Tipalti is an accounting and financial technology business that provides accounts payable, procurement, and global payments automation software for businesses. Its technology is trusted by over 2000 users worldwide.
Tipalti is a subscription-based solution that requires users to pay before use every month. The different plans available on this software are designed to grow with businesses and meet their unique needs at each stage of development. Currently, there is only one basic plan available on this platform: Tipalti Express. However, other plans can be accessed on request when you reach out to Tipalti support for inquiries.
At $149 per month, Tipalti Express allows users to carry out basic accounts payable operations such as online and mobile payments, billing and invoicing, approval control, and multi-currency payments. This solution also completes compliance procedures and 1099 tax forms preparation to help businesses comply with prevailing laws and regulations.
On the Tipalti Express plan, users can manage their vendor data for improved CRM and process invoices without hitches. This plan is ideal for small and mid-sized businesses that process and pay quite many invoices daily. Still, it may not be all-encompassing for large enterprises with advanced payables or international tax needs. In this case, large companies will need to contact Tipalti for a custom plan creation.
Tipalti uses cloud-based technology to run its processes like most other accounting solutions; hence, it is relatively easy to use. All you need to do is register your business alongside its branches, subsidiaries, or units to access the software’s features.
While some users may find this software’s interface a little bit complex to navigate, the average user will encounter very insignificant troubles while using it. Its operations menu is easy to locate to help you manage your vendors’ information and complete payments. The real-time reconciliation feature of Tipalti also makes it a stress-free product for your general accounting needs. You never have to worry about entering any data twice.
Having been functional for over a decade, Tipalti has undoubtedly improved its customer base and satisfaction by providing adequate and timely customer support. More than 80% of the positive reviews on this software you’ll find online stems from the impeccable customer support users receive. Below are the ways Tipalti provides support and assistance to its users:
Additional support includes:
Invoice management
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.
Vendor management
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.
Tipalti is an AP software designed to handle bulk payments and invoice processing. It is ideal for mid-sized and large businesses with multiple subsidiaries, units and divisions, and looks to streamline their payments efficiently. It has a fairly simple UI and is easy to use. However, there are guides, blogs and an efficient customer support system to help users overcome problems.
By supporting international payments in multiple currencies and languages; and allowing users to manage vendor data actively, this software stands out among a host of regular accounting software.
