Tipalti Review

Top10.com Staff

In a Nutshell

Tipalti is a B2B payments and invoicing tool designed specifically for companies processing a high volume of international payments. Its invoicing features include Optical Character Recognition (OCR) to automatically parse documents, a system for automatically matching purchase orders (POs) with other documents, and batch invoice scheduling.

pros

  • OCR detection for parsing documents
  • Automatically matches POs, invoices, and receipts
  • Suppliers get a portal for uploading invoices

cons

  • No integration with some popular ERPs
  • Not cost effective for small businesses

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Tipalti at a Glance

Best for: Large businesses with many suppliers

Price range: $299/month (Express) or $447/month (Pro)

Apps: No

Features and Add-ons

Accounts Payable Automation

Tipalti can automate all aspects of the vendors payment process. This includes both invoice capture and processing and automating scheduled payments based on the output of this process. This automation has been shown to reduce human error by 66%. Tipalti also uses Optical Character Recognition (OCR) and data extraction technologies to automatically detect fields in invoices and match payments accordingly. This significantly cuts down on tedious manual data entry.

Additionally, Tipalti’s OCR and automatic data processing systems have an adaptive learning functionality. This means that they get more accurate the more they use them, particularly when human personnel oversee the process and correct any errors.

Self Service Supplier Portal

Tipalti lets users create self-service supplier portals. This allows users to upload their invoices and they will be automatically entered into the accounts payable system. The self service portals can be customized with company branding. Additionally, the portal cross-checks the data sent by the supplier across a database containing 26,000 global rules.

Tax Compliance

Tipalti also has some features that help users stay in line with tax codes and avoid costly penalties from the IRS.

Rule Checking Engine for Payable Invoices

Its main feature in this respect is a rule checking engine that automatically checks all received invoices against a database of 1,000 tax rules. The system will automatically detect things like invalid or missing EINs. If the invoice received is missing these details, the system will flag the lack of compliance so that the business doesn’t violate the tax code by paying an invoice missing essential information.

KPMG-Certified Rule Generator

Tipalti also contains a KPMG-certified tax form generator that will automatically generate all required tax forms such as the IRS 1099 form. Again, this saves accounting departments time compared to if the data entry and form completion had to be done manually.

Bulk Supplier Payments

For global B2B businesses that have hundreds of suppliers, paying invoices can be a huge and time consuming endeavor. Tipalti contains a bulk payment scheduling tool for this reason. It supports payouts in 120 currencies and to 190 countries and can be used to pay 100s or 1,000s of invoices in a batch on a scheduled date. It can process payments through a variety of popular gateway platforms including Paypal. Additionally, Tipalti checks all scheduled payments against a “do not pay” list that is designed to detect fraudulent accounts.

Early Payments System

Tipalti also contains a built-in system for processing early supplier payments. In order to do this without affecting cash flow, Tipalti’s financing covers the balance and customers receive a rebate on all payments made early.

Automatic Payment Reconciliation Reporting

Tipalti features a system for automatically reconciling payment information as payments are made. In addition, Tipalti automatically organizes the data and sorts it according to method, account, entity, and region.

Business System Integrations

Tiplati integrates with a number of ERP and accounting systems, although there are still some gaps left to fill, particularly for tools in use among smaller organizations.

Currently integrations include:

  • NetSuite

  • Sage Intact

  • Intuit Quickbooks

Additionally, Tipalti provides an API for retrieving supplier payment information in real time. It can integrate with any accounting or ERP system and retrieves data via authenticated API call for the best possible security.

Payment Options

Tiplati supports payments in 120 currencies and to 190 countries. Additionally, payouts can be processed using a variety of methods that include common payment gateways such as Paypal. Tipalti can also send payments through the US ACH system, by international bank wire, or by international ACH/ eCheck.

Pricing/Costs & Fees

Tipalti is available at 2 levels:

Package
Cost

Tipalti Express

$299/month

Tipalti Pro

$499/month

Tipalti Pro includes all the features of Tipalti Express, plus:

  • W-8 tax form processing

  • International tax ID processing.

  • Multi-entry payables.

Clearly, Tipalti is targeted at large organizations and therefore it’s pricing can actually represent excellent value, particularly in use cases in which the system is being used to process thousands of monthly invoice payments. For Small to Medium Businesses (SMBs), however, a simple accounting system for tracking and paying invoices received would likely be a better, and more affordable, option.

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Usability

Tipalti is a very easy product to use. Much of the workflow is taken care of automatically—such as ingressing invoices sent by email or uploaded manually to supplier portals. The features are easy to navigate around and users primarily have to concern themselves with overseeing the various automation tools’ performance in order to ensure that invoices are captured and paid in an accurate fashion and the department remains in compliance with various tax codes and statutes.

Conclusion

For enterprise customers with large account payable workflows, we think that Tipalti is an excellent and well designed engine that leverages plenty of automation to both cut down on manual data entry and minimize processing errors due to human error, which can be a significant problem in repetitive workflows like bulk invoice processing. Its pricing really only makes it suitable for deployment within enterprise-level organizations—but that is also really its intended use-case.

Top10.com's editorial staff is a professional team of editors, writers and experts with dozens of years of experience covering consumer, financial and business products and services.

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22 Oct 2020

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