Beanworks Blog
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AP Automation
Data Entry is Finished. Here’s What’s Replacing it
About 86% of accounting teams enter data manually – and for 40% of them that task takes up a quarter of their workweek. Learn how AP automation can help accountants become more progressive by freeing them from the chore of keying invoices.
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Expense Management
Top Four Types of Expense Abuse and How to Prevent Them
17% of all business fraud occurs in expense reimbursement. Learn about the most common types of expense fraud and how automation can help prevent expense abuse and build up trust.
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AP Automation
Completing An Audit Remotely Can Be Stressful – But There is A Solution
In a normal year, an auditor would meet staff in the office, or rely on physical records and verifications to make assessments. But with COVID-19 limiting travel, they’re now bound to phone and video calls.
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AP Automation
If You Think Manual Work is the Biggest Challenge for AP Teams, You’re Wrong
Companies are typically taking up to four weeks or more to pay vendors – unnecessarily incurring late payment fees and breaking down supplier relations. Here are some ways that companies can use AP solutions to improve their purchase to pay (P2P) process.
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Accounts Payable
Vendors Are Changing Payments Habits Fast. Can Businesses Keep Up?
Even before the pandemic, vendors were facing trouble collecting payments from businesses. However, COVID-19 may have forced accounting departments to step-up their digitization efforts.
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Accounts Payable
Companies Admit Their Purchase Orders System is Broken. Here’s What They’re Doing About it
60% of teams relied on improvised tools like Microsoft Office or emails to process purchase orders (POs) – but today, future-proofing AP teams have never been more eager to automate.
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Risk
2020’s Biggest Accounting Fails – And What We Can Learn From Them
Despite last year’s shocking headlines, accounting failures continued to happen – and we were taking notes. How many do you remember?
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Remote Accounting
Why AP Teams Will Continue Working From Home in 2021 – And That’s Okay
At the start of the pandemic, 88% of businesses worldwide made their employees work from home and many are still there. Accountants are unlikely to head back to the office. It is a challenge to process paper invoices and check payments when your team is at home.
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Customer Stories
Why the Association for Institutional Research (AIR) Ditched Manual AP for the Cloud
AIR uses Beanworks’ ACH system to make payments and it has cut down delays drastically. Their team is only spending 2-3% of their day on this workflow now.
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Accounts Payable
Accountants Are Returning “Back to Normal” And That’s a Problem
A survey conducted with 250+ CFOs during COVID-19 found that seven in ten accounting teams were spending 520 hours per year on manual accounts payable.
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CFO
Meet 2021’s CFO: A Data-Minded And Future-Forward Leader
We interviewed top finance professionals to understand how their role will evolve in 2021. From anticipating customer needs and keeping an eye on competition, to data-mining and analytics, here’s what these leaders had to say.
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Customer Stories
This Savvy Accounting Team Saved 3-5 Minutes in Processing Per Invoice
As Homepoint continues to grow, the amount of data the company has to process continues to multiply. Learn how they added unlimited users, customized approval channels and saved 3-5 Minutes in processing per invoice.
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Customer Stories
“Reconciling expenses now takes 30 seconds” – Athabasca Catering’s Expenses Transformation
Industrial caterers, Athabasca Catering were able to go paperless and simplify their expenses, PO and invoices processes with Beanworks.
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Customer Stories
Science World Uses Beanworks to Future-Proof its AP
Before switching to automation, Science World’s accounts payable (AP) was managed entirely on paper. “Physical invoices were taking up so much room that we were running out of office space."
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ePayments
The Game-Changing Cross-Border Payments Every AP Team Needs
The B2B cross-border payments market is predicted to reach USD $35 trillion by 2022. The partnership between Beanworks AP automation and global payments provider, Cambridge can help companies move in that direction.
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