If you run a business then you know that things can get chaotic fast. In busy seasons, smooth operations can feel like an elusive goal, yet securing business, keeping clients happy and maintaining a credible reputation is imperative. Without constant cash flow and a reliable operations system in place, your business would battle with operational efficiency. This is where Tipalti payment automation software comes in.
Accounts payable (AP) plays a significant role in building a company’s credibility and success, yet it is often overlooked as an integral part of operations. Plus, in today’s global business marketplace, it’s become more challenging than ever to navigate. AP teams often grapple with complex processes, compliance issues, and the need for accuracy. But, if suppliers don’t get paid timeously, your business operations are at risk.
In this article we take a look at Tipalti payment automation software and how it can benefit your business.
Tipalti Payment Automation Software
It is not uncommon for people to associate payment automation with invoice processing. While invoice management is a crucial component of AP, it only accounts for one part of the AP workflow.
Accounts payable covers a wide array of interconnected functions that include supplier onboarding, vendor maintenance, currency conversions and adherence to tax regulations for multi-state and global payments. Tipalti offers just that – a comprehensive payment solution designed to automate and simplify all tasks that form part of the AP workflow. The software leverages artificial intelligence and advanced data analytics to automate regular payments and make AP processes more efficient overall.
They offer the following features:
- Streamlined supplier management with a multi-language supplier portal
- Touchless invoicing where machine learning captures, matches and processes invoice data
Simple global payments with accurate mass payments across different countries - IRS tax compliance
- Automated two and three-way purchase order matching to reduce the risk of overpayments
- Payment reconciliation that integrates with your accounting software to streamline financial closures.
5 Benefits of Tipalti AP Software
The advantages of AP automation are well-established and compelling. Finance departments can achieve numerous benefits by automating their AP operations:
1. It offers increased efficiency
Manual AP processes often leave staff with too little time in a day. Digitizing receipt management and automating invoice processing free up time. This allows staff to concentrate on value-added activities.
2. It reduces the risk of errors
Duplicate and erroneous supplier payments can be harmful to your profitability. Tipalti reduces the risk of errors by eliminating manual tasks like invoice data input, general ledger coding, and approval tracking. The automation aids in reducing errors to give your business the peace of mind of accurate financial records.
3. It standardizes decision-making protocol
In many AP departments, decisions rely on individual staff members’ judgment. AP automation solutions ensure consistent, rule-based task execution, giving AP managers full visibility.
4. It supports optimum supplier relationships
With Tipalti suppliers can submit invoices effortlessly, receive instant confirmation, check real-time invoice statuses, access payment history, and communicate with AP staff. This promotes successful relationships with suppliers.
5. It offers better cash flow and expense visibility
Tipalti gives you real-time insights into cash flow and corporate spending through graphical dashboards and ad hoc reporting. This serves as a more accurate and successful means of analyzing expenses than spreadsheets.
6. It integrates with accounting software
Tipalti integrates with major accounting software platforms like NetSuite and QuickBooks, making it easier for you to reconcile your financials, account for tax deductions accurately and more.
By automating and streamlining accounts payable processes, businesses can enhance efficiency, accuracy, and compliance while gaining valuable insights into their financial operations.
At Fusion, our CPAs are passionate about empowering businesses with software solutions that help them thrive in an increasingly competitive business landscape. We can help you implement software integrations that streamline your operations. Contact us today!
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This blog article is not intended to be the rendering of legal, accounting, tax advice, or other professional services. We base articles on current or proposed tax rules at the time of writing and do not update older posts for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.
