Beanworks Blog
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Customer Stories
Radisson Blu Minneapolis Downtown: ‘Everything a Controller Needs is Right There on the Same Screen’
The AP teams at these Radisson hotels were still dealing with a time-consuming paper-based process for approving invoices. With part of their team working remotely, they urgently needed to find a quicker way of getting invoices through the system.
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Future of Accounting
Why the Return to a “Hybrid” Office is a Good Sign for Finance Teams
Data from Google suggests that workplace activity in major cities including London, New York and San Francisco is 50% below its pre-pandemic level. With over 15 months spent working from home, the global workforce is calling for a solid work-life balance, as companies adjust to the new landscape.
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Customer Stories
Canadian Seed Growers’ Association Reduces its Manual Practices – “Our Processes Are Almost Entirely Electronic”
As for the pandemic and the transition to remote working, CSGA admits that the automation with Beanworks software was key to bettering its organizational capacity and financial system infrastructure.
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AP Automation
Why Storing Paper Accounting Documents Doesn’t Work – and How to Fix it
When AP documents are not available at hand, accounting teams often face delays closing month-end, or rush to close the books without confidence. In a recent survey, 70% of finance leaders admitted that they’ve made decisions based on inaccurate information.
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AP Automation
Accountants, Meet Your New Best Friend – AI Data Capture
Beanworks’ AI-powered technology extracts invoice information, so accountants can skip coding line item details including descriptions, unit costs and quantities. It provides more than 99% accuracy and reduces data entry time by over 80%.
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ePayments
The Case For Phasing Out Checks For Good
Checks are still the primary payment method in B2B payments, accounting for 40% of all transactions. This stands in stark contrast to the digital experience today’s organizations are striving to build.
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ePayments
Empower AP with Real-Time Vendor Payment Updates
With Beanworks AP automation, companies can look up the status of vendor payments anytime and from anywhere. By automating AP, all documents are stored in real-time and accessible from the cloud, making visibility and transparency a guarantee.
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Expense Management
Why Automated Expenses Work Better for Employees
Work-related travel and entertainment is back on the agenda, meaning that the time early in the pandemic when fewer expenses claims were filed is coming to an end. Businesses need to be ready to process expenses in a way that enables them to adjust to this new, agile working model.
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ERP
From Wellbeing to Digital Dexterity, Here’s What’s on the CFO’s Agenda for a Post-COVID World
The time to develop long-term strategies to take advantage of the predicted COVID-19 economic rebound has arrived – and according to research, the financial industry is set for major transformations.
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Cloud Accounting
What Hybrid Work Means for Finance Teams
The accounting industry is on pace to make the transition towards the cloud. 42% of finance leaders say COVID-19 increased their company’s pace of AI adoption, and another 84% mention that automation helped them significantly during the pandemic.
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Customer Stories
“Paper invoices were getting lost” – How Cincinnati Symphony Orchestra Modernized Accounts Payable
Last year, the CSO celebrated its 125th anniversary bringing world-class musical productions to audiences both domestically and internationally. Yet as the organization continued to expand, the need to modernize became critical.
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Future of Accounting
Four Skills All Accounting Professionals Need in a Post-Pandemic World
One in three businesses are struggling to find skilled talent. In a recent report, 96% of finance leaders said it’s very or somewhat challenging for their company to find skilled professionals right now.
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Risk
Watch Out Business Owners: Accounting Scandals Are Getting More Sophisticated
For too long, businesses have held auditors responsible for finding financial red flags. But with only 4% of fraud cases being detected by auditors, it may be time for organizations to shift gears and focus on internal controls instead.
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AP Automation
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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