Product Overview of Tipalti
Tipalti is a comprehensive global payables automation software designed to streamline and manage the entire accounts payable process for businesses, particularly those dealing with global payment operations and high transaction volumes.
Key Functions
Accounts Payable Automation
Tipalti automates various aspects of the accounts payable workflow, including invoice processing, payment execution, and reconciliation. It leverages OCR technology to capture invoices, machine learning to read invoice data, and predictive analytics to expedite coding and approval routing.
Global Payments
The platform supports multi-currency payments with country-specific banking details and offers over seven payment methods. It automates the collection and validation of bank details and tax forms, significantly reducing the AP workload by up to 80%.
Tax and Regulatory Compliance
Tipalti ensures compliance by collecting tax documents (such as W9 and W8 forms) and providing 1099 services. It also scans payees against global blacklists to maintain regulatory adherence.
Procurement Management
The software automates purchase orders (PO), including creation, approval, and sending of POs. It supports 2-way and 3-way matching of POs with invoices and receipts to prevent overspending. Additionally, it offers supplier management through multilingual, self-service portals and integrates with Amazon PunchOut for seamless ordering.
Expense Management
Tipalti automates expense reporting, allowing employees to track, submit, approve, and reimburse business expenses. It includes spend analytics, corporate card integration, and mobile access for on-the-go expense reporting. The platform also uses AI to detect and prevent fraudulent activities.
Key Features
Vendor Management
Tipalti holds information related to vendor terms and contracts, and automates vendor communications, including notifications for payments and any issues that may arise.
Approval Workflows
The platform allows for customizable approval workflows, ensuring that payments and invoices are approved according to predefined rules and executive approval requirements.
Reconciliation and Financial Reporting
Tipalti performs real-time payment reconciliation, updating connected ERP and accounting systems (such as Oracle NetSuite, QuickBooks, and SAP) with payment data, including transfer or conversion fees. This accelerates the financial close process and ensures accurate, updated payment data.
Mass Payments
The software is capable of managing large-scale payouts to freelancers, affiliates, and other contract workers across 196 countries in 120 currencies through more than 50 payment methods.
Integration and Scalability
Tipalti integrates with various ERP and accounting systems, providing a unified solution that supports multi-entity and multi-currency operations. This integration helps businesses improve efficiency, reduce errors, and ensure timely payments.
Additional Benefits
Fraud Detection
Tipalti includes robust fraud detection mechanisms to secure transactions and prevent fraudulent activities proactively.
Cost Reduction
The platform reduces direct payment costs by over 20% and minimizes manual effort, allowing finance teams to focus on strategic activities rather than the minutiae of accounts payable.
Overall, Tipalti is a holistic cloud platform that automates all phases of the accounts payable and payments workflow, making it an essential tool for mid-sized to large businesses handling global payment operations.