Quadient launches its accounts payable automation solution Beanworks
Quadient a leader in helping businesses create meaningful customer connections through digital and physical channels, today announced the launch of Beanworks by Quadient in the United Kingdom (UK) and France. The leading accounts payable (AP) automation solution provides accounting teams with a faster, more secure and easier way to approve invoices and pay vendors from anywhere.
Beanworks by Quadient has been growing in North America since 2012, with businesses now processing more than €14bn a year through the platform. The cloud-based AP workflow provides a multitude of benefits to accounting and financial teams looking to simplify time-consuming invoice management processing, reduce fraud risks and manage AP with remote workforces.
The solution offers teams robust features such as automatic data capture, multi-level invoice approval channels and purchase order matching. Users also benefit from real-time status updates on invoices, access to AP inboxes, payment approvals and workflows that reduce the need for time consuming and error-prone data entry. The Beanworks AP solution currently integrates with market-leading financial software including QuickBooks, Sage 50, Sage 100, Sage 200, Sage 300, Sage Intacct, Microsoft Dynamics GP, Xero, and NetSuite.
Accelerated by the global pandemic and the increase of remote work, the global market for AP automation is experiencing significant growth. Adroit Market Research predicts the AP automation market will reach $4bn by 2025. UK and French businesses of all sizes are beginning to reflect on the benefits of digitising their financial processes and shifting to electronic payments with the emerging e-invoicing regulations in these countries.
“The launch is very timely for midmarket accounting teams in these two new markets, as the UK recently implemented electronic invoicing legislation that requires public companies to process digital invoices, as well as in France, where a similar mandate between taxable persons will be enforced by 2024,” says Chris Hartigan, chief solutions officer, Intelligent Communication Automation, Quadient. “Considering the rising demand for e-invoicing in these regions, we are confident that the secure workflow automation we provide will not only be beneficial, but also indispensable to the accounting teams looking to digitise AP processes.”
Beanworks is part of Quadient’s best-of-breed and cloud-based Intelligent Communication Automation solutions portfolio, which also includes Quadient’s YayPay accounts receivable (AR) solution. Quadient’s comprehensive SaaS AP/AR automation solutions offer a simple and complete way to successfully address the emerging e-invoicing regulations and the growing demand for cash flow management solutions. Since acquiring Beanworks in March 2021, Quadient has significantly accelerated its expansion.
“As we make the Beanworks AP automation solution available to UK and French customers, we continue to advance our strategic ambition to become a leader in cloud-based business communications and financial processes automation,” added Geoffrey Godet, chief executive officer of Quadient. “Quadient’s mailing automation solutions customers are looking to digitise their processes to work more efficiently and accelerate payments, and with the integration of Beanworks in our cloud-based software portfolio, our teams can now offer a wider spectrum of solutions to help businesses in their digital transition. We remain focused on maintaining our good momentum in the software business, targeting to achieve an Annual Recurring Revenue of c. €250m for our cloud-based software solutions by the end of 2023.”
