Tipalti far exceeds the conventional invoice management product. It is designed to handle invoices in their hundreds and thousands, depending on your business conditions. And you can easily categorize your suppliers’ invoices and schedule them to be processed at your pace. This system also allows you to automatically move invoices to their approval and payment points so you can focus on other essential aspects of your business.
On receiving an invoice from your vendor, the system scans the invoice and captures relevant data using optical character recognition. When you’ve manually reviewed the invoice, the system’s intelligence identifies the changes you’ve made and applies them in subsequent invoices. And when it is time to pay, you can choose from different payment methods for each invoice or category of invoices.
Facilitates Error-free Mass Payments
The functionality is based on 26,000 system rules that facilitate identifying payment process-related errors. This structure has built-in intelligence that actively detects payment inconsistencies to minimize mistakes. Payment channel details like OFAC blocklists and SWIFT codes are usually automatically vetted before payments are completed.
An accounts payable solution will lose its savor if AP experts have to spend considerable time logging in vendor data each time a payment has to be completed. As a result, Tipalti features a Supplier Hub hosted on your company’s website and allows you to manage your vendors’ information actively. It securely collects vendor data on your first payment to them and then maintains it for subsequent payments.
You can customize the Supplier Hub to your brand requirements to streamline your AP process and avoid duplicating vendor information. And via this Hub, your payees can choose the payment method and currency best for them – by communicating with you in up to 11 different languages.
Centralize Your Multi-Sourced AP
When you run a business with multiple units, divisions or brands, it can be quite a feat to run their workflows and payables separately and still provide a unified perspective of every process. Fortunately, Tipalti allows its users to link several sub-units and divisions to a single control center. With Tipalti, businesses can operate each unit’s AP under its unique workflow and still access every unit from the unified center.
Consequently, you can categorize different information based on their units and divisions for visibility, reporting, and auditing purposes. Each unit also operates with its unique payment route and virtual accounts and actively reconciles its operations with the control center. Each unit is also able to communicate with its payees via its special email and branding.
Improved Communication with Suppliers
Aside from manual AP process completion, frequent status inquiry calls from suppliers can quickly wear out any AP team. But Tipalti eliminates this problem by automatically updating your suppliers on the status of their payments. They get to receive email and real-time updates on the status of their invoices and payments, so there’d be no need to distract your AP team with ongoing inquiries. When any payment requires additional bank or tax information to be completed, the payee involved is automatically notified, and unnecessary delays are eliminated.