If you have worked in a finance role of any capacity, you know how much time and effort can be spent on processing vendor payments. And, unfortunately, poor accounts payable performance issues aren’t always the easiest to identify, especially if a company has an established AP process in place. Here are five of the most…
Category: Accounts Payable Automation
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 percent of companies still process their invoices and payments offline1. While many companies use their websites as a digital storefront, or even rely on social media for customer service capabilities and engagement, many more are…
Start Managing Multiple Entities in Your Accounts Payable Solution
When does multi-entity accounting become a necessity for an organization? Multi-entity accounting practices predominantly apply to complex businesses that operate as a conglomerate, parent company or holding company with several subsidiaries. But even businesses that operate as a single entity may have regional offices or segmented departments that are treated as separate entities by the…
Make Sure Your Hospitality Accounting Processes Have Room to Grow
In the hospitality sector, accounting roles in the financial back office are changing. With new technologies like automation, AI, and machine learning, manual processes are being increasingly managed through technological solutions. Soon, tasks like data entry and data processing will be handled entirely by software, rather than hospitality accounting staff, and already, many hotels, clubs…
Bringing Accounting Innovation to the Hospitality Sector
Managers in the hospitality industry have so many competing demands on their time and attention, that it’s difficult to see where process inefficiencies exist. One area that often goes overlooked is the accounting department, a reliable mainstay in every hospitality business. Whether your accounting operations are centralized at a head office, or you have an…
Making Data-Driven Financial Decisions for your Business with Accounts Payable Automation
Does your accounting team fill a strategic role at your company? From a survey of business leaders in the UK, over one-third (34%) of those surveyed feel that their accounting departments are undervalued and underutilized. At the same time, 82% of CFOs are keen to adopt cloud applications as a way to move their businesses…
Work Smarter, Not Harder with Accounts Payable Automation
Accounting teams across the globe are consistently under-served by antiquated technology, most of which is decades old. They are asked to do more with less. With these pressures and the arrival of cloud computing, accounting teams are beginning to see that accounting workflows can be better optimized. Traditional, manual financial workflows are moving towards automation…
5 Strategies Public Accountants Can Use to Speed Up Month-End
For public accountants, month-end is a stressful time, characterized by long hours of overtime and punctuated by last-minute scrambles for missing information. As a regular financial health check, the month-end close process is essential to businesses. It’s through this process that businesses reconcile, aggregate, and report on their financial information. However, 87% of accounting professionals…
What Automation Really Means for Accountants
Automation is not a new concept in accounting, but it’s often one that is viewed with some measure of skepticism. While the media is keen to push the concept of robot accountants taking over the industry, the reality is something quite different. With the advent of technologies like artificial intelligence, machine learning and robotics, we’ve…
Beanworks Receives IOFM Game Changer Award
This week the Institute of Finance & Management (IOFM) announced the winners of the first annual Game Changer Awards. This award program honors five best in class financial operations solutions. Beanworks is thrilled to announce that we have been chosen as one of the five winning solutions, alongside Canon Information & Imaging Solutions, AppZen, Tipalti, and Aquiire….