Basware, a global leader in AP automation and invoice processing, announced that it has acquired AP Matching.
The acquisition will expand Basware’s market offering, bringing accurate financial data and increased cost savings to the entire invoice processing cycle. It will go beyond traditional AP (accounts payable) automation and solve a critical pain point for finance and accounting teams: ensuring the accuracy of financial records through automated statement reconciliation.
Based in the UK, AP Matching (formerly Statement Matching) is a provider of cloud-based solutions for managing invoices and reconciling statements. Its platform reconciles buyer and supplier statements and delivers matched invoices to customers’ Enterprise Resource Planning (ERP) or Source to Pay (S2P) systems, requiring minimal input from the AP team.
Statement Reconciliation
The role of statement reconciliation in financial management is critical. Research with Ardent Partners recently found that a lack of visibility into invoice and payment data was the biggest AP hurdle for 1 in 5 (21% of) finance departments, working with unstructured or incorrect data. As a result, improving reporting and data analytics was the top priority selected by 53% of all AP leaders.
Statement reconciliation allows CFOs to accurately compare two sets of financial statements to ensure they match, such as a supplier invoice and the buyer’s company records. Ensuring supplier invoices match and the data is accurate allows payments to be made on time, guarantees payments are processed correctly and improves cashflow forecasting.
However, up to 59% of a financial department’s resources are allocated to managing transaction-intensive processes, emphasising the need for more efficient and accurate approaches, such as automated reconciliation software.
The integration of Basware and AP Matching will provide solutions to harmonise financial statements, reduce the risk of erroneous payments and increase the integrity of CFOs’ financial data.
Unifying AP automation
For nearly 40 years, Basware has helped enterprises worldwide navigate the complexities of the invoice processing cycle. Powered by AI, Basware’s platform automates the entire accounts payable journey – from receipt and matching through to approval and payment – reducing manual effort and ensuring regulatory compliance. Backed by Accel-KKR, Basware automates over 220 million invoices and $900bn in spend annually for thousands of customers.
SOURCE: PRNewswire