User Review( votes)
Tell us who you are and what industry(ies) you mainly serve?
Tipalti is an end-to-end cloud account payable automation and mass payment solution. Tipalti began in 2010 when digital networks—such as Twitter, Twitch, and online advertising platforms—lacked the technology to manage mass payments to global partners. Tipalti’s solution allowed these digital networks to streamline global payment processes. This Mass Pay solution serves AdTech, performance marketing, and online marketplaces related to the gig-economy. Next, our team applied this technology to revolutionize the traditional Accounts Payable process through Global AP Automation. The solution doesn’t have typical bottlenecks like manual supplier onboarding, paper checks, and foreign currency complications. We serve companies across multiple industries at all growth stages. Within AP Automation, we are a great fit for product manufacturing, wholesale, distribution, and retail. Tipalti handles over $21B annual transactions to save our customers time, money, and the need to hire additional headcount as they grow with our innovative strategic finance solutions.
What challenges do your clients encounter? Specifically, relate these challenges to payables/payments.
The challenges our clients encounter revolve around scalability, efficiency, financial controls, and visibility. Fast-growing businesses—especially in the digital world—have to jump hurdles with managing payables as they expand. Tipalti’s solution allows our customers to future-proof their payables processes as their business grows. Tipalti provides one central hub to modernize, centralize, and consolidate the entire AP operation. Tipalti’s Multi-Entity capabilities allow enterprises to manage their AP processes across industries with a reduced headquarter payer account. Businesses can control:
- Independent branding
- Payment methods
- Tax onboarding flows
- Supplier communications
- Modules per entity
Businesses can also control data segregation at the entity level while ensuring better audit preparedness, which improves financial and fraud controls.
This solution speaks to the efficiency concerns of our customers, along with Tipalti’s ability to eliminate 80% of the workload while accelerating financial close by 25%. Additionally, the multi-entity payables reconciliation with ERP systems allows customers to focus on high-value initiatives instead. Tipalti ensures reduced risks and costs with KPMG-approved tax compliance to meet IRS Standards. Our obedience is due to IRS and VAT Tax ID validation in 49 countries; our added 26k+ payment rules engine reduces payment errors by 66% and cross-checks each payment on OFAC. Lastly, Tipalti improves financial visibility by accelerating close by 25%.
Do you have any market research or thought leadership research that you want to share?
Tipalti has been named a Leader in the IDC MarketScape: Worldwide Leader in Mid-Market Accounts Payable Automation.
Here’s an excerpt from IDC’s 2020-2021 Vendor Assessment Report: After a thorough evaluation of Tipalti’s strategies and capabilities, IDC placed Tipalti in the Leaders category of the IDC MarketScape report. The IDC MarketScape cited Tipalti’s Cross-Border Capabilities, Self-Service Supplier Management & Onboarding, and Tax Compliance as strengths in its report, noting the solution supports all phases of the AP and payment management workflow in one cloud platform.
The IDC MarketScape also highlighted Tipalti’s advanced AP capabilities like Early Payments, PO Matching, FX Solutions, and Multi-Entity AP, which are attractive to midmarket companies doing business around the globe.
The IDC MarketScape notes that companies should consider Tipalti when looking for an AP automation platform with robust payments capabilities from a provider with deep experience in various industries.
You can find the complete IDC article here: https://tipalti.com/idc-marketscape-pr/
What makes you stand out from your competitors?
Tipalti’s major competitor is the status quo of manual processes that wastes time, money and exposes companies to unnecessary risk. Our Automated Payables solution solves our customers’ pain points at scale, and many other companies would benefit from working with Tipalti. Tipalti keeps up with the changing needs of high-velocity businesses. As businesses add suppliers and expand mobile workforces, they increase invoice and payment volume with Tipalti’s implementation. Our international supply chain and acquisitions have other payables workflows and need more robust financial controls. Tipalti handles it.
What do you see as the next frontier in your industry?
Our industry’s next frontier is the widespread adoption of frictionless financial technology strategies. Companies will grow faster and more efficiently, which adds innovative solutions into customers’ hands worldwide. The right financial technology stack can reduce friction and provide the efficiency necessary to expand the industries that add value to people’s lives daily. For example, the strategic integration of financial technology between best-in-class Cloud ERPs and Tipalti’s AP Automation solutions.
What have you gained from working with your Cloud ERP Partners?
Tipalti’s solution integrates seamlessly with many Cloud ERP Partners; such as NetSuite OneWorld, Acumatica, Sage Intacct, and Microsoft Business Central. Tipalti is a cloud-based company—partnering with Cloud ERPs, naturally, provides frictionless financial technology solutions to our mutual customers. Together, we deliver efficiency and visibility to the old, tired administrative tasks that companies have to confront daily. With Cloud ERP-Tipalti integration, users can eliminate up to 80% of the payment workload. Users can accelerate financial closes by 25% with multi-entity payables reconciliation, across domestic and international suppliers. A Cloud ERP is the utopian platform for vendor and billing management. Tipalti extends these capabilities by providing complete control and automated execution of AP processes.