As the Financial Controller of a post-production company, Sue Sharp was all too familiar with the repetitive, low-value tasks associated with bookkeeping. Luckily, Radiant Post Production was able to put Quadient powered by Beanworks automated AP solution to good use to reduce its AP time by 50%. Here’s how it went.
Radiant Post Production: The Problem
Radiant Post Production is a UK-based post-production company that provides services to major broadcasters and other production companies. A large portion of its workforce is remote, and it has recently expanded to open a third office.
Due to the nature of the work, the finance department finds itself processing around 180 invoices a month. For an SMB, this is a considerable amount of work when you factor in the repetitive nature of generating and sending invoices, along with the rest of the AP process.
Radiant’s problems therefore included:
- Streamlining the AP process, specifically the generation and delivery of invoices
- Reducing time spent on approving paper- and email-based invoices (they would typically require notice and approval from 5 people)
- Cutting down costs associated with invoicing infrastructure, such as printing and postage (environmental impact was also a concern)
- Minimising loss and error associated with lengthy AP chains and approval processes
Reviewing the Market for a Solution
Despite there being a clear need for a solution, Radiant Post realised that the AP solution market wasn’t as simple as it seemed. Finding a solution that suited the company’s needs proved challenging due to the volume of invoices it sends and its remote workforce compared to the size of the business. As Sue Sharp states, “all the other software was too complicated for us as a small-to-medium sized business.”
It isn’t until you start dissecting the market that you realise how much variation there can be within the idea of AP automation. After all, no two businesses are the same, and when you factor in size, invoice volume, internal processes and more, it can be difficult to find a flexible solution that can meet the needs of a business.
How Beanworks Revolutionised Radiant’s AP Flow
Radiant Post Production employed Beanworks to overhaul its AP workflow. Our automated solution was able to meet all of Radiant Posts needs related to minimising repetition and improving delivery time.
Beanworks automatically generates invoices on its platform, which eliminates the need for manual generation. This is objectively one of the most time-consuming tasks related to invoicing, and removing it freed up the finance department to focus on higher-value tasks, such as accounting and budget management.
Also, switching to Beanworks’ cloud-based platform removed the need for printing and delivery of physical invoices. Radiant Post was conscious of the environmental impact of paper invoicing, particularly as each invoice would need to be viewed by several remote workers.
Employing a cloud-based solution means unlimited users can access each invoice when needed. Obviously, this reduces the need for long email trails, but it also minimises approval time, as invoices can be checked and approved on an ad-hoc basis.
All this translates to improved productivity across the company, as less time is spent on generating invoices, manually entering data, and chasing remote workers for approval of invoices and POs. Importantly, Beanworks integrates and enhances many of the most popular accounting solutions for an even more efficient workflow.
Getting Started with Beanworks
Radiant Post Production’s streamlined AP process allows for greater collaboration between departments and means the finance team has more time because it no longer needs to manually generate and approve every invoice.
To find out more about how Beanworks can help your company streamline its AP and PO workflow, download the case study today.