Basware Implements PEPPOL-compliant Standards for E-invoicing
Basware, a provider of purchase-to-pay (P2P) solutions in the cloud, has built Pan-European Public Procurement Online (PEPPOL)-compliant procedures and protocols into all of its electronic invoicing (e-invoicing) solutions, as part of the scheme to foster EU-wide commercial opportunities.
The standardisation was carried out for Basware customers to enable public and private businesses to more easily exchange e-invoices and business documents, which are the backbone of European commerce.
Staples Finland is the first Basware customers to start using the PEPPOL-compliant e-invoices. According to Pekka Leppälä, sales director at the firm: “When sales and invoicing processes are harmonised [using these standards], it makes the relationship between buyer and supplier mutually beneficial and opens up new business opportunities, particularly against our competitors that may not yet be compliant.”
Co-funded by the European Commission (EC) in 2008, the purpose of the PEPPOL initiative is to improve the EU-wide exchange of e-invoices and business documents, furthering efficiency and straight-through processing (STP) in the supply chain.
Following successful planning, collaboration and trialing of PEPPOL, the specifications for EU-wide e-invoices are now being rolled out to businesses across the continent, which represents a major step forward in collaborative working.
According to the Brussels-based institution, PEPPOL will ensure greater transparency through e-invoicing and increase public accountability of business deals. Its implementation will also enhance the automation of P2P, speed up administrative activities and reduce costs for corporates, while encouraging sustainable non-paper based purchasing procedures. Errors should also be cut, improving corporate treasurers’ ability to forecast accurately, while suppliers could benefit from faster payment cycles and improved cash flow and visibility.
Basware’s implementation of PEPPOL comes three months before the Norwegian Government is due to mandate contracting authorities to insist that all suppliers must invoice them electronically with the use of PEPPOL infrastructure. If this measure goes ahead, and other governments and businesses replicate the move, then the standards will gain widespread adoption across Europe.