Data Entry is Over. What’s Next for Accounts Payable?

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Data entry is being replaced with automation in accounts payable

Despite the rise of automation, 86% of accounting teams still depend on manual data entry of invoices. For 40% of them, it is a tedious task which takes up a quarter of their working week.

But at the same time, executives increasingly expect strategic insights from financial professionals. They want to know how their business can invest in low-cost opportunities to become more profitable and improve cash flow management. There is also more demand from vendors for electronic payments these days. It is difficult to keep up with all that when your staff are mired in time-consuming manual work.

Accounts payable (AP) automation can help finance teams deliver these insights. Beanworks automation works by freeing accountants of the chore of entering every invoice themselves, saving valuable time. It uses AI-based technology to capture invoice details including line items, header info and the total amount.

When it comes to electronic payments, you can digitize the process with Beanworks AP automation. Vendors submit an invoice directly to Beanworks via a dedicated email, and from there, data extraction takes place in the cloud. Finance teams who sync all workflows with Beanworks can get a clear overview of their finances and experience fewer errors as information automatically matches, such as purchase orders and invoices.

Discover how to reduce AP costs and automate your workflows with Beanworks - read the full article

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