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Tipalti Multi-Subsidiary AP Automation and Global Payments

Status: Unverified

Modernize your business with Tipalti’s holistic finance automation solution – gain better visibility and control of your company spend, save money, and run your business and finance team more efficiently. Solve complexity around multi-subsidiary and cross-border use cases while extending the power of your NetSuite ERP.

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Description

Tipalti Global Partner Payments & AP Automation for NetSuite

Tipalti, NetSuite’s 2019 SuiteApp of the Year, makes it painless for finance departments to manage their entire Global Partner Payments and AP operations by streamlining:

  1. Partner / supplier / vendor onboarding and vetting
  2. IRS & VAT validations; W-9 / W-8 / 1099 tax compliance
  3. Procurement / PO management
  4. Invoice collection, invoice processing, PO matching, and invoice approvals
  5. Proactive OFAC screening
  6. International partner / supplier payments
  7. Partner/supplier/vendor communications
  8. Payment reconciliation & AP reporting with NetSuite
  9. Corporate card spend

Key Benefits

Eliminate 80% of payables workload and avoid additional hiring. As you add more invoices, payments, global suppliers, subsidiaries, costs, and audit controls, automate your payables process so you can easily and rapidly manage the changing needs without requiring more resources. Your AP & finance teams can free up their valuable time and focus on strategic initiatives.

Reduce tax, regulatory, and financial control risk with our KPMG-Approved Tax Engine. Collect and validate IRS, VAT tax IDs, W-9, W-8BEN, VAT Details, 1099 & 1042-S reports, and calculate withholdings. Ensure compliance with digitized tax form collection, which includes built-in audit logs, automatic validation against 3,000+ rules, OFAC (& other) sanctions screenings before every payment, signatory rights, and robust workflow approvals.

Improve partner/supplier/vendor relationships by providing a best-in-class experience. Streamlined onboarding with an easy-to-use, white-labeled system puts the power in your partner’s hands. Keeping them satisfied is the most effective way to retain and delight current partners on your platform while allowing you to attract new partners and avoid churn risk.

Accelerate financial close by 25%+ Automatically reconcile payments into NetSuite/NetSuite OneWorld, including syncing with entity-specific sub-ledgers, which enables real-time cash flow and spend visibility while streamlining payment reconciliation across entities, geographies, currencies, payment methods, and workflows.

Customer Quote

“Once Tipalti approves an invoice, it syncs over to NetSuite. Then we pay the bill on our account, which auto-syncs to NetSuite. This rapid process enables us to gain more efficiencies.”

– Andrew Jenks, Controller, LucidWorks

NetSuite + Tipalti Highlights

Built for NetSuite Verified. Integrates with NetSuite and NetSuite OneWorld.

NetSuite 2019 SuiteApp of the Year. Tipalti’s global payables automation solution delivers significant benefits to NetSuite’s international customer base, making it a well-deserved choice for the award.

Multi-subsidiary support. Manage subsidiaries with different AP processes and workflows and still see a consolidated view by having different branding, payment methods, tax flows, communications, reconciliation, and reporting in one solution.

Synced statuses & instant payment reconciliation. Tipalti automatically syncs with NetSuite invoices, PO, and payment details, extending your ERP capabilities for faster, more accurate GL reporting, financial reconciliation, and closing of your books.

Global Partner Payments. The solution is uniquely positioned to help companies manage & fulfill both non-invoice & invoice backed payments to partners, contractors, freelancers, etc., across the globe.

FEATURES

Partner/Supplier Onboarding, Vetting, & Communications

  • 26,000+ rules for verifying partner/supplier payment information
  • Supplier/partner self-service portal available 24 hours, 7 days per week; allows partners to view invoice and payment history, change payment information, see payment statuses, upload invoices, and run reports
  • Branded portal matches your company’s look and feel
  • Automated emails to partners for status updates, including when tax forms are invalid or expired, when payments fail (including corrective actions to take), and more

Tax & Regulatory Compliance

  • W-9 / W-8 capabilities meet the standards outlined by the IRS, as prescribed by KPMG
  • Automated form collection through a guided wizard with 3,000+ rules to validate tax data
  • 1099 / 1042-S tax preparation reporting
  • Integrated e-filing capabilities
  • Tax withholding amounts are automatically deducted from payments
  • Optimized for digital consumption and electronic signatures
  • Local / VAT tax ID collection in 50 countries, with 3,000+ rules that validate tax digits
  • OFAC and "Do Not Pay" blacklist screening before all payments are processed
  • SuiteTax Support

Touchless Invoice Processing, PO Matching, and Approvals

  • OCR (header + line level scanned & captured) extracts invoice details and pre-populates bill information
  • Advanced data extraction services get you to 100% invoice completeness and accuracy
  • Machine learning drives approval sequences based on criteria such as supplier and GL account
  • Manage/approve invoices via email with configurable approval matrix
  • Enhance collaboration via mobile devices with Bill Talk, a built-in communication hub to resolve issues quickly, accelerating invoice processing
  • Intelligence built in, getting smarter and more accurate as invoices are scanned
  • Support for PO and non-PO invoices, with configurable rules that align with company matching policies based on bill amount or supplier
  • 2-way & 3-way auto-matching based on header and line-levels
  • Automatic coding populates PO details on invoices

PO & Corporate Card Management

  • Control 90% of total addressable spend with simple purchase request forms for easy employee adoption
  • Robust approval flow management for automated approval routing tailored to company policies
  • Amazon punchout integration
  • PO, budget, and supplier sync to keep all systems up-to-date
  • Real-time spend reports and dashboards across multiple subsidiaries
  • Create credit or debit cards for employees on-demand with proper controls and approvals
  • Reconciliation with all card transactions automatically captured and processed as with any other payment method
  • Built-in fraud management allowing for insights into all card spend in real-time
  • Earn cash-back rebates for every dollar spent via a Tipalti Card

Cross-Border Payments & Multi-Subsidiary Reconciliation with NetSuite OneWorld

  • Global payments to 196 countries, 120+ currencies
  • Choice of 6 payment methods – US ACH, wire transfer, eCheck / global ACH, paper checks, PayPal, prepaid debit card
  • Manage multiple entities with different AP processes and workflows integrated in real-time with your NetSuite instance across methods, entities, geographies, currencies, and payable workflows, allowing for streamlined supplier/partner reporting
  • Advanced payment configuration, such as payment fee splitting and payment thresholds