Beanworks Blog
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AP Automation
Aiming for AP Success? Automation Can Help You Hit a Bullseye
Companies are increasingly moving to automation when it comes to accounts payable. Here are 8 ways automation helps you hit your AP targets.
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Accounts Payable
Three KPIs Your Finance Department Needs in 2022
If the DPO is too high, it indicates that your business is paying vendors late; if it’s too low, you may not be taking sufficient advantage of the credit terms.
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Customer Stories
Master Budget with AP Automation: This Home Builder Shows You How
Moving to AP automation provided the budgetary controls that Sorensen needed. Through Beanworks, the company gained the ability to track committed spend. They were also able to manage spending by department, project, or vendor.
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Accounts Payable
Virtual Credit Cards and Your Business: Everything You Need to Know
Virtual credit cards are becoming increasingly popular. Here's what you need to know about how they work and their benefits.
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Customer Stories
This is How Magnum York Beat Late Payments
Some of the biggest AP challenges for Magnum York were late payments, duplicate invoices and approval delays. Learn how they went from paying vendors 45-50 days late, to processing invoices the same week.
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AP Automation
Why 2022 is The Year to End Manual Data Entry
Manual data entry and coding was one of the top three pain points for finance professionals in 2021. To help finance teams spend less time on the manual routine Beanworks developed artificial intelligence (AI) to further enhance its existing data capture functionality.
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Accounts Payable
Accounts Payable Trends That Will Shape 2022
Moving forward, managing supplier relationships and streamlining AP operations will be key to protecting the supply chain. Automation of the AP process provides tools that facilitate faster payment, such as custom approval workflows for invoices and the ability for payments to be released either individually or in batches.
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Risk
The Most Shocking Cases of Accounting Fraud in 2021 and How To Protect Your Business
A report by TransUnion found that, globally, the percentage of suspected financial services digital fraud increased by 149%. Learn how companies like Heinz, SEC, the US Department of Justice, and more were scammed out of millions of dollars—and how they could have been prevented.
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Accounts Payable
An Accountant’s Guide to AP Automation
One of the primary problems that accounts payable teams face is that they get stuck playing the waiting game when it comes to approvals. According to Levvel research, 37% of AP employees faced challenges getting invoices signed off on time due to remote work over the last year.
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Customer Stories
“Payment management at the click of a button” – DreamPak Boosts Payments Processing With Automation
A lack of inter-connectedness between accounting systems forced one finance executive to spend hours doing check runs every week – a process that now takes less than 10 minutes after automation.
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Accounts Payable
Why Organizations Can’t Afford to Ignore the Demand for Digital Payments
44% of finance professionals revealed that finding a way to make electronic payments is a top priority for their team. Organizations that have implemented digital payment methods are realizing efficiency and cost benefits, as well as improved vendor relations.
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AP Automation
Five Things Controllers Need to Know About Accounts Payable in 2022
As the controller, your team may try to shield you from the day-in, day-out challenges associated with AP, but it’s to your benefit to peek behind the curtain. Here’s a look at five things your AP team wants you to know.
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Product Updates
How Financial Dashboards Can Drive Transformation
63% of accountants during the pandemic have been working overtime because data wasn’t easily accessible. Having information at your fingertips is critical for decision-making. Learn how this can be achieved with dashboard reporting on key AP metrics.
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Risk
Fraud is on the Rise – Here’s How to Beat it
The pandemic caused huge disruption in the way we work. Accounting teams were no different from other sectors, as we had to adjust to remote working and the long hours that often came with it. What you might not know is that the top concern for accountants as a result of all these changes is the risk of fraud and abuse they bring.
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AP Automation
Let’s Talk About the AI Takeover: Credible or Clickbait?
Today, 93% of CFOs are digitizing accounting operations. The pandemic is being used as a catalyst to overhaul age-old practices and 57% of CFOs say they are committed to complete transformation, rather than just making improvements through automation.
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