Beanworks Blog
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Accounts Payable
An Inside Job: Internal Fraud and How to Prevent It
Internal fraud can wreak havoc on your company. Learn how to identify the risks and the steps to take to protect your finances.
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AP Automation
Making a Business Case for AP Automation
Building a robust argument for AP automation is easier than ever. Here is each factor that can help establish the financial basis for making the change.
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Accounts Payable
Want to Get Financially Fit? Your AP Needs To Develop These 3 Habits
Building a healthy accounts payable department is a bit like developing a good physical fitness regimen. You have to develop the right habits and put them into practice.
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AP Automation
What Can We Learn From These Notorious Financial Scams?
71% of 600 finance professionals in North America say that lack of visibility in the payables process left their department open to fraud during this time of uncertainty.
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Customer Stories
TELUS World of Science: “Beanworks has been a huge time saver for our AP team”
The biggest challenge that motivated TWOSE to automate AP was a slow and frustrating approvals process. With 50 managers tasked to sign off over 200 invoices per month, the finance team was getting bogged down by delays.
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AP Automation
Aiming for AP Success? Automation Can Help You Hit a Bullseye
Companies are increasingly moving to automation when it comes to accounts payable. Here are 8 ways automation helps you hit your AP targets.
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Accounts Payable
Three KPIs Your Finance Department Needs in 2022
If the DPO is too high, it indicates that your business is paying vendors late; if it’s too low, you may not be taking sufficient advantage of the credit terms.
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Customer Stories
Master Budget with AP Automation: This Home Builder Shows You How
Moving to AP automation provided the budgetary controls that Sorensen needed. Through Beanworks, the company gained the ability to track committed spend. They were also able to manage spending by department, project, or vendor.
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Accounts Payable
Virtual Credit Cards and Your Business: Everything You Need to Know
Virtual credit cards are becoming increasingly popular. Here's what you need to know about how they work and their benefits.
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Customer Stories
This is How Magnum York Beat Late Payments
Some of the biggest AP challenges for Magnum York were late payments, duplicate invoices and approval delays. Learn how they went from paying vendors 45-50 days late, to processing invoices the same week.
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AP Automation
Why 2022 is The Year to End Manual Data Entry
Manual data entry and coding was one of the top three pain points for finance professionals in 2021. To help finance teams spend less time on the manual routine Beanworks developed artificial intelligence (AI) to further enhance its existing data capture functionality.
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Accounts Payable
Accounts Payable Trends That Will Shape 2022
Moving forward, managing supplier relationships and streamlining AP operations will be key to protecting the supply chain. Automation of the AP process provides tools that facilitate faster payment, such as custom approval workflows for invoices and the ability for payments to be released either individually or in batches.
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Risk
The Most Shocking Cases of Accounting Fraud in 2021 and How To Protect Your Business
A report by TransUnion found that, globally, the percentage of suspected financial services digital fraud increased by 149%. Learn how companies like Heinz, SEC, the US Department of Justice, and more were scammed out of millions of dollars—and how they could have been prevented.
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Accounts Payable
An Accountant’s Guide to AP Automation
One of the primary problems that accounts payable teams face is that they get stuck playing the waiting game when it comes to approvals. According to Levvel research, 37% of AP employees faced challenges getting invoices signed off on time due to remote work over the last year.
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Customer Stories
“Payment management at the click of a button” – DreamPak Boosts Payments Processing With Automation
A lack of inter-connectedness between accounting systems forced one finance executive to spend hours doing check runs every week – a process that now takes less than 10 minutes after automation.
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