Tipalti Automates Your Entire Supplier Payments Operation

About TipaltiWhat is Tipalti_

Tipalti is the only end-to-end accounts payable software to automate the entire supplier payments operation, making global mass B2B payments frictionless & efficient.

What is your App’s name, what do you do, & when did you get published on Intuit’s Apps.com?

Our App is called “Tipalti for QuickBooks Online”. The app provides a cloud-based global payables automation solution that integrates seamlessly with QuickBooks Online. The app was published on the App Store on October 5, 2019. Tipalti has been in business since 2010, with hundreds of fast-growing and midsized clients around the world, but, with this release, we have now deeply integrated the platform with QuickBooks Online, to add even more value to clients.

What was the main problem you were trying to solve when you first developed Tipalti?

Accounts payable is well documented as the #1 most time-consuming function in finance today. Compounding this, trends in the market have moved finance to automate AP, such as the globalization of the supply chain, the rise of the gig economy, increasing tax and regulatory legislation, rising fraud, and increased expectations for the finance function to add strategic value to the business, versus only focusing on running financial operations.

For these reasons, Tipalti built our application to automate the entire workload related to managing accounts payable, encompassing self-service supplier onboarding, AP tax compliance, invoice processing, US and cross-border supplier payments, supplier payment status communications, early payments programs, AP reporting, and fraud and financial controls. With Tipalti, our clients typically automate 80% of the time they were previously spending managing their entire AP workflow, accelerate payment reconciliation cycle times by about 25%, and strengthen financial, tax, regulatory and fraud controls.

With the QuickBooks Online integration, the pre-built integration allows customers to easily combine QuickBooks Online and Tipalti for one automated, powerful cross-border AP-enabled business flow, allowing vendor, bill, payment, payment term, fee, and GL account data to seamlessly sync. The integration is designed for simplicity, with self-service setup configuration that doesn’t require any custom development work for standard AP flows. Our QuickBooks Online customers had been requesting this integration and we are pleased to have now delivered it, through an application that has been certified by QuickBooks.

What companies (or users) are the best fit for Tipalti?

Fast-growing and mid-sized companies are generally the best fit for our solution. In terms of pain, companies who are a good fit for Tipalti are typically processing and paying hundreds or thousands of bills per month and often also have cross-border payments. They often also expect their bills and payments volume to grow or anticipate more global payments in the near future. These companies find themselves spending more and more time manually processing and paying supplier bills and are being forced to consider hiring additional finance employees to handle this workload.

In terms of employee size, these companies generally will have between 10-500 employees (although we serve smaller and larger too) and are planning to grow in the near future. We serve companies across many industries including software and technology, business services, advertising and marketing services, e-commerce, online marketplaces, online services, and manufacturing.

Tell us about your users’ top 3 favorite features or benefits of Tipalti.

Global payments: We make it simple to pay out to suppliers in 190 countries, 120 countries, and in 6 payment methods (US ACH, Global ACH, wire transfer, Paypal, prepaid debit card, paper check). Our global payments capability includes payments approval workflow (in addition to our invoice approval workflow) and also includes OFAC / SDN checking prior to every payment.

Self-service supplier onboarding and management: Instead of finance employees gathering sensitive payment data via email/phone from their suppliers and accounting spending their time data entering this info into QuickBooks and their bank portals, Tipalti provides a self-service supplier portal so that suppliers can onboard themselves, including collecting their W-9 and W-8 tax forms. Tipalti then validates provided the payment and tax data using our global payments rules engine that applies over 26,000 rules, helping eliminate 66% of payment errors and bank penalty fees, while also strengthening tax compliance preparedness. Suppliers also have 24/7 access to their supplier portal to see their payment status, view their entire invoice and payment history and update their account info and payment preferences and Tipalti also sends out client-branded payment status notifications to their suppliers.

Payment reconciliation: Our solution reconciles across different geographies, payment methods, currencies, and accounts in real-time and syncs this payment information back to QuickBooks Online to streamline the financial close and payment reconciliation process.

Tell us about your company’s culture and leadership.

Our #1 core value is focusing on customer success, so this characteristic resonates across every department. We pried ourselves on our 98% customer satisfaction and near-perfect retention rate throughout our history. Beyond that, we are very data-driven and results focused. Its a hard working crew of true professionals. We tend to work well across departments and certainly like to have fun as a group while working and after work too.

How is Tipalti different from your competitors?

  1. Global payments reach: Not only do we have the broadest country reach of any QuickBooks Online partner (190 countries), we also have the broadest currency reach (120 currencies) and payment method range (6 payment methods). We also build cross-border risk (payment issue mitigation, tax, fraud, and regulatory controls) across every phase of the workflow that we address, from supplier onboarding/validation to tax compliance, to OFAC / SDN checking, to advanced financial controls.
  2. End to end AP workflow: We don’t believe that you can properly automate accounts payable by simply providing a widget that addresses one aspect of the AP workflow. Our solution tends to achieve 80%+ savings in AP workload because we have taken a step back and solved for the entire payables process, starting with supplier onboarding and validation, to tax compliance (KPMG-certified), to touchless invoice processing to global payments execution to supplier payment status communications to AP reporting and QuickBooks Online integration. We even provide early payments capability, to help payers pay their suppliers earlier without impacting their own working capital and even generating revenue from offers taken and allowing the finance team to consider extending Net terms.
  3. Scale: Our system has really been designed to help companies scale their payables operation with growth. Companies can utilize a more limited set of our capabilities in the early days and we can easily grow with them as their business needs change. The system is made to help companies scale AP effortlessly so you will never have to rip out your AP processes and systems again as your business needs to adapt.

What is the pricing for Tipalti?

Pricing starts at $299 per month, which includes our QuickBooks Online integration. There are additional fees per invoice and payments.

Does Tipalti have any programs for Quickbooks ProAdvisors?

QuickBooks ProAdvisors are able to join the Tipalti referral partner program to bring greater scalability and global capabilities to their clients. This program has no sign-up fee and allows ProAdvisors to extend exclusive discounts to their client, or choose to earn fees when a client purchases Tipalti. More information is available at https://tipalti.com/referral-partner-program/.

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