Forrester recognizes Basware as leader in AP Invoice Automation

In the recently published report, "The Forrester Wave: Accounts Payable Invoice Automation, Q3 2024," Basware was named a leader in Accounts Payable Invoice Automation.

Forrester's Q3 2024 report focuses specifically on solutions for so-called Accounts Payable Invoice Automation (APIA). The rappport provides an in-depth analysis of the strengths and weaknesses of various vendors, thus helping companies and organizations make informed decisions when choosing future partners. 

Highest scores in key criteria

The report praised Basware as a frontrunner with a strong focus on automating the final stage of AP processes. Basware achieved the highest scores possible in as many as 16 criteria, including Exception Handling, Fraud and Risk Management, and Tax Compliance and Operations.

"As the largest specialty provider of APIA software, Basware has established itself as a powerhouse with customer obsession, practical innovation and solid execution," the Forrester report states.

Accounts Payable teams are under pressure

Finance and Accounts Payable teams face a number of challenges, including supply chain disruptions, labor market shortages and increasingly stringent regulations, which put pressure on their resources.

To alleviate these pressures, there is a need for cost-effective and time-saving technologies. Such solutions must be able to manage increasingly complex business operations, support customers and comply with global regulations at all times.

Jason Kurtz, CEO of Basware, says, "AP teams manage thousands of invoices and payments each week. Their resources are often strained, forcing them to balance speed with compliance. The solution to this challenge? Integrated end-to-end APIA solutions. The industry is clamoring for enhanced automated solutions to support Accounts Payable departments, and we help our customers save time and money while remaining compliant with ever-changing global regulations. We believe being recognized as a leader by Forrester sets us apart from our competitors. But we are only at the beginning, and the best is yet to come."

In 2023, Basware experienced one of its most successful years. Last year, Basware processed more than 200 million invoices and $900 billion in invoice spend through its platform.

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