Are you considering other competitors or alternatives to Basware P2P? Potential customers assess competencies in areas including evaluation and contracting, integration and implementation, service and support, and specific product capabilities when comparing various solutions.
In this article, we look at the best software or service for your company by comparing Basware P2P to its rivals using real customer evaluations.
What is Basware P2P?
Basware P2P is a company that offers cloud-based solutions and has employees all around the world. They develop and provide automated solutions that make financing and procurement processes simpler and more efficient for businesses that operate internationally and their suppliers in all sectors. Over 9,000 companies in more than 70 countries use Basware solutions, which are trusted by thousands of organizations, to meet their procure-to-pay (P2P) requirements. This is because they’re always coming up with new ideas to make things easier for our customers so they can spend money more wisely.
What is P2P?
Purchase-to-Pay (sometimes abbreviated P2P) is a term used to refer to the entire ordering, purchasing, receiving, paying for, and accounting process for products and services.
The electronic exchange of data between the client and the supplier in the form of requisition orders, purchase orders, invoices, etc. lies at the heart of all these procedures. The evaluation and approval of business processes are linked to the processing of data via various documents.
Process of Purchase-to-pay (P2P)
#1. E-Procurement
Requisitions are produced through system-integrated catalogs in an electronic purchasing process. To encourage acceptance, the solution needs to be simple to use. For instance, Basware’s e-procurement solution functions like an online store, so anyone who has ever ordered a book online would find it straightforward. The order is then electronically sent to the supplier’s system in the following step.
- The order can be sent via email if the supplier cannot receive structured data.
- An electronic response is then sent in response to the order confirmation.
- The system also logs the receipt of the items and contrasts it with the orders and invoices.
- The invoice for the order can be posted automatically if approvals are automated under pre-configured business criteria.
#2. Electronic exchange of documents
To save money, time, and paper during the P2P process, all documents involved should be shared online. The requisition, order confirmation, invoice, and any questions are all included in this. Both a direct link between the parties and, more simply, a transaction network can be used to exchange these papers.
Furthermore, no matter what data format or solution provider a sender or receiver uses, the open Basware Network connects them all globally. Additionally, the network carries out tasks like document validation, conversion (if necessary), transmission, and archiving, among others.
#3. Invoice automation
It is reasonable to automate as many steps of an electronic P2P process as possible to maximize its benefits. The processing of invoices is a case in point. The system, for instance, matches up incoming invoices with purchase orders, payment schedules, and goods receipts. Based on pre-configured rules, the invoice can be processed automatically once it matches. The system looks for the designated contact on the invoice and initiates an approval workflow if the invoice cannot be reconciled.
Only in cases where the algorithm is unable to locate a named reference on the invoice will human intervention be necessary to start the approval workflow by manually choosing the right contact. You should rely on a system that has continuously been successful if you want your organization’s Accounts Payable staff to get the most out of invoice automation.
#4. Electronic payment
The invoice is paid after the P2P transaction. Here, based on payment terms and discounts, strategic working capital concerns are put into action. This entails striking a balance between the interests of customers, who frequently seek to defer payments, and suppliers, who like to be paid as quickly as possible. Because of this, several P2P solutions incorporate other e-payment or financing services, like bridging finance or dynamic discounting programs that encourage suppliers to pay invoices early.
What is Basware software used for?
Basware is a P2P solution that enables users to access the world of business purchasing. In addition to real-time budget tracking, supplier enablement, reporting, analytics, and KPIs, it includes strategic purchasing, touchless invoice processing, inventory tracking, asset management, facilities management, work order integration, and work order tracking.
Furthermore, Basware offers businesses industry-specific customizations, intelligent workflows, and solutions for the mobile workforce. Additionally, support is provided over the phone, the ticket portal, and the knowledge base.
What type of software does Basware make?
Basware produces software or cloud-based systems that assist businesses in paperless payment and purchase transactions.
Features of Basware
- AP Automation: to process the most complex global requests for accounts payable.
- E-Procurement: to reduce ad hoc spending, boost compliant purchasing, and achieve cost savings.
- Strategic Sourcing: This is used to help businesses grow by looking for the best strategic partners for their organization.
- E-Invoicing: The largest, most open commerce network in the world is used for e-invoicing, or the sending and receiving of electronic invoices (e-invoices).
- E-Orders: to facilitate the exchange of purchase orders (POs) electronically
- Global Electronic Payment: To prevent late payments, improve cash flow, and promptly pay suppliers
- Dynamic Discounting: To provide supplier financing so that suppliers can have more control over their cash flow.
Reviews of Basware P2P
PROS
Basware is essentially a tool for processing payable invoices. You can upload them, enter accounting data, and move them to your ERP system using this. Therefore, it integrates flawlessly with Oracle Finance, which is a huge benefit.
Furthermore, processing invoices is rather simple, provided the 4-eye concept is followed. It enables you to add attachments, make notes, and conduct the majority of invoice-related conversations in a single application without utilizing either email or an external communicator. The overall use of this application is pretty fantastic.
CONS
- If your business processes a lot of purchase orders, you might want to think about using another software.
- Purchase order processing is not the finest.
- It operates slowly and lacks intuitiveness.
