It’s a funny thing about challenges in life and business. You don’t know what you don’t know (hence the problem!) and even if you do know you have a problem, sometimes you don’t know a solution for it even exists.
When Beanworks first got into the business of accounts payable automation, we knew we were blazing a trail down a special path that specifically addressed the hurdles in the accounting workflow process — hurdles that everyone KNEW about but didn’t know how to solve. We knew we wanted to make the lives of accounting departments, Controllers, and CFO’s easier. The problems these folks had were crystal clear to us:
1. Too Much Paper.
Cloud accounting and paperless accounting was a clear solution to the onslaught of paper involved the accounting workflow process…But, there was no solution in the market that adequately addressed and SOLVED the issue.
2. Too Much Chasing.
I don’t care how patient you are or how steel-y your nerves may be — chasing down employees, sales people, and management for lost receipts (so that you can finally reconcile credit card expenses before month end) and invoice approvals (so that you can avoid late payment fees from your favorite vendors) is never fun.
3. Too Little Visibility.
Let’s say you’ve got multiple offices in different locations all over the world. This essentially means you have multiple approvers for invoices, multiple sales forces who are generating expenses as they do their job, AND multiple accounting reports that may not be synced with those of your other locations.
What a nightmare. None of this is easy to keep track of without an automated system in place. And, it’s a complete time-waster to manually reconcile every “morning coffee” receipt for hundreds of sales people while actively tracking down a CEO who has bigger fish to fry than to approve a $37 invoice that “needs to get paid right NOW.”
Combine all these three pain points together and you’ve got a recipe for too much confusion and too little control.
So, think about it: Now that you KNOW you have an AP problem, what are you going to do about it? *hint hint, nudge nudge*