What We Recommend Tipalti For
Tipalti targets mid-market companies, especially those with multiple entities or that need to pay international vendors. Its architecture can support companies with an unlimited number of entities, and it can accommodate multiple locations, brands, or business units. Because it scales across the enterprise, your business can expand its A/P operations without adding more resources. Additional benefits include real-time payment reconciliation and accurate management of invoices.
Tipalti Is Especially Good For
- Small businesses with global vendors: We selected Tipalti as one of the best A/P software because of its ability to handle global mass vendor payments.
- Small businesses that require assistance with tax and value-added tax (VAT) compliance: Tipalti helps to ensure tax compliance with KPMG-approved tax form data validation and withholding calculations.
- Small businesses seeking assistance with supplier management: With its self-service portal, your suppliers can create their own profiles and update banking details on their own.
Tipalti Is Not a Good Fit For
- Businesses with limited budgets: Tipalti doesn’t disclose the total price for its services on its website, but the platform fee alone starts at $149 per month. If you’re looking for a cost-effective solution that offers many of the same A/P features on an albeit smaller scale, consider Zoho Books, which we selected as one of the best A/P software.
- Businesses seeking a complete bookkeeping system: For all of its attractive features, Tipalti can’t handle day-to-day bookkeeping activities like invoicing clients. For an accounting software package that can also handle your A/P, we suggest QuickBooks Online, our top pick for best small business accounting software.
- Businesses that often work remotely: Tipalti doesn’t currently have a mobile app available, so if you operate your business on the go then you might want to check out Beanworks AP, which not only has a robust mobile app but also integrates with many of the same accounting software as Tipalti, such as QuickBooks and Xero.
If you’re seeking a complete bookkeeping system with strong A/P capabilities, check out the top small business accounting software.
|Choice of six payment methods and 120 currencies||No mobile app available|
|Ability to view invoice and payment history||Pricing is not transparent or straightforward|
|Purchase order (PO) matching||No free trial offered|
Tipalti’s pricing model is based on the features that you may require for your business. You must contact Tipalti directly for a personalized quote, but platform fee pricing starts at $149 per month. Because it’s designed to grow with your company, it can accommodate the need for advanced features such as W-8 tax forms, international tax IDs, and multi-entity payables.
Tipalti has several features that make it a robust automated A/P software. These include a supplier management portal that allows suppliers to organize and input their taxation details, and it ensures that you’re tax-compliant. Users can conduct payment in 196 countries, with the option of 120 currencies, and payment configuration offers numerous financial controls like signatory rights, audit trails, and advanced payment reconciliation. You can also opt to pay your invoices early with the help of NetNow, which accelerates the payment of an invoice by rewarding the payee with a discounted bill.
The supplier management module is an onboarding self-service portal where vendors, suppliers, and other payees provide payment, contact, and any other necessary information. After enrolling, they’ll have access to payment history and status of their invoices, which eliminates the need to research payment issues:
Tipalti automatically assigns unique vendor IDs to prevent duplicates, and it has a proprietary rules engine that’s driven by 26,000 global rules and identifies any potential errors before payments are made. It supports international payments and up to 11 languages. The tax form selection wizard allows the supplier to complete the tax form and verifies that the information is accurate.
The global payment system can support 196 countries in 120 currencies across six payment methods—PayPal, wire, prepaid debit card, United States automated clearing house (ACH), global ACH, or local bank transfer. If you need to pay multiple vendors in bulk, you can do so from a single screen rather than via individual bank portals. Tipalti also handles any regulatory screening before any outbound payment to prevent fraudulent payments. It also provides payment transparency to your suppliers, such as informing them if a payment fails or if a tax form hasn’t been uploaded sufficiently:
NetNow allows your business to pay your suppliers earlier in exchange for a payment discount. Presented to the supplier as an offer via the self-service portal, you can determine which suppliers you want to offer this option, with the discount and payment deadline. The software will then calculate the offer based on the payment due date on the invoice. This feature also rewards you with a referral fee from Tipalti for every dollar that’s paid early.
Tipalti allows you to view all of your invoices at a glance, whether they’re uploaded via the web portal or emailed. Optical character recognition (OCR) and advanced data extraction features can be used to convert paper invoices into accessible electronic versions, eliminating data entry. You can also match POs to invoices and receipts by using machine learning, which also provides additional invoice data prediction:
You can set up business rules to assign multiple invoice approvers, invoice-level codings like departments, accounts, and payer entities. Tipalti will send automated routing emails for in-mail or online approval, and approvers can view the status of each invoice. It also allows you to group invoices for payment easily, regardless of vendor or type of payment method.
In the payment reconciliation module, you can consolidate multiple entities, locations, accounts, and payment methods into a single file that’s available in real-time as payments are processed. Its instant reconciliation feature improves cash flow visibility and reduces potential fraudulent payouts. You can also auto-sync payment results with your enterprise resource planning (ERP) or accounting system to streamline operations:
The tax compliance module assists businesses with staying in compliance with tax and other regulatory bodies, and it’s a KPMG-certified application. Integrating directly with the supplier management portal, suppliers can submit the requested W-9 or W-8 forms before receiving payment. Because the tax form collection process is all automated, there’s no need for paper scanning or physical signatures. Tipalti will calculate the 1099 and 1042-S year-end tax forms, along with the correct withholding. It also includes taxpayer identification number (TIN) matching:
Tipalti offers an advanced reporting system, with the ability to generate detailed payment, invoice, payee, and tax reports. The reconciliation reports can be accessed in the payment reconciliation module, you can consolidate multiple entities, accounts, locations, or payment methods in one report. You can also drill down into transaction details and filter reports by date, account, or payment. Reports are downloadable to Excel if further analysis is desired.
Tipalti has prebuilt integrations to accounting and ERP systems, and a full-featured application programming interface (API) that handles complex data sources. Integration partners include Oracle NetSuite, Sage Intacct, QuickBooks, Affise, Cake, Everflow, HitPath, LinkTrust, Paladin, and TUNE.
Tipalti Customer Service and Ease of Use
Tipalti customers can contact customer support in a variety of ways, including by phone, email, or submitting a support request via online form. There are other resources on the website, such as calculators, articles, and guides, which can also be useful. Tipalti prides itself on its customer service, maintaining that it’s the company’s top priority. In addition to its live phone and email support, you can also access the 24/7 Knowledgebase, which has information about product features and may empower you to troubleshoot your own issues.
The user interface is both clean and uncluttered, and it has been set up to make your workflow as intuitive as possible. All of your data is laid out on the dashboard for easy viewing, which is especially useful if your business has a large customer or client base. Tipalti also offers many useful features that’ll help to speed up your workflow, including a self-service supplier management portal that invites vendors to set up their own accounts.
Best for: Businesses with limited budgets
Best for: Businesses seeking a complete bookkeeping system
Best for: Businesses that often work remotely
Cost: Starting at $50 per month for the Professional plan, which includes up to five users and bill pay features
Cost: Starting at $50 per month for QuickBooks Online Essentials with free online bill pay
Tipalti is a great option if your business is expanding and you need to process and pay bills on a regular basis. The cloud-based billing software is fully scalable, so it can adjust to your company’s requirements. If your business deals with international suppliers and vendors, you’ll appreciate that it provides multiple methods of payment in 120 currencies. While Tipalti may have advanced features that aren’t necessary for smaller businesses, it’s worth considering for businesses with a higher volume of account payable tasks to manage.