Accounting teams across the globe are consistently under-served by antiquated technology, most of which is decades old. They are asked to do more with less. With these pressures and the arrival of cloud computing, accounting teams are beginning to see that accounting workflows can be better optimized. Traditional, manual financial workflows are moving towards automation and digitization, especially the accounts payable (AP) process. Organizations are already starting to make the removal of paper a priority in favor of digital and paperless workflows.
According to a PayStream Advisors report, organizations now receive their invoices in many different formats, but paper is still at the top of the pile. In fact, half of organizations surveyed said that they receive most of their invoices in paper format. Papers can pile up fast and, for those in accounts payable, the stacks of purchase orders and invoices can be overwhelming. Emerging technologies like AP automation and virtual credit cards can significantly ease the burdens placed on the accounting department, but not all businesses feel they are ready to take the leap into the digital world.
We wanted to address some of these trends in our new whitepaper, Work Smarter: How Accounts Payable Automation Empowers Accounting Teams.
In this white paper, you will learn:
- The five key elements of effective accounts payable automation
- How to reduce manual data entry, paperwork and monotonous tasks
- How to increase visibility into your accounts payable data through on-demand reports
- How to automate vendor payments and earn cash back
Learn More About Beanworks
Discover how AP automation can free your accounting team from manual data entry, delays, and paper-based processes.