The Best 15 Basware Competitors
#1. Coupa BSM Platform
The vendor engagement teams at Coupa are just as enthusiastic about the product as the admins who use it every day. In contrast to a typical vendor-client relationship, they make a fantastic partnership. Additionally, the system’s simplicity of use from the standpoint of the end user, despite its sophisticated functionality and capabilities, allows for full…
#2. SAP Ariba Buying and Invoicing
For managing purchase orders, invoices, payments, receipts, and purchasing in general, Ariba is a fantastic application. It is a comprehensive tool with end-to-end tracking. Additionally, in terms of reporting, it is highly adaptable. Once you know how to do it, you can find almost any piece of information quickly.
In the following categories, reviewers gave Basware P2P a higher rating than SAP Ariba Buying and Invoicing.
- superior in support and service
- easier to deploy and integrate.
- improved assessment and contracting
#3. JAGGAER ONE
The tool is simple to use and good for a sizable, dispersed customer base.
#4. GEP SMART
To effect good change, they provide their expertise from your industry as well as the wide consumer base. For a diverse organization, their thought leadership can encourage you to set high standards for yourself. As a result, your business is better equipped to embrace change and quickly adopt fresh digital solutions.
#5. Proactis Procure-to-Pay
Excellent program that is simple to use and has a seamless P2P workflow from start to finish.
In the following categories, reviewers gave Basware P2P a higher rating than Proactis Procure-to-Pay.
- easier to deploy and integrate.
- improved assessment and contracting
#6. Oracle Fusion Cloud Procurement
In the following categories, reviewers preferred Basware P2P over Oracle Fusion Cloud Procurement.
- easier to deploy and integrate.
- improved assessment and contracting
#7. Zycus Source to Pay Suite
Most diversified organizations were satisfied with the Zycus P2P solution. The solution has demonstrated flexibility and adaptability to trends that challenge the status quo. Additionally, they have consistently shown a customer-driven emphasis while also developing solutions to keep up with P2P industry technology improvements (such as AI, bots, etc.). Finally, the Zycus company views its relationship with customers as a genuine partnership.
In the following category, reviewers preferred Basware P2P over Zycus Source to Pay Suite.
- easier to deploy and integrate.
#8. Esker Procure-to-Pay
Esker AP Automation does not assist in lowering our manpower, but it does raise the level of job output. It modifies how AP invoices are handled and paid. Additionally, the technology aids in automating the data entry process, but it needs instruction from the users to do so correctly. Therefore, AP users must be more analytical to use the system more successfully.
#9. Medius Spend Management Suite
One of the most crucial aspects of running a business is keeping track of monthly expenses, and this is one of the most thorough ways to carry out these tasks. It completes the task of gathering monthly expenses, enabling you to see where your money is going. Additionally, it makes adjustments if there is any waste of funds by allowing you to visualize each process and find it quickly without forgetting any.
#10. Tradeshift Pay
Tradeshift Pay is a technology that enables companies to collect payments from numerous vendors. The platform is set up to handle the transaction both regularly and on an as-needed basis.
In the following areas, consumers rated Basware P2P higher than Tradeshift Pay:
- easier to deploy and integrate.
- improved assessment and contracting
#11. Corcentric Source-to-pay
The interface of this tool is quite understandable, especially for those who are not yet familiar with this type of system, and it is financially and materially accessible. It is a tool that facilitates the operations of both payable and receivable accounts. Additionally, it is a system that enables companies to carry out buying and selling operations on the Internet. Generally, it greatly increases the acquisition process as well as the management of contracts in the same place.
In the following areas, reviewers preferred Basware P2P to Corcentric Source-to-Pay.
- superior in support and service
- easier to deploy and integrate.
- improved assessment and contracting
#12. Vroozi Procure-to-Pay Suite
When it comes to understanding consumer needs and developing solutions to meet those demands, Vroozi excels. It is simple to use, and the price is fair.
#13. OpusCapita eProcurement + Business Network
It is a system that enables the management of purchases and sales in the cloud in an encrypted manner from anywhere, allowing the management of operations in a precise manner and with controls. Additionally, this tool makes it possible to conduct transactions on the internet safely, allowing businesses to have more secure access to the reports of the administration of firm acquisitions or dispatches.
In the following categories, reviewers gave Basware P2P a higher score than OpusCapita eProcurement + Business Network.
- easier to deploy and integrate.
- improved assessment and contracting
#14. BirchStreet Systems Procure-to-Pay Cloud Solutions
The system was simple to use and functioned effectively for the purpose we gave it. Overall, it satisfied the organization’s requirements.
In the following category, reviewers preferred Basware P2P over BirchStreet Systems Procure-to-Pay Cloud Solutions.
- improved assessment and contracting
#15. Microsoft Dynamics 365 Supply Chain Management
The solution has numerous features. Microsoft consistently keeps a tight relationship with its customers and offers knowledgeable help across the board. Additionally, they take the initiative to introduce new goods and services.
Basware’s market share is 1.81% in the purchasing market.
Is Basware a SAP?
In addition to integrating with countless other ERPs, Basware is a Microsoft Gold Partner and a certified SAP partner.
Who owns Basware?
On the 15th of July, A group of investors, including longtime Basware shareholders Long Path Partners and Briarwood Capital Partners, as well as the technology-focused global investment firm Accel-KKR, successfully acquired over 95% of the company’s shares through a voluntary public tender offer on July 15.
Who is the CEO of Basware?
Jason Kurtz is the CEO of Basware.
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