What is Tipalti?
Industry Specialties: Business Services, Software and Technology, Ecommerce and Retail, Marketplaces and Gig Economy, Video and Digital Media, Video Gaming, Finance Services, Online Services, Education, Healthcare, Advertising Technology, Affiliate and Influencer Networks
Benefits and Insights
Key differentiators & advantages of Tipalti
- Initiate Supplier Collaboration: Thanks to the supplier management module, it's possible to input information into the Supplier Hub extension that's either hosted by Tipalti or a white-labeled iFrame that easily meshes with the HTML of a user's website. Users can personalize the Supplier Hub to match their brand's appearance, allow their suppliers to upkeep accurate information about their data and deplete duplicate registrations to ensure an orderly vendor master file.
- Group Invoices: Handle numerous invoices in a batch or single workflow with the payment processing tool in the invoice management element. It's feasible to classify invoices for payment no matter which organization they're from or what payment method they're implementing. Promptly separate approvals for invoices and the actual maneuvering of cash to carry out diverse duties. Users may also instantly hold supplier payments if competent funds aren't available.
- Establish Varying Tolerances: Instead of manually evaluating every mismatch found in invoices, POs or receiving reports Tipalti allows users to develop tolerance boundaries in accordance with amounts or percentages so an invoice is still labeled "considered" if it falls within the tolerance benchmark. It's possible for users to produce rules for freight, delivery, taxes and discounts as well as slash the quantity of exceptions that need more investigating. Users can enhance first-time match rates to pare expenses.
- Comply with Tax Regulations: The Tax and VAT compliance element aids users in following IRS tax provisions to a tee and updates in real time. It enables users to require all payess to complete the proper tax forms or input their VAT or local tax ID for the self-registration process. Users can define tax ID submission as a requirement during onboarding whether or not they hit the IRS $600 benchmark.
- Robust Controls to Oversee Funds: Secure funds that leave users' companies by employing strong internal controls to manage payment operations with the global payment function. It also comes with unlimited payment approvers, modifiable workflows and role-based access. Users can initiate audit trail logs to chronicle user activity within the application to verify they consistently have an auditable archive.
- Conduct Internal Self-Billing: Automatically direct bills for approval after invoices have been drafted via comma-separated values (CSV) or with the Tipalti application programming interface (API) with the self-billing module. Users can draft and deliver bills to their internal finance team for approval and carry out payments according to payee preferences.
- Clear Transaction Insights: The payment reconciliation appliance exhibits elaborate knowledge for each attempted and completed payment. Reports auto-highlight unmatched transactions to payout bank account statements and payout instructions such as rejected payments. Users can export these reports to Excel spreadsheets for additional evaluation for a speedy month-end close.
- Easily Detect and Rectify Fraud: The Tipalti Detect accessory supervises the full supplier payments operation to surveil applicable data points— i.e., contact details, account numbers, emails and payments — pinpointing patterns to identify possible fraudsters within your network.
- Collect Tax Forms: The tax form selection wizard on the supplier management appliance permits users to browse and choose the exact forms with more than 1,000 rules and TIN matching confirms details. There are end-of-the-year 1099 and 1042-S reports that offer submission-ready documents to superintend reporting to federal and state authorities including withholdings. The tax compliance features are KPMG-approved IRS requirements-friendly. Non-US payers may implement local tax/VAT ID collection for 49 countries. This extension collects W-9/W-8 tax forms during the onboarding processes and verifies tax details to avoid backup withholding repercussions.
- Swiftly Send Invoices: Suppliers can send invoices via email or upload them to their portal to track their progress with the inventory management component. Review every invoice's lifecycle from payment to reconciliation with Tipalti's AP Hub. Users can deliver invoices directly to their accounts payable alias, import them directly from the Supplier or AP Hubs and duplicate protection notifications if the bill looks similar to a previous invoice.
- Customize Purchase Orders (PO) Agreements: Work with PO operations that save users time and effort thanks to the PO matching apparatus. Users gain greater compliance with their company's purchasing policies. Every invoice goes through benchmark optical character recognition (OCR), advanced data collection and approval operations before the payment is processed. Users can establish rules to assess whether or not an invoice is PO-backed and if it needs to go through the matching process. This module bases rules off suppliers or bill amounts and if an invoice has a PO, it will use a PO bill coding information to pre-populate the invoice.
- Meet International Tax Compliances: Local and VAT tax ID collection is available for non-US payers thanks to the tax and VAT compliance feature. This tool can monitor document collection for European regions so vendors may add supplementary information accordingly and activate self-billing invoices when suppliers need to approve invoices before handling them. Users gain the capabilities to collect and validate local and VAT tax IDs in numerous countries and validate more than 3,000 rules to prevent errors with the built-in tax engine.
- Full Payment Visibility: The global payment appliance enables users to keep their suppliers in the loop about processed payments in addition to failed payments and why they failed. Suppliers may also review their complete payment history with the online portal function, eliminating spent-hours on troubleshooting. This component notifies payees if additional details are needed to complete the payment, whether or not tax forms need updates and more. Each payment conversation and self-service portal access are white-labeled to guarantee the brand is upfront and center with suppliers.
- Perform Payee Approval Self-Billing: Thanks to the self-billing appliance, users can generate bills and mark them as pending payee approval or pending payee invoice, which is dependent on your country. This apparatus formulates bills via API or CSV and enables payees to receive email alerts to approve bills. Payees can approve bills or provide emails as well as initiate payments that align with payee preferences.
- Integrate with Other ERP and Accounting Software: Users can automatically sync payment results with their ERP or accounting solutions with the payment reconciliation tool. This reduces extra work for teams within a user's business, diminishes errors and depletes unnecessary stress during close processes. The accounts payable reconciliation rapidly enhances operations.
- Upkeep Archives of Suspiscoius Actions: Stay on top of threatening activities by keeping backlogs of case records to know who evaluated a case, when it was evaluated, what was the final outcome and why with the Tipalti Detect appliance. Users can print intricate payee reports to review why a payee was blocked and what stage of risk the payee is in. This tool aids users in stopping swindlers before making a payment, saving their company money.