Beanworks has launched a Gmail plugin that captures an invoice sent in the email body, converts it to PDF, and instantly imports it into Beanworks’ AP Automation software for processing. Beanworks customers can now download the free plugin from the G Suite Marketplace for a frictionless experience of invoice capture and upload. This feature will further speed-up the automated invoice processing cycle, which is typically 4-5 times faster than non-automated systems.
How It Works
Previously, when an invoice was contained in the body of an email, it had to be downloaded, converted to PDF, and then uploaded into Beanworks. Now with the plugin, users can skip those steps and import the invoice into Beanworks, with the click of a button. Here are instructions on how to install the plugin on your Gmail account.
What is AP automation?
According to Levvel research, the four biggest AP pain points are around manual processes such as data entry while bringing all payables online on a centralized platform. This reduces risk, delays, and errors by providing greater control and visibility into the AP process from POs to payments. AP automation reduces the significant costs of labor-intensive paper processing and manual follow-ups, enabling teams to collaborate on AP from anywhere.
CFO’s are starting to see the long-term value in automation. In a survey of 450 finance leaders, the majority indicated accounting automation was important to increase productivity and reduce human error. Their automation goals also include improving customer and staff work experience. But the benefits of automation go beyond a smooth accounting experience. Companies have realized significant cost savings by eliminating paper. A survey of 896 organizations found that the worst-performing organizations spend $9 on average to process one invoice; the best performing spends $2 and most likely uses an automated system.
Companies that had implemented AP automation hardly experienced any hiccups during COVID-19. For example, this 83-year-old beverage company started using the mobile application to approve invoices during remote work. This is also good practice for data security and audits. Financial data managed and stored on paper presents a risk to the company. With an automated system, finance leaders can customize access so staff only has access to what they are supposed to have access to and add more layers of approvals for POs, invoices, and payments. This increases controls and helps prevent fraud and errors such as false billing or duplicate payments.
The benefits of AP automation are many. Companies that digitally transform their accounting process can improve their bottom line, stay competitive, and speed up execution.
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