It’s The Truth: You Need AP Automation Even If You Do Have an ERP
February 16, 2015
The enterprise resource planning (ERP) software market is large and complex with hundreds of self-proclaimed best-in-class, standalone ERP software suites. There are a ton of vendors to choose from, so it’s no surprise that many companies are faced with analysis paralysis. They want to choose the ERP application that meets as many of their needs as possible given their specific vertical and unique business needs. It’s no small feat for such a large investment.
Many of the most notable ERPs can do a little bit of everything. Accounting systems within an ERP essentially help organizations manage their financial transactions. At its core, the best ERP for the job will have modules for accounts receivable, accounts payable, general ledger, and payroll function. Pretty basic stuff, right?
Having said all that, it’s not uncommon for additional vendors to be called in to integrate extra features and functionalities within the ERP to meet the unique business and industry needs of clients.
The Beauty of ERP and AP Automation
Companies using accounting software like Sage, QuickBooks, and NetSuite often turn to Beanworks for that extra boost of AP automation power. Not only does Beanworks use configurable workflow rules for purchase orders and invoices, you can also quickly see where an invoice is in the approval process at any given time, and manage critical AP processes from the mobile app.
If that wasn’t enough to get you asking for more from your current ERP’s accounts payable functionalities, allow us to introduce several other major benefits and features of Beanworks that our clients constantly rave about:
- Conveniently host, store, and manage invoices and PO images for up to 7 years
- Configure workflows while segregating users, approvers, and business units across multiple departments in different geographic locations
- Provide online, remote, read-only access to an auditor so that you have full control over what sections on invoices they can see
- Provide a single place for all legal entities to see vendor spend at the same time
- Compile detailed reports with invoice images for auditors and quickly back up critical financial reporting data
Beanworks is set to launch several new features this year to make it even more user-friendly, functional, and streamlined when it comes to your accounts payable. We at Beanworks know how important it is to stay agile and efficient, which is why our goal is to stay at the forefront of accounting technology so that you can spend more time building your business, and less time watching your CFO match up invoices.
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.
Getting Ready for the Digital Payments Phase
Payments trends from the past decade indicate that businesses are turning away from checks. According to the Association for Financial Professionals, 81% of B2B organizations used checks in 2004. In 2019, this was down to an all-time low of 42%.
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