Creating Connections: Accounts Payable Automation Makes Collaboration Easier
September 13, 2017
Email overload is a very real phenomenon for businesses these days. Global research company, The Radicati Group, reports that by 2018, over 139.4 billion business emails will be sent and received per day worldwide. On average, employees send and receive 97 emails per day, but that number is expected to climb to 140 per day by 2018. While email traffic among consumers is steadily declining, as people show a preference in their personal communications for other platforms like social networks, instant messaging apps, and mobile technologies, business email show no signs of flagging.
Business emails are also a primary form of documentation for many businesses. As regulations around electronic communication have tightened, a massive industry has sprung up around the need for businesses to properly manage, store and archive email messages. For many businesses, emails are the only source of truth for documenting certain critical accounting procedures and processes.
For example, when invoices come in to a business to be processed by the accounts payable department, often approvals will be collected over email, and those emails become the sole documentation for those approvals. Unfortunately, with this method, tracking down historical invoice processing information becomes tiresome. Not only is there no centralized repository, as emails are tucked away in individual inboxes, but searching for specific emails relating to specific invoices can be like fishing without bait.
Beanworks is an accounts payable automation solution that makes collaboration, and documentation, easier for accounting teams. Since Beanworks automatically routes invoices and notifies the correct approvers once an invoice has been coded, it’s easy to stay on top of the process. Invoices are also centralized within Beanworks and always accessible, based on user access credentials, so there’s never any chance of an invoice simply falling off the radar or getting buried in an email avalanche.
Modern businesses need specialized collaboration tools that can ensure that each step in a critical process is logged, no steps get missed, and that communication is simple and effective across the whole company. For accounts payable, Beanworks fills that need and offers a host of other essential features to streamline the AP workflow. Discover all the benefits of accounts payable automation in our whitepaper, Work Smarter: How Accounts Payable Automation Empowers Accounting Teams.
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.
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.
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.
Straight To Your Inbox
Stay up-to-date on top accounting and finance trends
Sign up for our newsletter and receive our latest resources, news and insights.
Learn More About Beanworks
Discover how AP automation can free your accounting team from manual data entry, delays, and paper-based processes.