Beanworks Blog
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AP Automation
Five Things Controllers Need to Know About Accounts Payable in 2022
As the controller, your team may try to shield you from the day-in, day-out challenges associated with AP, but it’s to your benefit to peek behind the curtain. Here’s a look at five things your AP team wants you to know.
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Product Updates
How Financial Dashboards Can Drive Transformation
63% of accountants during the pandemic have been working overtime because data wasn’t easily accessible. Having information at your fingertips is critical for decision-making. Learn how this can be achieved with dashboard reporting on key AP metrics.
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Risk
Fraud is on the Rise – Here’s How to Beat it
The pandemic caused huge disruption in the way we work. Accounting teams were no different from other sectors, as we had to adjust to remote working and the long hours that often came with it. What you might not know is that the top concern for accountants as a result of all these changes is the risk of fraud and abuse they bring.
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AP Automation
Let’s Talk About the AI Takeover: Credible or Clickbait?
Today, 93% of CFOs are digitizing accounting operations. The pandemic is being used as a catalyst to overhaul age-old practices and 57% of CFOs say they are committed to complete transformation, rather than just making improvements through automation.
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Customer Stories
“We were preparing for the pandemic and we didn’t know it” – How AIR got remote-work ready
In March 2020, the Association for Institutional Research (AIR) had to adapt to a stark new reality. As with companies across the globe, they had to ensure business continuity while their small team (then just 30 people) could no longer go into the office.
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Customer Stories
ICBA on AP Automation: “Things Don’t Slip Between the Cracks Anymore”
Enforcing financial controls such as departmental budget spend can be hard when organizations rely on paper. But with AP automation software, finance chiefs can easily set such rules.
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Customer Stories
Radisson Blu Minneapolis Downtown: ‘Everything a Controller Needs is Right There on the Same Screen’
The AP teams at these Radisson hotels were still dealing with a time-consuming paper-based process for approving invoices. With part of their team working remotely, they urgently needed to find a quicker way of getting invoices through the system.
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Future of Accounting
Why the Return to a “Hybrid” Office is a Good Sign for Finance Teams
Data from Google suggests that workplace activity in major cities including London, New York and San Francisco is 50% below its pre-pandemic level. With over 15 months spent working from home, the global workforce is calling for a solid work-life balance, as companies adjust to the new landscape.
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Customer Stories
Canadian Seed Growers’ Association Reduces its Manual Practices – “Our Processes Are Almost Entirely Electronic”
As for the pandemic and the transition to remote working, CSGA admits that the automation with Beanworks software was key to bettering its organizational capacity and financial system infrastructure.
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AP Automation
Why Storing Paper Accounting Documents Doesn’t Work – and How to Fix it
When AP documents are not available at hand, accounting teams often face delays closing month-end, or rush to close the books without confidence. In a recent survey, 70% of finance leaders admitted that they’ve made decisions based on inaccurate information.
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AP Automation
Accountants, Meet Your New Best Friend – AI Data Capture
Beanworks’ AI-powered technology extracts invoice information, so accountants can skip coding line item details including descriptions, unit costs and quantities. It provides more than 99% accuracy and reduces data entry time by over 80%.
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ePayments
The Case For Phasing Out Checks For Good
Checks are still the primary payment method in B2B payments, accounting for 40% of all transactions. This stands in stark contrast to the digital experience today’s organizations are striving to build.
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ePayments
Empower AP with Real-Time Vendor Payment Updates
With Beanworks AP automation, companies can look up the status of vendor payments anytime and from anywhere. By automating AP, all documents are stored in real-time and accessible from the cloud, making visibility and transparency a guarantee.
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Expense Management
Why Automated Expenses Work Better for Employees
Work-related travel and entertainment is back on the agenda, meaning that the time early in the pandemic when fewer expenses claims were filed is coming to an end. Businesses need to be ready to process expenses in a way that enables them to adjust to this new, agile working model.
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ERP
From Wellbeing to Digital Dexterity, Here’s What’s on the CFO’s Agenda for a Post-COVID World
The time to develop long-term strategies to take advantage of the predicted COVID-19 economic rebound has arrived – and according to research, the financial industry is set for major transformations.
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