Beanworks Blog
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AP Automation
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.
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Accounts Payable
Amid Economic Uncertainty, What’s Next for Accounts Payable?
Nearly 75% of CFOs view economic uncertainty as the top challenge their organization faces. Here are some of the challenges and potential opportunities for accounts payable amid an uncertain economic future.
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Risk
Will the Risk of Recession Kick Off a New Wave of Automation?
James Knightly, chief international economist of ING stated, “With supply conditions showing little sign of improvement….The recession threat is rising.” It’s this high level of volatility that has led to 3/4ths of CFOs labeling economic uncertainty as the greatest threat to their business.
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Accounts Payable
Is Your AP Process Prepared for an Economic Downturn?
The only thing certain about the economy over the next year is that nothing is certain. The prospect of a looming recession has found its way into both the psyche and strategic planning meetings of businesses of all sizes, across all industries.
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Expense Management
Expense Management Software: What Is It and Why Does It Matter?
Adopting a digital tool can greatly improve the efficiency and security of the process, but companies who have long relied on traditional processes may wonder–just what is expense management software, and why do I need it?
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Accounts Payable
How Long Should I Keep My Accounts Payable Records?
Knowing how to manage document storage may not sound exciting, but it is one of the most important things a company can do to protect itself legally and financially.
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AP Automation
Looking to Automate? These Tips Will Help You Pick the Right Solution
Using these simple guidelines will take the guesswork out of selecting the right software, ensuring that what you adopt is the best possible match for your organization’s needs.
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Accounts Payable
3-Way Matching: What Is It and Why Does it Matter?
When it comes to money, it is obvious that you don’t want to part with a cent more than necessary. For accounts payable departments, one of the best ways to ensure this is to use 3-way matching — a process of verification that uses invoices, purchase orders, and receipts.
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AP Automation
Top 5 Key Performance Indicators for Accounts Payable Departments
It can take up to 25 days for invoices to be approved. However, organizations with more mature AP processes are able to shrink this time down to 3-5 days.
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AP Automation
AP Automation or Document Management System: What’s Best For You?
Future-forward finance professionals imagine a world where technology handles granular, time-consuming work. What do financial reports from last year predict?
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Accounts Payable
With So Many Payment Options, How Do You Choose the Best One For You?
From virtual credit cards and e-check to ACH, wire transfers, or traditional paper checks, there are more ways to pay than ever before. Understanding your options can help you make the right decision for your business.
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Customer Stories
“We’re saving a day-and-a-half” – Formula for AP Success
AP challenges had existed long before the pandemic at Elemental Energy. But with the subsequent lockdowns and the sudden shift to hybrid work, routine tasks came to a standstill. Learn how they reduced time and improve instant access of documents for all entities.
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Accounts Payable
Numbers Don’t Lie…Or Do They?
It’s easy to amass information. In fact, these days we’re inundated with it from all directions. The challenge for companies is to ensure that it is accurate and that they know how to transform it into actionable insight.
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AP Automation
Thinking of Automating? The Barriers Aren’t As Big As You Think
There are a few common questions that companies have about potential barriers to digital transactions, but a closer look reveals that they aren’t the hurdles they are perceived to be.
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Accounts Payable
Top KPIs Every AP Professionals Should Track
Here are the top 5 KPIs that will provide AP professionals with the actionable insights needed to raise their AP teams to the next level.
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