Tipalti offers a comprehensive solution for managing global payments, allowing businesses and finance departments to effortlessly automate their payment operations worldwide. This empowers them to adapt to evolving needs while prioritizing crucial initiatives and embracing digital transformation.
In this blog post, we delve into the different ways in which Tipalti assists businesses with their integration with NetSuite.
Supplier Management
Manual data entry for vendor data is something that most businesses do not have the time for and it can often lead to errors. Tipalti offers a self-service web portal in 17 languages for suppliers to easily register and update their information without manual processes. With Tipalti's rules engine, payment issues are identified before they occur, reducing error rates by 66%. Tax forms are collected and validated using a KPMG-prescribed tax engine.
Gain Control & Visibility over Spending
Tipalti's robust purchase order management solution simplifies and optimizes the process of submitting and approving purchase requests. Employees can effortlessly submit requests using user-friendly, customizable forms that ensure all essential details are captured upfront. With Tipalti, companies have the flexibility to establish policies and rules that automatically route purchase requests to the appropriate approver, giving them complete control and visibility over their spending.
Streamline Invoice Management and Bill Payments
With the NetSuite-Tipalti integration, businesses can eliminate
up to 80% of the workload related to managing payments to domestic and international suppliers. Tipalti automates the entire accounts payable process, from new vendor setup to purchase order management, invoice management, and more. Automate global supplier remittance by paying invoices in various payment methods of the supplier’s choice (US ACH, wire transfer, international ACH, PayPal, paper checks, and prepaid debit card) in 120 currencies in 196 countries.
Easy Currency Conversions with Tipalti Multi-FX
Tipalti Multi-FX simplifies currency conversions for payouts across global entities, saving businesses valuable time and money. By simply funding the Tipalti virtual account in a single currency, Tipalti handles the conversion to over 30 local currencies using real-time FX rates. Enjoy full transparency as businesses can track the status of their currency conversions effortlessly.
Multi-Entity Capabilities Made Easy
With Tipalti, businesses have the seamless ability to securely manage payables data and processes across multiple subsidiaries. Whether these subsidiaries have different accounts payable processes and workflows, Tipalti's comprehensive solution allows for effortless management within a single instance. This consolidated database view provides businesses with the necessary visibility, control, and access to optimize their workflow. Additionally, Tipalti enables the segregation of data between different entities, further enhancing visibility and control for optimized and streamlined operations.
Make a Fast Close the New Norm
Speed up your financial reporting process by automatically reconciling payables data in real-time with NetSuite. This includes seamless synchronization with entity-specific sub-ledgers, eliminating the need for time-consuming tasks like exporting bank data to spreadsheets and reimporting it into NetSuite.
Easily Eliminate the Risks
Stay updated on the latest regulations with Tipalti’s world-class financial management and tax compliance controls. Mitigate tax penalty risks with KPMG-prescribed digitized tax form collection and validation with TIN matching. Signatory rights, role-based controls, robust workflow approvals, and built-in audit logs ensure that you have the best internal and external controls to manage your business effectively. Tipalti ensures you don’t inadvertently pay suspicious payees by constantly screening them against OFAC, Anti-Terror, and Anti-Narcotics lists. Tipalti is a licensed money transmitter registered with the United States Treasury as a money service business and has an FCA-approved e-money license.
Tipalti's comprehensive system empowers businesses to effortlessly manage every aspect of their payables operations. From onboarding and managing global suppliers to streamlining purchase orders and bill management, Tipalti ensures seamless execution of payments to vendors worldwide. With Tipalti, businesses achieve real-time multi-entity payables reconciliation and implement robust integrations with your systems like NetSuite, all while mitigating risks associated with maintaining enterprise-grade financial and fraud controls. Reach out to AccountingDepartment.com today to learn about how our services, paired with Tipalti, can help your business.
