Basware has launched a new fapiao-compliant solution to eInvoicing and validation, according to a Wednesday (March 23) press release.
By partnering with its Chinese partner, Shanghai Yodoo Information & Technology Co., Ltd., Basware will connect its network to the Golden Tax System (GTS). This will enable effortless validation of all VAT invoices, known as fapiaos, against the GTS interface.
By adding this China-specific functionality for GTS validation, Basware will let customers quickly and easily detect invalid invoices.
Most companies, the release said, are currently validating invoices one by one with the GTS portal before payment. The new feature will significantly cut down on work for the accounts payable (AP) staff, with the invoices more easily able to be routed through the exception handling queue so they aren’t paid by accident.
In addition, the Basware software will possess “high-quality invoice data,” according to the company in the release, and will enable spend visibility and better forecasting. The release also said the new Basware solution will be able to process the new VAT eInvoice the State Taxation Administration of China rolled out this year after a pilot last year.
“This milestone provides a huge sigh of relief for our customers because so many conduct business with China and have always struggled to efficiently process and validate fapiaos,” stated Sami Nikula, director of network services at Basware. “This solution eliminates the burden for AP staff and allows them to uniformly process all their invoices, regardless of country of origin. Business dealings know no borders, so we have put the onus on ourselves to serve as the invoice regulation and compliance experts for our customers so that they don’t have to — essentially enabling a ‘set it and forget it’ process. We are excited about the number of customers already interested in implementation.”
The digitization of the B2B invoice has been evolving as of late, though PYMNTS writes that it will need more than just sending invoices in email rather than on paper. Instead, eInvoicing could be implemented through some technology to allow back offices to automatically capture and process information.