Beanworks Blog
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Accounts Payable
Beyond Manual Data Entry – How AI is Giving Accountants More Time Back
The latest addition to this AI-backed feature-set is a tool called Line Item Capture, which further simplifies invoice data entry by extracting line item information, such as descriptions, unit costs, and quantities with 99%+ accuracy.
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Accounts Payable
How To Perform a Health Check On Your Accounts Payable
Research has found that following up on invoices is a lengthy process, which can take up to 20% of a typical AP clerk’s time. Calculating exactly how much time your business spends on approvals can help you identify bottlenecks slowing you down.
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Accounts Payable
How To Choose The Right Payment Method For Your Business
There are now many different payment methods to choose from. How do you find the one which is best for your company?
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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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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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Accounts Payable
Integrate Beanworks With Microsoft Dynamics GP For These Benefits
As more finance teams switch to electronic payments than ever before, here’s why you should consider Beanworks, which now integrates with Microsoft Dynamics GP.
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Accounts Payable
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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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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Accounts Payable
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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Accounts Payable
6 Accounts Payable Pains and How to Eliminate Them
If you have worked in a finance role of any capacity, you know how much time and effort can be ...
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Accounts Payable
How to Build a Business Case for AP Automation
Is your company’s Accounts Payable (AP) function performing as well as it could? According to a recent study, over 60 ...
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Accounts Payable
Report Shows the Average Organization Only Processes 64% of Their Invoices Electronically
In a survey released by APEX Analytix last month, 170 companies answered questions about their specific accounts payable (AP) policies ...
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Accounts Payable
Top 5 Scariest Accounts Payable Problems
It’s the spookiest time of the year! In honor of Halloween, we’ve rounded up the top five problems that are ...
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Accounts Payable
Where’s Your Accounts Payable Workflow Pain?
After numerous round table discussions with our clients regarding user experience and team meetings about the mission and priorities of ...
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