Beanworks Accounts Payable is a cloud-based automation solution that integrates seamlessly with ERP accounting systems to help accounting teams run more efficiently, and spend less time on manual, error-prone tasks like data entry. The 360-degree AP platform offers four key modules; automated approval routing for POs, invoices, expenses and payments, offering a central online AP platform for multiple locations and legal entities.
As one of the only multi-tenant AP Automation solutions designed for the mid-market, the robustness and configurability of accounting workflow is one of Beanworks most celebrated attributes and specifically called out by customers when reviewing the product online. One of the most cost-effective solutions available, Beanworks offers the same functionality as many of the enterprise level software solutions yet costs significantly less. Plus, onboarding is a short process which also differentiates Beanworks from competitors. Going from signed contract to live and fully using the system can take as little as 1 business day.
Beanworks offers an end-to-end, SaaS-based account payable platform that helps businesses drive efficiency and manage vendor relationships. It has a recurring revenue model and a track record of high double-digit annual revenue growth. The company supports the AP processes of 1,000 + customers that, combined, currently process more than CAD 16.1 billion a year through the platform. In a rapidly growing market, Beanworks is a leader in global AP automation.
Beanworks, a high-performing fintech company, was founded in Vancouver in 2012, starting with 4 people. Over the past 10 years, we have grown into a $10M+ business with 141 employees. Our fast-paced growth is due to the focus and drive of our leadership team, and the tight-knit, supportive culture they have fostered inside Beanworks.
Beanworks achieved a major milestone in 2021: it was acquired for $105M by the global powerhouse Quadient. The acquisition adds to the growing list of successful B.C.-based tech startups incubated in the province and achieving global market share in rapid order. What makes this exit exciting for the B.C. technology community is the mandate to grow the company from the Vancouver headquarters. Since the acquisition, Beanworks has hired over 50 full-time employees with a mandate to grow and become a top employer in the province.
Earlier this year, Beanworks launched its AP automation solution in the UK and France. Accelerated by the global pandemic and the rise of remote work, the global market for AP automation is experiencing significant growth. The UK recently implemented electronic invoicing legislation that requires public companies to process digital invoices, and, similarly, by 2024, France will be enforcing a mandate between taxable persons. The global demand for AP automation is expected to be $3 billion-$3.2 billion by 2026, an increase of 21% from the current $1 billion-$1.2 billion.
Catherine Dahl – Chief Executive Officer
Tracy Huitika – CTO
Karim Ben-Jaafar – CRO & President