Tipalti, the leading global payables automation platform, announced today that its supplier payments automation solution has integrated with Intuit QuickBooks Online, and is now available through the QuickBooks App Store.
Tipalti is the only cloud-based global payables solution that enables businesses to automate their entire global accounts payable workflow, making it easy to execute multi-method bill payments across 190 countries and 120 currencies, while providing real-time payment status and reports that streamline reconciliation directly within QuickBooks Online.
Tipalti’s self-service, white-labeled supplier portal relieves finance of the data entry and back-and-forth of vendor onboarding and communications, while also collecting and vetting payment and tax data to reduce payment errors and tax compliance issues. OCR, AI-enabled invoice automation, and approvals unburden the finance team of the manual processing of invoices.
From there, Tipalti simplifies the process of paying hundreds or even thousands of vendors around the world at scale, with built-in payment approval workflows and offering payments in 6 different payment methods across 190 countries and 120 currencies. Tipalti’s AP Hub provides full control over the end-to-end payables workflow, from invoice approval to payment to reconciliation reports, with instant access to audit trails and payment details. QuickBooks Online customers can even enable early payment offers to their suppliers, to allow them to get paid earlier than their original net terms, without negatively impacting the customers’ working capital.
The pre-built integration allows customers to easily combine QuickBooks Online and Tipalti for one automated, powerful cross-border AP-enabled business flow, allowing vendor, bill, payment, payment term, fee, and GL account data to seamlessly sync. The integration is designed for simplicity, with self-service setup configuration that doesn’t require any custom development work for standard AP flows. With the integration, QuickBooks Online clients can eliminate 80% of their global AP workload, accelerate payment reconciliation and financial close cycle times, improve supplier relationships, and strengthen financial, tax and regulatory compliance controls.
“With the QuickBooks integration, Tipalti has elevated our entire team by alleviating us from the chore of accounts payable,” says Peter Cafaro, Senior Accountant, Button. “Our ability to close our books faster gives us the visibility we need to adapt our strategies. The time we’ve saved is being put right back into our company and growth plans.”
“Tipalti’s integration with QuickBooks Online brings businesses unprecedented automation, control, and visibility of their global accounts payable operation,” says Chen Amit, Co-Founder and CEO of Tipalti. “A recent study of QuickBooks users found that almost 70% percent were looking to eliminate wasted time spent on payables. This integration does just that by enabling businesses to focus more on strategic efforts that enable the business to grow and scale and less on mundane processes.”
Through Tipalti, QuickBooks Online users can now:
• Onboard suppliers with a secure, self-service, online portal that reduces accounting data entry and payment error rates.
• Provide suppliers with immediate visibility into invoice and payment status and history, and even allow them to update their profile information at anytime, from anywhere through the Tipalti supplier portal.
• Reduce tax penalty risk by collecting W-9 and W-8 forms through a simple wizard questionnaire and then validating tax form data for painless 1099 and 1042-S tax preparation. Tipalti’s tax module is KPMG-certified for FATCA compliance.
• Enable touchless bill processing, including OCR-based invoice scanning and automatic invoice approval routing with built-in machine learning for increased accuracy over time.
• Easily make mass cross-border supplier payments to 190 countries with a wide range of payment methods (e.g. US ACH, wire transfer, eCheck / international ACH, PayPal, paper checks, prepaid debit card) and in over 120 currencies. Payment approval workflows strengthen fraud controls.
• Ensure supplier payment regulatory and tax compliance by collecting and verifying tax forms (W-9, W-8 Series, VAT, tax ID), and screening every payment transaction against OFAC and international blacklists. This capability also removes most manual work from the compliance process.
• Sync vendors, bills, payments, payment terms, fees, general ledger (GL) accounts, and custom fields.
• Automate payment status communications with suppliers through branded, customizable email communications.
• Support multi-currency and early payments.
• Have user permissions to control who has ability to “run” the integration.
“For Intuit QuickBooks Online users looking to reduce the workload related to managing and executing supplier payments, particularly globally, Tipalti’s platform offers unique advantages,” says Alex Barnett, Director, Intuit Developer Group. “By addressing the comprehensive payables workflow, ranging from supplier onboarding, to bills, tax compliance, global remittance, early payments and AP reporting, Tipalti helps close the loop while simplifying payment reconciliation in QuickBooks Online.”
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