For high-velocity businesses, Tipalti provides a comprehensive, multi-entity-ready accounts payable solution that automates the end to end supplier payment process. This enables their customers to focus on more strategic initiatives, as opposed to spending time on manual AP work. Be certain to watch Insightful Accountant's First Look Video of Tipalti with Liz Scott to get a great overview and see this accounts payable solution in action.
Tipalti's AP software automates the entire invoice-to-pay-to-reconciliation accounts payable process, wipes out up to 80% of manual accounts payable processes and scales to meet your operational growth. It also improves compliance and financial controls, reducing risk and employing best practices needed to scale.
Every step in the payables process is fully self-contained and backed with artificial intelligence (AI) and machine learning. That includes on-boarding and managing global suppliers, instituting procurement controls, streamlining invoice processing and approvals, PO matching, executing worldwide payments and reconciling payables data.
In addition, Tipalti offers advanced global AP capabilities such as early payments, multi-entity AP, Multi-FX and FX-hedging.
So, let's look at the Tipalti payables process in a little greater detail.
Ensuring Vendors are Payable
Using Tipalti's brandable portal will ensure your vendors are on boarded properly. They know if they are going to get paid, which means it is up to them to provide the correct contact and bank account information. This will relieve your team of the constant back and forth to record key vendor information. In addition, they must provide accurate information for IRS validation and document their tax status.
Tipalti enables your brand to take center stage in the Supplier Management system designed to guide your vendors through submitting their contact information, banking details and tax forms. The intelligent, self-service portal makes it effortless to onboard vendors, while simultaneously improving supplier relations via a simplified, best-in-class web payments experience.
Be certain to download the FREE Tipalti white paper titled, "The Holy Grail of Accounts Payable."
Vendor Invoicing Options
Vendors have the option of either uploading their invoice(s) using the Supplier Hub or emailing your payables alias. Every invoice is processed seamlessly using Optical Character Recognition (OCR), machine learning and managed services upon receipt. The data is then populated automatically into Tipalti, where any missing characters from the cloud-AI are human validated.
All Purchase Order-based invoices are matched using both a two-way and three-way approach. Tipalti's machine learning will prefill a majority of the accounting information and approval routing data based upon similar past invoices.
For suppliers, Tipalti makes submitting bills super easy. They can submit invoices through email or upload them directly to their secure portal and track their progress. In addition, all invoices and their complete lifecycle, from payment execution to reconciliation, can be managed and reviewed in the Tipalti AP Hub.
You can even automate communications to your suppliers via the Hub to send status notifications or allow online self-service access to the vendor's invoice and payment history.
Tipalti helps ensure IRS tax compliance with KPMG-approved tax form data validation and withholding calculations. Tipalti guides suppliers to choose the correct form and digitize the tax form; W-9, W-8 Series. At year-end, Tipalti generates 1099/1042-S tax preparation reports and calculates any necessary withholdings.
Processing Has Never Been Easier
Tipalti means never keying in another invoice. Optical Character Recognition (OCR) technology eliminates tedious invoice data entry. In addition, layers of machine learning and managed services improve the performance of future invoices—helping you achieve a touchless invoice process.
Approval Routing is Automatic
Business rules assign bill approvers, bill level coding such as departments and accounts, and payer entity. In addition, you can configure rules to determine if inbound invoices should be matched based on your company's policies. All rules are customized to align with your company's needs.
And Tipalti allows for unlimited invoice approvers and configurable workflows through the AP Hub to strengthen your internal controls. You will be able to eliminate the lengthy process of manually chasing down approvers for their sign-off.
Payment Processing that Meets Your Requirements
Every system on the market can pay a bill, but that does not mean they can process hundreds or thousands of invoices. Whether you are paying multiple invoices in a single workflow or a batch, Tipalti can process payments that meet your requirements.
You can schedule payments in different methods, countries and currencies in a single application, then automatically remit to suppliers in all payment methods with no interaction required by your staff. No matter your requirement, Tipalti can make global payments to over 196 countries, using 120 currencies across six payment methods, in a few clicks.
In addition, Tipalti allows you to segregate duties by separating approvals for invoices from the actual cash distribution duties. Easily aggregate invoices for payment regardless of source or payment method being used. You even have the flexibility to put specific invoices on hold within a batch for payment later or automatically hold payments based on funding limitations.
Along with payment processing, Tipalti integrates real-time reconciliation with your accounting system/ERP once payments are made. This ensures a complete and accurate audit trail of the supplier transactions and the payment process as a whole.
This means Tipalti enables companies to scale quickly by making payables strategic with operational, compliance and financial controls. That is why it is the ideal upgrade from accounting products alone or other AP automation products.
Tipalti and QuickBooks
As I just told you, Tipalti integrates with numerous accounting systems. It integrates with all major ERPs and accounting systems, syncing with subsidiary General Ledgers to ensure payables information is up to date while accelerating the financial close by more than 25%.
Of interest to you—our readers—Tipalti does have direct integration with QuickBooks Online (all versions except self-employed). The integration permits vendors to be synced bidirectionally. Bills and payments processed within Tipalti are synced to QBO along with their details.
In addition, the appropriate General Ledger accounts for bill coding, payment terms, departments and locations are synced as part of the integration.
Tipalti also can update QuickBooks Desktop to maintain the accuracy of accounts payable data using Transaction Pro Importer. Once the integration is completed, newly recorded vendors are updated between Tipalti and QuickBooks Desktop. Bills and payments processed using Tipalti are then synced along with their details to QuickBooks Desktop.
For Our Xero Readers
While Tipalti currently is working on becoming listed in the Xero App Center, they do integrate with Xero at this time. At present, many businesses are using Tipalti for accounts payable with Xero and saving time on invoice processing, scaling payables to grow their businesses and reconciling payments with rich detail into their Xero accounting.
You will find more information about the integration on the Tipalti – Xero integration webpage.
Wrapping It Up
For QuickBooks Online users with complex AP looking to reduce their workload related to managing supplier payments, especially globally, Tipalti has the perfect platform. The system addresses both the complexities of workflow stemming from operational variations, while also streamlining supplier on-boarding, managing tax compliance, processing global remittance, and simplifying payment reconciliation—all synced with QBO.
Suppose you are a growing small business or a mid-market company with complex Accounts Payable that seem to be consuming all of your time, especially if your AP involves global suppliers: You definitely should check out Tipalti and their QuickBooks Online integration. You will find them on the Tipalti landing page in the Intuit QBO App Center or the Tipalti homepage.
You can request a demo by CLICKING HERE.
In addition, be certain to download the FREE Tipalti white paper titled, "The Holy Grail of Accounts Payable."
Tipalti | First Look
Interested in learning more about AP Automation? Check out this ebook - Achieving Peak Efficiency with Tipalti and QuickBooks
Acknowledgments and Disclosures:
Graphics and content used within this feature were derived or adapted by the author in part from Tipalti source materials, including the Tipalti Website and the Tipalti landing page at the Intuit QuickBooks Online App Store. Adapted source materials published within this feature by Insightful Accountant are for educational and product promotional purposes only.
QuickBooks, including QuickBooks Online, as used herein refer to one or more registered trademarks of Intuit Inc., a publicly-traded corporation headquartered in Mountain View, California.
Tipalti, as used in this article, refers to products developed by and registered to Tipalti, founded in Herzliya, Israel, with Headquarters in San Mateo, California. Tipalti currently has five other offices located around the world.
Any other trade names used or displayed herein that refer to registered trademark products are held by their respective owners. They are referred to or displayed for informational and educational purposes only.