Tipalti's online accounts payable platform is designed for small and midsize businesses with 100 or more suppliers or 1099 contractors, including international ones. It estimates that it can eliminate 80 percent of your accounts payable workload by automating multiple processes, including supplier onboarding, invoice processing, tax and regulatory compliance, and account reconciliation.
Tipalti doesn't post its pricing online, and the cost varies by company, depending on the number of invoices you have each month and other factors, so you'll need to call the company for a quote specific to your business.
Ease of Use
Because this is a cloud-based platform, there's no software to install, allowing you the ease of logging in to your account from any computer with a browser. The company can host your supplier portal, or, if you already have a website that you want to add it to, you can do so by adding a few lines of code.
Tipalti boasts automations for every step of the accounts payable process, reducing the time it takes to pay your vendors. Here are some examples:
- Its self-service supplier's portal transfers the task of entering your vendors' preferred payment method, bank routing information, tax forms and IDs to your vendors. The software then validates the data by cross-checking it against 26,000 international rules to prevent payment issues.
- Your vendors fill out W-9 or W-8BEN tax forms in the portal, and a questionnaire is available to help them figure out which one they need to provide. This saves you the hassle of tracking down these forms at the end of the year.
- When your suppliers email invoices or upload them through the portal, the software uses optical character recognition technology to extract the data into the system so you don't have to manually key it in.
- Multiple payment methods are available; your customers can choose to receive their payments via ACH (U.S. and global), wire, prepaid debit card, PayPal or check.
- It supports payments in 120 currencies across 190 countries, saving you the hassle of figuring out currency conversions.
- Tipalti's Detect Risk module ensures your payees aren't flagged on watch lists for terrorism, drug trafficking and money laundering by cross-checking Do Not Pay lists from the Office of Foreign Assets Control. It also searches for suspicious behaviors, such as multiple accounts with the same payment details.
- It has real-time payment reconciliation and accounts payable reporting that you can export to Excel. Other available reports include payee lists, invoice details, tax reports and transaction history.
- Integrations are available for a handful of third-party systems, and the company provides APIs that you can use to integrate the platform with your accounting software or ERP.
- Tipalti has several resources on its website that you can consult to learn more about its features, including a blog, FAQs, and a learning center with whitepapers, case studies, reports, webinars and calculators.
- You can contact the company for customer support by phone or email.
- It doesn't post its pricing online, so you'll need to contact the company for a quote.
- Unlike most accounting software, it doesn't offer a 14- or 30-day free trial; rather, you can register for a product tour.
- It's not a complete accounting solution; you'll need another system for your accounts receivable processes.
Tipalti is an impressive accounts payable solution for businesses with a large number of suppliers, particularly those that work with international vendors, as it can facilitate payments in 120 currencies for businesses in 190 countries. Your suppliers can choose how they are paid, whether by ACH, PayPal, wire, debit card or even paper check. Its automations save you time by eliminating invoice data entry and other tedious tasks. However, it's for accounts payable only, so you'll need another program for accounts receivable.
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