Basware, a global leader in accounts payable automation and invoice processing, is taking a proactive approach to sustainability by releasing its first Sustainability Report. The report outlines Basware’s efforts to help customers reduce their carbon footprint and adopt sustainable practices.
With upcoming regulations such as the European Sustainability Reporting Standards (ESRS) and the SEC in the U.S., ESG (Environmental, Social, and Governance) has become a critical priority for financial teams worldwide. A recent survey conducted by Forrester found that 90% of accounts payable (AP) decision-makers in the EU and 74% in the U.S. are considering improving their ESG footprint as one of their top priorities over the next two years.
Research shows that the average company still receives 50% of its invoices in paper format. However, Basware’s automated electronic invoicing platform and online portal help customers reduce their paper invoicing by 80%, resulting in less than 10% of invoices being in paper format. By transitioning to digital invoicing, companies can significantly reduce their carbon emissions.
Basware’s touchless invoice processing panel enables customers to identify and eliminate manual touchpoints in the invoicing process, leading to savings in human resources and CO2 emissions associated with manual legacy processes. To further enable emissions reduction, Basware Analytics includes a carbon footprint index dashboard for invoices. This powerful tool calculates CO2 savings, as well as the number of trees and water saved by switching to electronic invoices.
Basware is also driving its own sustainability initiatives, with 47% of the company’s offices currently utilizing renewable energy. The company has implemented comprehensive diversity, equity, and inclusion (DEI) frameworks and has participated in global charitable programs.
Jane Broberg, Chief Human Resources Officer of Basware, emphasized the company’s commitment to ESG practices, stating, “ESG is a top priority at Basware. Our first Sustainability Report holds us accountable for our ESG strategies and ensures that we progress towards collective climate goals, social responsibility objectives, and governance policies. As our actions impact the industry as a whole, it is crucial to be transparent with our customers, partners, and prospects. As the regulations surrounding tax laws also increase, Basware is committed to being a global leader in electronic invoicing, addressing compliance both globally and locally for its customers.”
As electronic invoicing mandates gain momentum, countries worldwide are realizing the benefits of digital invoicing, not only for sustainability but also for fraud prevention and compliance with tax and business laws.
In 2023, Basware received a Silver Medal for its ESG efforts from independent regulator EcoVadis, ranking its sustainability management system among the top 25% of evaluated companies. Additionally, Basware was classified as part of the top 38% in the software and IT development sector by the Carbon Disclosure Project (CDP).
To read the full Sustainability Report, please visit: [Link to report]
About Basware:
Basware is revolutionizing the way financial leaders in global enterprises can automate their complex and labor-intensive invoicing processes and stay compliant with regulatory changes. Their invoice automation and accounts payable automation platform helps achieve a new level of efficiency in a matter of months, while reducing errors and risks. Basware provides a unique combination of true automation, comprehensive coverage, and deeper expertise to make it all happen for their clients. That’s why the world’s most efficient AP departments in thousands of companies trust Basware to handle over 220 million invoices per year. Basware. Now everything simply happens™.
[Image: ESG_report]
[Logo: Basware]
Basware, a global leader in accounts payable automation and invoice processing, has released its first Sustainability Report outlining its efforts to help customers reduce their carbon footprint and adopt sustainable practices. As companies face upcoming regulations such as the European Sustainability Reporting Standards (ESRS) and the SEC in the U.S., ESG (Environmental, Social, and Governance) has become a critical priority for financial teams worldwide.
According to a recent survey conducted by Forrester, 90% of accounts payable decision-makers in the EU and 74% in the U.S. are considering improving their ESG footprint as one of their top priorities over the next two years. This highlights the growing importance of sustainability practices in the business world.
One of the key challenges associated with sustainability initiatives is the transition from paper-based invoicing to digital invoicing. Research shows that the average company still receives 50% of its invoices in paper format. However, Basware’s automated electronic invoicing platform and online portal help customers reduce their paper invoicing by 80%, resulting in less than 10% of invoices being in paper format. This transition to digital invoicing not only improves efficiency but also significantly reduces carbon emissions.
Basware’s touchless invoice processing panel allows customers to identify and eliminate manual touchpoints in the invoicing process, leading to savings in human resources and CO2 emissions associated with manual legacy processes. Basware Analytics includes a carbon footprint index dashboard for invoices, providing a powerful tool for calculating CO2 savings, as well as the number of trees and water saved by switching to electronic invoices.
In terms of Basware’s own sustainability initiatives, 47% of the company’s offices currently utilize renewable energy. The company has also implemented comprehensive diversity, equity, and inclusion (DEI) frameworks and participates in global charitable programs. These efforts showcase Basware’s commitment to ESG practices beyond its customer offerings.
Advantages of Basware’s sustainability and ESG practices include reduced carbon emissions, increased efficiency through automation, and compliance with emerging regulations. By embracing sustainability, companies can gain a competitive edge and meet the expectations of stakeholders who prioritize sustainable business practices.
However, there are also challenges associated with sustainability initiatives. Transitioning to digital invoicing requires initial investments in technology and changes in internal processes. Additionally, ensuring compliance with evolving sustainability regulations may require ongoing efforts and resources.
As electronic invoicing mandates gain momentum worldwide, countries are recognizing the benefits of digital invoicing beyond sustainability. Digital invoicing also helps prevent fraud and ensures compliance with tax and business laws.
In recognition of Basware’s ESG efforts, the company received a Silver Medal for its sustainability management system from independent regulator EcoVadis in 2023, placing it among the top 25% of evaluated companies. Basware was also classified as part of the top 38% in the software and IT development sector by the Carbon Disclosure Project (CDP).
To read the full Basware Sustainability Report, please visit their official website: Basware Sustainability Report.
About Basware:
Basware is a leading provider of accounts payable automation and invoice processing solutions. Their platform helps global enterprises automate complex invoicing processes, improve efficiency, and ensure compliance with regulatory changes. Basware’s expertise and comprehensive coverage make them a trusted partner for handling over 220 million invoices per year in the world’s most efficient AP departments.
For more information about Basware, visit their official website: Basware.