10 Performance Excellence Awards 2021
Accounts payable automation benefits are numerous, particularly for companies making business-to-business (B2B) payments. The accounts payable (AP) process serves as a guardian of the funds distributed by a business. Once those funds have been applied to an invoice, they can be extremely difficult to retrieve in instances of double payments, accidental payments, and especially in occurrences of internal fraud. Specifically, AP automation lets you submit and approve purchase orders and invoices digitally, rather than dropping them physically in in-trays. Some solutions will read invoices and extract information themselves, which means no data entry for anyone on your team. Slow, manual processes should be a thing of the past. Smart businesses already know how much more productive and efficient their teams become once they automate the repetitive, time consuming parts of the day to day. And accounts payable is a rich hunting ground for processes to upgrade.
Tipalti is the only global payables automation solution to streamline all phases of the AP and payment management workflow in one holistic cloud platform. Tipalti makes it painless for accounts payable departments to manage their entire supplier payments operation. The solution addresses everything from supplier onboarding and vetting, to tax and regulatory compliance, invoice processing, payments to suppliers anywhere in the world in a wide range of payment methods and currencies, supplier payment status communications, to closing the loop with payment reconciliation and reporting.
Innovative companies use Tipalti to eliminate up to 80% of their supplier payment workload, helping them scale their business efficiently with global growth, while strengthening financial and compliance controls and while enhancing the partner payment experience. Companies like GoDaddy, Houzz, Amazon Twitch, and Vimeo and hundreds of others trust Tipalti to elevate their global supplier payments operation.
Revolutionary Accounts Payable Automation Products Furnished
Supplier Management System: Designed to easily guide suppliers through submitting contact information, banking details, and tax forms, Tipalti’s intelligent, dynamic self-service supplier portal helps you effortlessly onboard vendors while improving supplier relationships with a best-in-class, web-based payments experience – all done in a few simple steps. Tipalti lets your brand take center stage with its Supplier Hub that can either be hosted by Tipalti or a white-labeled iFrame that embeds securely in the HTML of your website. Self-service makes it easy for suppliers to onboard quickly. Tipalti gives global payees the flexibility to choose how they want to be paid and in what currency. Tipalti provides clear visibility into any related transaction fees, while helping keep your company in full tax and regulatory compliance.
Procurement Management: Modernize your procurement operations with a powerful, easy-to-use solution that lets you capture purchase requests, streamline approvals, onboard vendors and manage POs. Tipalti Approve helps teams stay in control of purchasing, eliminates off-budget spending, and reduces financial and compliance risk. With simple, predefined custom forms, employees can easily submit purchase requests. This centralizes control and ensures you collect all critical information upfront, including employee need, amount, budget item, and vendor and billing data. Eliminate approval issues on emails, tickets, and spreadsheets. With automated approval routing, there are no bottlenecks or not assigned stakeholders.
Invoice Management & Bill Processing System: Revamp your legacy invoice process with automated invoice capture, approvals, payments, and reconciliation in a single end-to-end AP platform to boost efficiency and standardization. This is REAL AP Automation done right. Tipalti doesn’t end with invoice processing. It enables full payment and reconciliation processes to complete the complex, manual business cycle. Submitting bills is super easy for your suppliers. To centralize invoice receipt, suppliers can submit invoices through email or upload directly to their secure portal and track their progress. All invoices and their complete lifecycle, from payment execution through to reconciliation, can be managed and reviewed in the Tipalti AP Hub. Optical Character Recognition (OCR) technology eliminates tedious invoice data entry. Layers of machine learning and managed services improve the performance of future invoices.
PO Matching: Reduce waste and streamline your accounts payable operations with purchase order matching integrated seamlessly with your end-to-end AP workflow. Tipalti’s modern user experience helps drive high process adoption, so buyers and suppliers comply with your PO policy to control company spend. Purchase order processes that work for you and save time. Ensure greater compliance with your company’s purchasing policies. All invoices go through the standard OCR, advanced data extraction, and approval workflows before payment is processed. Built for 2-way and 3-way matching, Tipalti provides the flexibility you need to eliminate overspending. Even if an invoice is auto-matched, you can still require additional approvals before payment is processed.
Tax Compliance for Accounts Payable: Tipalti solves the complex; highly-manual process of collecting tax information through digital capture directly during the onboarding flow, ensuring information is validated before a payment is ever processed. Help ensure IRS tax compliance with KPMG-approved tax form data validation and withholding calculations. Tipalti’s tax solution for US payers simplifies the process and helps your company comply with IRS tax provisions. You can require all payees to fill out tax forms or provide their VAT/local tax ID as part of self-registration on the Tipalti portal. You can rest easy knowing your AP operation is always up-to-date with the latest US tax laws. Tipalti’s guided tax form wizard helps suppliers of US payers choose the correct form based on country and business structure.
Tipalti Detect℠: Tipalti Detect uses current and historical information on all of your payees to perform risk checks that determine if a payee is related to other blocked or suspended payees, or if there are multiple accounts with the same payment method details, SSN, EIN, email (for PayPal users), address, company, name, or phone number. Its complete risk tracking built in to augment your fraud protection programs. If there is a risk match on a payee or payment, Tipalti Detect automatically opens a case and notifies your finance team users with the appropriate permissions, who can then review the case details and determine the next course of action from the Tipalti AP Hub. Filters make it easy to drill into cases and easily identify risk triggers so you can investigate quickly and efficiently. Audit trail and notes keep logs of case records, so you know who reviewed a case, when, what the outcome was, and why. You can also generate detailed payee reports to get insights on why a payee is blocked and what stage of risk review the payee is in. Get the visibility you need to stop fraudsters prior to making a payout, saving you money.
The Formidable Leader
Chen Amit is the Co-Founder and Chief Executive Officer of Tipalti. He is a veteran high tech executive and repeat entrepreneur. Prior to Tipalti, Chen was CEO of Atrica, a Carrier Ethernet company that Nokia-Siemens acquired. Before Atrica, Chen was co-founder and CEO of Verix, a provider of business intelligence software. At ECI Telecom, Chen founded their ADSL business unit and led it from inception to $100 million in annual sales. He earned a BSc from the Technion, Israel Institute of Technology and an MBA from INSEAD.