PR Asset Management is an investment management company that includes over $2 billion in real estate assets. Steve Schultz, Financial Systems Manager, took on the initiative to implement a budget mechanism for evaluating investments. He was flooded with their complex system that required Schultz to wade through piles of data and filing cabinets to verify their spending and cost activity—no fun at all. Not only was this time consuming but once he would find the information he was looking for, there was no visibility or history as far as what the expense was for, who ordered it or who approved it.
Schultz knew that increasing staffing was not the solution. Instead, he solicited four or five bids from large enterprise options that used OCR technology. Faced with costs upwards of $50,000 plus additional licensing and maintenance fees didn’t fit the bill, as it would be hard to prove the concept to ownership before doing a full implementation. PR Asset Management needed a solution that would integrate with their well-known property management accounting software as well as accommodating their real estate and property management portfolio. After checking out our demo, it was obvious that Beanworks met all their needs for simplicity, integration and approval channel logic. Given the limitations of only using OCR and the pricing of other offerings on the market, they decided it was the perfect solution for PR Asset Management to automate some of their workload and maintaining control in the process.
With the support of Beanworks throughout the setup and implementation was of exceptional value to PR Asset Management. We were able to consult with the team to identify and overcome their specific challenges of their accounts payable department, which contributed tremendously to the roll out of our cloud-based AP automation solution.
It didn’t take long before the benefits of choosing Beanworks were realized. Management was seeing 100% of the invoices they needed to approve rather than the 30% that were originally getting through. PR Asset Management saw a 25% reduction in time spent coding invoices and an overall 10% reduction in costs. Accuracy skyrockets, and overall they gained visibility and have had a great experience doing that with our services.