Beanworks, accounts payable (AP) automation software, is expanding its existing partnership with Rent Manager, property management software to include its payments module. This enhancement enables property managers to replace paper checks with automated payments that can be reviewed and approved by managers from anywhere.
According to Business Insider, leveraging digital payables platforms can result in 81% lower processing costs and 73% faster processing cycle times. They also reduce the risk of fraud and abuse in AP by introducing more robust approvals and a digital audit trail to prevent mishaps such as duplicate or fraudulent vendor payments.
With AP automation, accounts payable becomes an entirely paperless experience from purchase orders to payments. Users can easily keep track of AP documents online, approve invoices and payments, review statuses, and generate payables reports.
“We are thrilled to further enhance the user experience for Rent Manager customers by adding electronic payments with approval workflow,” says Catherine Dahl, CEO of Beanworks. “In light of the disruptions caused by the pandemic, we are pleased to support accounting teams in managing accounts payable process from anywhere, end to end, while strengthening control of their cash flow.”
“The Rent Manager team is dedicated to providing a network of choice for customers through our Integrations Program,” says Patrick O’Hearn, Rent Manager’s Senior Channel Partner Manager. “We’re excited that our platform has enabled Beanworks to enhance their integration and better meet the needs of the property management industry.”
Disclosure: This article includes a client of an Espacio portfolio company