For the first time, the tool will allow finance and accounting teams to monitor individual performance and distribute workload evenly
CHARLOTTE, N.C., Sept. 5, 2023 /PRNewswire/ -- Basware, the leader in making AP automation and invoice processing happen, has launched its AP Team Performance dashboard and Workload Management functionality to bring flexibility, visibility and efficiency to global accounting teams.
The insights will change the way large AP teams operate, including Global Business Services and Shared Service Centers that process thousands of invoices and back-office transactions per day through multiple financial systems. It will empower AP teams to distribute workload more evenly, with greater visibility on who is performing which tasks, such as invoices processed per day.
The role of an effective AP team is crucial in minimising invoice backlog and meeting service level agreements (SLAs) with vendors and suppliers. However, AP managers often face challenges in optimising workload distribution and monitoring individual performance due to limited visibility into team activities. With Basware's new AP Team Performance dashboard and Workload Management functionality, AP managers for the first time have access to tools to address these challenges.
AP Team Performance dashboard
The AP Team Performance dashboard will give visibility to improve a team's collective and individual productivity. It will allow AP teams to monitor each team's performance KPIs and how long it takes them to process invoices.
The dashboard measures the volume of incoming, open and processed invoices per day, as well as the average time taken to process invoices at each phase. This allows managers to identify seasonality in invoice processing and assess workload and resource allocation in advance. It tracks and compares the number of invoices processed per team member, identifying top performers, and addresses any imbalances or bottlenecks in the team.
Workload Management
Basware has also launched its Workload Management functionality that can automatically assign invoices to specific team members, based on predefined rules. AP managers can now make data-driven decisions and prioritise invoices based on their urgency and importance, helping them meet SLAs.
The tool's pending time indicator identifies the length of time an invoice has been outstanding at each stage of the process, allowing teams to effectively manage backlogs via a first-in first-out approach. This real-time feature allows managers to distribute work evenly and efficiently, ensuring the best use of resources and timely invoice processing.
Perttu Nihti, Chief Product Officer at Basware, commented:
"An effective AP team is the foundation of our customer's financial operations. For the first time ever, we are providing visibility to AP workload and enabling our customers to maximise their team performance. Our latest offering has the result of making AP teams more flexible, productive and remote.
"This product highlights our commitment to enabling true automation through driving customer value. We have already seen the benefits these insights are providing for many of our 100+ Global Business Services and Shared Service Center customers. For instance, we have worked with customers that manage millions of invoices per year through a 50-strong AP team. Their workload management and resource allocation were previously done using daily data dumps and excel files. Through using our AP productivity tools, they are now able to save hours per day, speed up invoice processing time and move closer to a remote workforce."
For more information, visit Basware's blog here.
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About Basware
Basware is how finance leaders in global enterprises can finally automate their complex, labor-intensive invoice processes and stay compliant with regulatory change. Our AP automation and invoicing platform helps you achieve a new level of efficiency – in a matter of months – while reducing errors and risks. We bring a unique combination of true automation, complete coverage, and deeper expertise to make it all just happen for our customers. That's why the world's most efficient AP departments at 700+ global customers rely on Basware to handle over 170 million invoices per year. Basware. Now it all just happens.™
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