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…
Category: Accounts Payable Automation
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…
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…
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….
Average Accounts Payable Salaries: US vs. Canada
Thinking of expanding your accounting team? On the hunt for a new career in the accounts payable space? Below, we break down the average salary expectations from PayScale for different AP roles and compare them between the United States and Canada. 1) Accounts Payable Clerk Generally a position seen at accounting firms or within commercial accounting…
Speed Up Payables Invoice Processing with Smart Code
In the ever changing world of accounting, the financial industry is seeing more and more companies opt for automating accounting transactions from expenses to accounts payable. With more to do, and less time and resources to achieve it, automation has become a go-to solution to solve accounting pains like lost invoices, unnecessary late fee payments,…