B2B Payments

Sage Taps Beanworks For AP Automation

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Small business FinTech firm Sage is teaming up with an accounts payable management firm in Canada to augment its SME offerings.

The company said Wednesday (Nov. 16) that it will be collaborating with Beanworks to help SME clients streamline AP operations. Beanworks offers small businesses a way to automate the processing, approval and payment of incoming invoices, reports said. Its offerings will be integrated into Sage’s platform.

According to the companies, their partnership aims to boost the rate at which SMEs migrate to digital invoicing and accounts payable processes. The firms stated that just 40 million of the 500 billion invoices sent to companies every year are converted to an electronic format.

“Beanworks and Sage both share a common goal, and that is to empower accounting teams and businesses to succeed,” said Beanworks Chief Executive Officer Catherine Dahl in a statement. “Our holistic approach to workflow automation and commitment to clients will enable us to ensure a successful partnership with Sage.”

In a separate statement, Sage EVP and Managing Director of Canadian Operations Paul Struthers described their collaboration as “hugely important” for the company.

“Our customers are always looking for ways to optimize and streamline their processes, and having Beanworks’ solutions integrated into our business management portfolio of products will enable them to do just that.”

Beanworks has tapped other SME FinTech players to integrate its accounts payable solutions. Earlier this year, the company announced another collaboration with Cambridge Global Payments to enable the latter’s cross-border payments offerings to include AP automation features. That deal made Beanworks Canada’s sole accounts payable automation company that can support cross-border B2B payments.

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