Beanworks Blog
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Accounting Software
85% of Employees Admit to Sometimes Lying About Expense Claims
Filing expense reports aren't just dreadful for employees. They could be costing businesses a pretty hefty figure. Fraud and expense abuse by employees can cost companies up to 5% of their annual revenue.
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Accounting Software
Accounts Payable Automation for Property Managers
With the projection of the global property management market expected to expand to $23.63 billion by 2026, property managers need to prepare to scale. Here are top reasons why eliminating paper, and automating AP can transform the workflow.
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News & Updates
Beanworks Recognized as BC’s 8th Fastest Growing Company
Some significant milestones have been a partnership with Sage accounting, a market leader for integrated accounting, payroll and payment systems. With this partnership, Beanworks became the official AP automation provider in North America for Sage.
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AP Automation
Top 5 Key Performance Indicators for Accounts Payable Departments
It can take up to 25 days for invoices to be approved. However, organizations with more mature AP processes are able to shrink this time down to 3-5 days.
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Accounting Software
Invoice Approval Process Best Practices to Modernize Your Accounts Payable
Practices such as having the same person approve invoices and payments can make it easier for any business to fall victim to fraud. After setting up approval channels for thousands of AP professionals, we recommend these best practices.
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News & Updates
Lessons on Pivoting During a Time of Crisis
Many entrepreneurs will comment, “we pivot everyday” or “we’re open to it” but that’s not what pivoting is. You do not pivot your strategy every so often. Often “big decisions” are misquoted as pivots.
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Cloud Accounting
What is a Virtual Credit Card? 3 Things You Need to Know
One research study found 9,708 instances of compromised credit card data in only the first quarter of 2019. Right now, one of the biggest financial risks is credit card fraud.
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AP Automation
Fast-Track Accounts Payable Invoice Uploads from Gmail With One Click
Beanworks has launched a Gmail plugin that captures an invoice sent in the email body, converts it to PDF, and ...
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Accounts Payable
8 Benefits of Accounts Payable Workflow Automation
AP Automation or accounts payable automation is the technology that uses a digital system to reduce manual and repetitive tasks such as data-entry and writing checks.
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Accounting Software
Getting Ready for the Digital Payments Phase
Payments trends from the past decade indicate that businesses are turning away from checks. According to the Association for Financial Professionals, 81% of B2B organizations used checks in 2004. In 2019, this was down to an all-time low of 42%.
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CFO
How to Cut Costs & Keep Your Business Running During a Crisis
There's a couple of lessons we can learn from previous economic downturns and with the advice of experts like Matt, find our way forward into the future.
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News & Updates
Catherine Dahl, a Finalist for Person of the Year in 2020 BC Technology Impact Awards
Catherine Dahl was recently named a finalist in the 2020 BC Tech Association’s Technology Impact Awards’ Person of the Year ...
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Product Updates
Beanworks Launches Approval Channel Delegation
Estimated reading time: 1 minute, 30 seconds. In order to enrich its existing approvals process for accounts payable (AP) teams ...
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Future of Accounting
Tips to Redesign a Business Continuity Plan That Has Everything But a Pandemic
Estimated reading time: 4 minutes, 49 seconds Even the most thorough business continuity and risk assessment plans could not have anticipated ...
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Cloud Accounting
8 Remote Tools That Are Here to Stay
Estimated reading time: 4 minutes, 45 seconds. The COVID crisis will draw a line between the time when digital transformation was ...
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