Case Study

Home Point Financial

"By eliminating the more administrative work of the email routing, follow-ups have become easy because we can sort by who we are waiting for approvals, and can send them email reminders. There are automatic reminders as well. But regardless, we've been able to save between three and five minutes per invoice."

Sarah R., AP Manager, Home Point Financial

Industry
Financial Services

Company Size
Over 1000 employees

Accounting Software
Sage Intacct


Home Point Financial is a national, multi-channel mortgage originator and servicer in the United States, with corporate headquarters in Ann Arbor, Michigan. Its lending focuses on speed and consistency for our customers and partners, combined with superior customer service. The company offers reverse mortgages, conventional loans, and refinancing services. Founded in 2015, it has evolved rapidly into a distributed and diverse workforce of over 1000 employees and is licensed in all 50 states.

The Challenge

Accounts payable (AP) is one of the most frustrating and time-consuming parts of accounting and adopting AP automation software is a challenge across Home Point Financial’s five offices with multiple time zones and multiple departments. The company was concerned with the integration of an AP automation software into its existing accounting system for a centralized AP solution and company-wide user adoption to standardize operations.

The Decision

Bill Fisher, Controller of Home Point Financial explained their decision: “We needed to look into an AP automation solution to standardize our processes, to add some more structure, to track outstanding items and report on it to give the business a standard way of operating, rather than invoices coming to them directly from a vendor or customer”.

One of the most important factors in choosing Beanworks was the capability to automate the entire AP process and view AP-related data in real-time basis. For Home Point Financial, this is critical to the business as AP staff get questions constantly about the status of an invoice or payment, especially when there are rushes, outside of standard timelines.

With Beanworks, AP staff can log in and provide inquirers an instant status update anytime and in real time. Home Point Financial also trained its staff company-wide to use Beanworks so inquirers are able to check on their own for the status of invoices, approvals and payments themselves. This saves time for all AP staff, approvers, vendors and suppliers.

Implementation

Beanworks provides end to end AP automation for Sage Intacct, the general ledger system where all of the general ledger activity is recorded for Home Point Financial. Sage Intacct is an enterprise-grade cloud-based accounting ERP software that can deliver efficiencies and insights for companies to help them grow from their first million to their first billion.

Invoices processed through Beanworks automatically creates the journal entries in Sage Intacct, whether entering the invoice or the payment, as both systems are seamlessly integrated for a consolidated AP system. Home Point Financial Corporation AP staff can go into Beanworks for paid invoices in the networks, pull the payment, and see everything that was paid, screenshot the payments and send them back to inquirers.

AP staff could process to set up AP workflows in Beanworks, while ensuring due diligence in the Sage Intacct. This means the AP process remains the same in Sage Intacct, as data flows over to Beanworks where invoices are entered. When these are completed and approved, they flow back and sync to the Sage Intacct general ledger for a seamless process.

Regarding the effectiveness of modernizing the entire consolidated AP process, from the purchase decision to invoice approval with electronic payments, Bill Fisher, Controller says, “I can honestly say that with Beanworks, AP automation actually happened and everything we wanted from it. We did it faster than planned. So it has delivered its promises and continues to.”

Achievements

Beanworks lived up to its value proposition to streamline AP with “Code. Approve. Pay”, enabling all AP associates across Home Point Financial to use Beanworks daily and logging into it is the first thing they do to process invoices. Also, the company’s coding team uses Beanworks for accruals, to pull each invoice and make sure they were coded correctly. Finally, the AP manager and all higher-level AP associates who are the approvers also use Beanworks.

Before Beanworks, the company had a shared AP mailbox where all AP specialists could access it. They received invoices, scanned them into the AP system, and one staff would monitor the mailbox, and send out every single invoice manually via email for approvals. Then after waiting for approvals, there would be follow up emails for outstanding approvals. This was a manual and tedious process to get needed approvals. After approvals, AP staff matched the invoices to the downloaded approvals, and uploaded them into Sage Intacct. Finally, they could key in the data entry of invoices. This all took a lot of work upfront before paying any invoices.

The process before Beanworks AP automation meant AP associates were processing invoices every day of the work week. After integrating Beanworks into the AP system with Sage Intacct, AP associates can break up invoice payments into two days and work on other tasks for the other three days of the work week. Beanworks’ AP automation delivered on reducing both labour and data entry errors for a consolidated AP system for Home Point Financial.

A clear view of accounts payable any time in real-time and saving time for invoice processing are the favourite features for Sarah Rehbein, AP Manager of Home Point Financial: “I can see who on the team needs help because they were off or sick, or which vendor to follow up on outstanding invoices. I no longer wonder what is missing in the email or did something get deleted. I’m able to have confidence on AP statuses, easily send out follow up emails to approvers and we save about between three and five minutes per invoice in processing.”

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