PR Asset Management is an investment management company that includes over $2 billion in real estate assets. Steve Schultz, Financial Systems Manager, took on the initiative to implement a budget mechanism for evaluating investments. He was flooded with their complex system that required Schultz to wade through piles of data and filing cabinets to verify their spending and cost activity – no fun at all. Not only was this time consuming but once he would find the information he was looking for, there was no visibility or history as far as what the expense was for, who ordered it or who approved it.

Challenge

PR Asset Management is an investment management company that includes over $2 billion in real estate assets. Steve Schultz, Financial Systems Manager, took on the initiative to implement a budget mechanism for evaluating investments. He was flooded with their complex system that required Schultz to wade through piles of data and filing cabinets to verify their spending and cost activity – no fun at all. Not only was this time consuming but once he would find the information he was looking for, there was no visibility or history as far as what the expense was for, who ordered it or who approved it.

Decision Making

Schultz knew that increasing staffing was not the solution. Instead, he solicited four or five bids from large enterprise options that used OCR technology. Faced with costs upwards of $50,000 plus additional licensing and maintenance fees didn’t fit the bill, as it would be hard to prove the concept to ownership before doing a full implementation. PR Asset Management needed a solution that would integrate with their well-known property management accounting software as well as accommodating their real estate and property management portfolio. After checking out our demo, it was obvious that Beanworks met all their needs for simplicity, integration and approval channel logic. Given the limitations of only using OCR and the pricing of other offerings on the market, they decided it was the perfect solution for PR Asset Management to automate some of their workload and maintaining control in the process.

Implementation

With the support of Beanworks throughout the setup and implementation was of exceptional value to PR Asset Management. We were able to consult with the team to identify and overcome their specific challenges of their accounts payable department, which contributed tremendously to the roll out of our cloud-based AP automation solution.

Achievements

It didn’t take long before the benefits of choosing Beanworks were realized. Management was seeing 100% of the invoices they needed to approve rather than the 30% that were originally getting through. PR Asset Management saw a 25% reduction in time spent coding invoices and an overall 10% reduction in costs. Accuracy skyrockets, and overall they gained visibility and have had a great experience doing that with our services.
100% invoice visibility
management didn't miss a single invoice.
25% reduction in time
spent coding invoices.
100% invoice visibility
management didn't miss a single invoice.
25% reduction in time
spent coding invoices.
What Our Clients Say

Don’t take our word for it, find out what our clients say about automating with Beanworks.


Ticketmaster Canada
CCIC
VitalAire
TrailerWizards
Ivernia
AOT
FrenchmansCreek

“We have a complicated approval process, but Bean was able to handle it and we were up and running in no time. Our invoice approvers are all across the country and now they are able to approve invoices online no matter where they are. Knowing all invoices automatically go to the right approver brings huge peace of mind.”

Trevor Allin
Ticketmaster Canada

“It took only a one hour meeting to get our QuickBooks integrated with Bean. After a quick training session, we were ready to start using it. Bean has given us a lot of flexibility and transparency into our Accounts Payable.”

Anna Campos
Canadian Council for International Cooperation

“Bean provided a way for us to always be on top of the thousands of invoices we receive each month. Now when we need information about an invoice, we are only a few mouse clicks away. We’ve been with Bean for more than two years and are still amazed by their responsiveness to our needs and outstanding customer support.”

Elizabeth Skinner
Air Liquide/Vital Aire

“We just finished the auditing process – and I never thought I would say this, but it was a breeze. The ease of auditing is just one of the hidden benefits of using Bean.”

Terry Hiles
Trailer Wizards

“Bean helped us streamline our approval process. Approvers simply login from an email link and approve invoices, with full visibility into what they’re approving… Life is easier when you don’t have to constantly nag for approval.”

Jillian Barrow
Ivernia Inc.

“We are a very active decentralized oil company. With Bean’s Internet-based process, my users can access and approve our invoices from anywhere. My point of pride is that I have yet to open an overnight delivery account, saving us admin costs in the thousands and our wait time is zero for deliveries.”

Kim Carr
Accelerated Oil Technologies, LLC

“Bean has streamlined our operations and allowed us to achieve a paperless accounts payable system with past invoices at the users’ fingertips. No more requests for boxes from storage for an old invoice has saved us time and money. I would recommend Bean to any business.”

Lynn M. Paige
Frenchman's Creek Beach & Country Club