By Oliver Smith on Wednesday 21 April 2021
Exclusive: CEO Jeppe Rindom is leading Pleo to streamline SME bookkeeping, with invoice management next on his list.
Business expenses fintech Pleo is adding invoice management to its plethora of features today, AltFi can exclusively reveal.
The feature, called Bills, will let SMEs forward invoices they receive to a Pleo Bills email address where the documents are processed by OCR technology and prepared for payment.
Pleo also cross-references the invoices for duplication and authenticity before they can be approved for payment.
“Since the Pandemic hit, Pleo has accelerated its product pipeline to activate vital financial technology features in its journey to become a central hub for companies to manage cash flow - and Bills is an example of this,” said Jeppe Rindom, CEO and co-founder of Pleo.
“When 66 per cent of admins told us that they spent half their time on processing bills as well as authenticating the validity of them, it became our mission to simplify this complicated process and provide an end-to-end overview of it.”
As well as its OCR technology, Pleo is also adding a free GBP to GBP payment solution for businesses to pay their invoices, and scheduling of such payments all within the Bills interface.
Traditionally this process would be manual, with accounting teams checking invoices, assigning them to supplier accounts and then authorising payments on the right date.
“Now businesses can make informed decisions and negotiate better supplier deals with the first, fully automated bills experience,” added Rindom.