Accounts Payable

Speed Up Payables Invoice Processing with Smart Code

November 9, 2015

In the ever changing world of accounting, the financial industry is seeing more and more companies opt for automating accounting transactions from expenses to accounts payable. With more to do, and less time and resources to achieve it, automation has become a go-to solution to solve accounting pains like lost invoices, unnecessary late fee payments, excessive processing times, and even the threat of fraudulent invoices.

When it comes to accounts payable processing, nobody know better than the team at Beanworks how much time goes in to each step of an AP invoice; from receipt to payment there are many steps, and people, to contend with. Each month, every organization, from small to enterprise level receives recurring invoices; be it utility bills, rent invoices, cellular or telephone bills and more. And each month, the accounts payable team must review the invoice, apply coding and post the invoice.

What if we told you that Beanworks accounts payable automation solution could reduce the processing time for recurring invoices by 99%?

That’s why we created the ‘Smart Code’ feature. Unique to Beanworks, this button allows a user to fully code an invoice with a click of a button, as long as there is at least one prior coded invoice in the system. That means your AP FTE need only code an invoice once, then any following invoices can be processed & submit for approval in as little as 3 clicks of a mouse!

How does Smart Coding work?

Beanworks’ AP Automation solution has always saved users time and money by cutting down processing time and reducing bottlenecks in the accounts payable processing workflows. Now, with the creation of the ‘Smart Code’ feature, each day we are finding that more and more customers are clicking on the “Smart Code” button, and here’s why:

Smart Coding slashes the time it takes to process invoices even more by automatically adopting the line coding from the last invoice that came from the same supplier. Everything from general ledger expense line coding, to description is carried over.

The best part? Smart Code is a core feature of the accounts payable automation platform, giving our customers the benefit of saving even MORE time & money, with no additional cost!

Do you need this in your life too? Join the movement and get started towards saving your team time & money – click to contact us.

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