources Officer at Basware, commented on the release of Basware’s first sustainability report:
“ESG is a top priority at Basware. Our first sustainability report holds us accountable for our ESG strategies and ensures we are moving towards collective climate goals, social responsibility goals and governance policies. Our actions affect the industry as a whole, and it is crucial “To be transparent with our clients, partners and prospects, as regulation around tax laws also increases, Basware is committed to being a leader in global e-invoicing, addressing both global and local compliance for its clients.”
As e-invoicing mandates also create urgency, countries around the world are realizing the benefits of digital invoicing, not only for sustainability but also for fraud prevention and compliance with tax and trade laws. .
In 2023, Basware was awarded a Silver Medal for its ESG efforts by independent regulator EcoVadis, placing its sustainability management system among the top 25% of companies assessed. Basware was also ranked among the top 38% in the IT and software development sector by the CDP (Carbon Disclosure Project).
To read the full sustainability report, visit: https://www.basware.com/en/resources/basware-sustainability-report
About Basware Basware is the way financial leaders at global businesses can finally automate their complex and time-consuming billing processes and comply with regulatory changes. Our accounts payable automation and invoicing platform helps you reach a new level of efficiency (in a matter of months) while reducing errors and risks. We provide a unique combination of true automation, comprehensive coverage, and deeper expertise to make it all happen for our clients. That’s why the world’s most efficient accounts payable departments at thousands of companies trust Basware to handle more than 220 million invoices a year. Basware. Now everything just happens™.
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