AP Automation for Yardi Users

Make sure to mark your calendars to attend the next Bean Services webinar to be held on Tuesday, August 24. 

In this session we will discuss;

• Beanbills integration with Yardi
• How we are helping Property Management companies go paperless with Accounts Payable Automation
• Why it won’t cost that much and it’s easier than you think

Date: Tuesday, August 24, 2010
Time: 11:00 AM - 12:00 PM PDT

Register for the Webinar here:   http://tinyurl.com/32cmvaa

Scan Invoices - The First Step in AP Automation

There is an encouraging sign. The number of times on a monthly basis I've heard prospects and clients that want to improve their AP workflow processes. Of course, when the dialog begins, the main theme is the amount of time and "touches" any person has to make when dealing with paper and accounts payable invoices ... It really can be overwhelming. 

From receipt by mail, photocopying, file cabinet storage, interoffice mail for approval & signatures, routing to payables, pulling invoices back out of storage for audit, monthly ends and fiscal year ends ... How many times does one have to repeat this? Well, factor in the number of monthly invoices X, number of people Y and number of unique processes Z and you may have a formula ... for what? that depends on the level of pain each organization goes through on the monthly paper merry go round ... It may not be rocket science but it also doesn't have to be that complicated either ...

The rationalization is, that if one were to implement a scanning automation process, they can "get rid of three processes in a busy day". Of course this entire exercise begins with the common copier printer fax scanner. Of note, a recent blog comment (http://blog.abctechsolutions.com/2009/09/copier-printer-fax-scanner-costs-on-the-rise/) puts into perspective the rising costs of keeping the hard copy use of these machines;

" ... According to the GSA, company's printers, fax machines and copiers cost "on the average $1000 per employee per year or more." According to Xerox, company's copier printer environment costs an average of 3% of a company's TOTAL GROSS revenue ..." Something like EEK!

"Every dollar you save in your copier printer scanner increases your company's profit. Budgets for toner cartridge supplies are growing by 20-40% per year; Dataquest, IDC and CAP Ventures have all concluded that copier printer scanner page volumes are growing at a compound annual growth rate of roughly 8%. Printer cost is increasing not decreasing and the majority of the company's do not have controls in place ..." Or more appropriately YIKES!

So, here's a final thought ... accounting departments have finally grasped that they have to do something about their accounts payable workflow processes ... they are the ones feeling the pain of overwhelming manual and paper processes and the associated "many touch" costs at each step along the way. Many have just starting to use the scanner, either standalone smaller desktop units or the more central photocopier scanner hardware to begin to scan invoices ... all in the direction of accounts payable automation ... so why not use this step to help drive down the hardware cost and printing costs of all this paper?

One caveat, we haven't even started talking about e-invoicing ... Stay tuned!

Bring on the AP Automation for Timberline

We're pleased to announce that beanbills is now fully integrated with Timberline Office. Thanks to our friends at Constructive Solutions who helped implement the solution. Our customers using Timberline can now take advantage of all the benefits of Accounts Payable Automation by exchanging data directly with their Timberline software.

KISS applies to Accounts Payable

Accounts payable is not rocket science. However complexities in the process seem to be common place.  Complexities cost mucho time and effort ultimately taking a big bite out of the bottom-line.

 

Most organizations payables processes grow organically or through acquisition along with the needs of the business. Over time, with added volume and locations, those processes often become cumbersome and unmanageable.  By this time, they review their options and either turn to a pricey accounting system upgrade or live with the current setup.  It’s up for debate on which ultimately costs more, however it’s usually the later as resistance to change is generally the road most travelled.

 

Let’s take another look at these home grown complexities. The belief that each company runs their ap differently “we are unique” is standard fair amongst operations. Sure there is uniqueness to industries, or how business is conducted. But the objective and outcomes are always the same, place an order, receive a bill, code and approve it, and pay it.  Really companies are running the same process in slightly different and mostly manual ways.

 

When the Ford model T was introduced to world through standardized production, it made a huge amount of sense and continues to be a massive factor in everything we serve and produce today.  Are the benefits of standardization not available to the ap process? If the objectives are the same, and the outcome is the same, why are businesses not looking to standardize and take advantage of the same efficiencies and economies.

 

Truth is most are not… yet. Most companies are not in the accounting business, nor should they be. It’s a necessary evil. They don’t have time to focus in on process improvement while running their business.

 

Incorporating accounting best practices right from company inception is ideal but hardly realistic, at least not until recently.  Today, there are solutions that expand the functionality of conventional accounting applications and many of them are web-based and affordable to the small and medium sized businesses.  These solutions offer built-in best practices to help businesses with compliance and efficiency to allow them to concentrating on the core competencies of the business rather than the paperwork involved with running the business.

 

Creating efficiencies on your own, without the expertise and tools is impossible. Standardizing and incorporating best practices right from company inception is ideal but hardly realistic, at least not until recently. Today, there are solutions that expand the functionality of conventional accounting applications. Many of them are web-based and affordable to the small and medium sized businesses. These solutions offer built-in best practices which help standardize processing, boost efficiency, and focus businesses on their core instead of the time consuming paperwork that surrounds their core.

 

Standardization is becoming essential to create efficiencies in business process. As my beloved marketing prof repeatedly broadcasted, "KISS, Keep It Simple Stupid" in other words don't get caught up in the complex when there are proven simple ways to process your ap.

Payables Pain: Driven to Find a Better Way

This is our very first Blog post. Thought I'd kick it off with why Bean was founded.

Before starting this business I was the CFO of a medium sized business for 5 years. I spent a lot of time dealing first hand with processing bills in accounts payable. Many hours wasted in front of a copy machine and having a hard time finding invoices in filing cabinets that had taken control of our office space. Even worse the pain of pulling them from long term storage. Plus the time we spent doing data entry or fixing mistakes when we could have been doing something more important.

I thought to myself ‘there has to be a better way'. After some research I found that unless your company had a budget of hundreds of thousands and internal IT knowledge there was nothing out there to help automate your AP. Worse there was zero available to help with rebilling or compiling client reimbursables. And our company had tons.

It just seemed with all the technology out there this problem would have been solved by now. But it wasn't. The opportunity was clear as day. Create a system from start to finish that manages the AP process, makes it quicker, easier, add controls with immediate access to records like google. The benefits are obvious and vast. Cost savings being first, especially people's time. Then all the office costs like storage and copies. Then add up all the other benefits like improved accuracy, control, process management and less errors. Combined it all makes a strong value proposition.

Beanbills technology was created to focus on the combined strengths of people and technology. Ultimately, why are we still doing tasks computers can do better? There will always be a place for both so why not make the best of both.  Use technology to rid ourselves of all those manual paper based problems, free up our office time for more valuable work.

And why the name Bean Services? There are so many boring systems and companies out there in accounting. We wanted to break the mold with something fresh, fun and friendly. So Bean was born.