Beanworks Bolsters Accounts Payable Offering With AI

Accounts payable (AP) automation company Beanworks has debuted its SmartCapture artificial intelligence (AI)-enabled capability, according to a Wednesday (March 10) announcement.

“Beanworks is committed to driving innovation and offering our customers the most accurate, efficient and delightful user experiences possible,” Beanworks Co-Founder and CEO Catherine Dahl said in the announcement. “We are thrilled to unveil this artificial intelligence integration to further streamline our customers’ accounting workflows.”

The SmartCapture product from Beanworks offers over 99 percent accuracy, according to the announcement, and it allows AP workflows to be finished expediently.

Beanworks says that SmartCapture joined with its SmartCoding technology, which lets an invoice get coded in a single click, decreases the time accounting workforces spend on data entry by over 80 percent, according to the announcement.

Systems belonging to clients will also become smarter with the help of AI through each invoice, according to the announcement.

Beanworks is a cloud-based AP automation technology that helps firms reshape their purchase-to-payment workflows by getting rid of paperwork and non-automated workflows.

The news comes as Beanworks launched a feature for expense reimbursements to help firms automate how they receive and contend with employee expenditures.

That functionality allows employees to provide receipts for their expenses virtually via the Beanworks app or site. Managers can then view the receipts and provide the green light for reimbursements from any location.

“Expense reimbursement is the latest addition to our AP tech stack that is going to improve the way companies engage with employees more dynamically,” Dahl said in the announcement. “As companies ‘normalize’ a remote culture for staff, having the ability to submit expense reports online and receive payments electronically is going to further enhance the remote efficiencies of any business.”

Beanworks said in the announcement for the expense reimbursements that 19 percent of all non-automated expense reports have an error, which take 18 minutes on average to fix.