Basware’s Earth Day Finance Guidelines

Saving money and time are the most talked-about reasons why businesses and governments should make the effort to adopt digital procurement and invoicing strategies. E-invoicing solutions provider Basware is touting a less referenced benefit of the electronic shift, just in time for Earth Day 2015.

The company announced Wednesday (April 22) that in the spirit of Earth Day and eco-friendly habits, it is offering guidelines for other businesses to adopt habits that reduce paper and carbon footprints, some of the most beneficial aspects of shifting from physical, paper invoices to electronic ones.

“The billions of paper invoices being sent around the globe annually are not only contributing to environmental issues, but they are also taking a toll on companies by increasing inefficiencies and cost,” said Basware VP of North America Bob Cohen in a statement. “By getting rid of paper invoices and implementing other green practices, companies can improve their carbon footprint as well as their cash flow and spend, and benefit from smarter payment strategies and stronger relations with trading partners.”

Business-to-business procurement is especially harsh on the environment, as transactions often come with multiple supporting documents including purchase orders or financing information. According to Basware, citing a 2014 Billentis study, just 8 percent of B2B invoices are sent electronically.

But there are three ways businesses can reduce their environmental impact, Basware said: “Send and receive invoices electronically,” “toss the large paper catalogue,” and “cut out the paper in payments.”

Firms can save up to 80 percent by doing their transactions digitally, plus save loads of time. By offering electronic, online product catalogues, companies can also facilitate buyers’ purchasing practices. And by implementing electronic methods, businesses will no longer need the paper check in B2B financial payments.

“By using solutions that combine e-invoicing and e-payment networks, both buyers and suppliers can benefit from improved cash flow,” Basware declared.