• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
Tipalti
  • PRODUCT
        • PRODUCT
          • Overview
          • Supplier Management
          • Invoice Management
          • PO Matching
          • Tax and VAT Compliance
          • Global Payments
          • Self-Billing Module
          • Payment Reconciliation
          • Tipalti Detect
        • WORKFLOWS
          • Invoiced-Based
          • Performance-Based
        • PLATFORM
          • Overview
          • Multi-Entity Architecture
          • Financial Controls
          • Payment API
          • Secure Cloud
          • Money Services Business
          • Pi Payables Intelligence
        • ADDITIONAL SERVICES
          • Tipalti Multi-FX Currency Management
          • NetNow Accelerated Payments
          • FX Hedging
          • Implementation Services
          • Supplier Onboarding Services
        • INTEGRATIONS
          • ERP & Accounting
          • NetSuite
          • Sage Intacct
          • QuickBooks
          • Microsoft Dynamics
          • Sage Accounting
          • Performance Marketing
          • Custom Integrations
        • WHY TIPALTI
          • Overview
          • Benefits by Role
          • AP Automation
          • Mass Payments
  • CUSTOMERS
        • BY INDUSTRY
          • Overview
          • Business Services
          • Software and Technology
          • Ecommerce and Retail
          • Marketplaces and Gig Economy
          • Video and Digital Media
          • Video Gaming
          • Financial Services
          • Online Services
          • Education
          • Healthcare
          • Advertising Technology
          • Affiliate and Influencer Networks
          • Manufacturing and Wholesale
        • Case Studies
          • Overview
        • Younique

          “With Tipalti, we have more visibility and consolidated our transactions—we’ve seen significant time savings.”

          Younique

          “A CFO shouldn’t have to spend one second talking about accounts payable—it should be a process that just happens.”

          bluTonic

          “Tipalti provides an efficient, transparent system that allows us to be more reliable with our publishers.”

  • RESOURCES
        • BLOGS
          • BoldCFO Blog
          • Financial Advisor Blog
        • PODCASTS
          • BFF Podcast
        • CALCULATORS
          • Cost Per Invoice Calculator
          • Payment Error Calculator
          • ROI Request
        • Recent Articles

          IDC MarketScape Names Tipalti a Worldwide Leader in Midmarket Accounts Payable Applications

          24 Companies Shaping the Business World

          Driving Payables Scalability with Tipalti CMO, Rob Israch

          The Top Finance Communities to Join in 2021

          How to Build the Ultimate Finance Tech Stack

          How Procurify and Tipalti Modernize Procure-to-Pay

        • GUIDES
          • Compare Payment Methods
          • Cross-Border Payments
          • Invoice Workflow
          • QuickBooks AP Challenges
          • The Total Guide to ERP Integration
        • FAQs
  • COMPANY
    • About Us
    • Careers
    • Partnerships
    • Support
    • Events
    • Press
    • In The News
    • Contact Us
  • Payer Login
  • Get Started
financial advisor
  • Payments
  • Automation
  • Going Global
  • Strategy
  • Trending
SUBSCRIBE
Home / The Financial Advisor / 8 Clues to Escaping the Bank Payables Puzzle

8 Clues to Escaping the Bank Payables Puzzle

For many companies, bankers are trusted advisors—they actively help organizations navigate financial complexities and provide insights on a myriad of topics, including foreign exchange hedging strategies, liquidity management, and working capital optimization.

But, as your company grows, organizational challenges become more complex. While banks provide a wealth of knowledge in many areas, helping you navigate the nuances of the payables workflow is NOT their expertise. Back-office finance operations like accounts payable are oftentimes unscalable due to their manual effort, and you might be unknowingly stagnating your operations by using your bank.

In order to escape this particular payables puzzle, grab your deerstalker hat and uncover the 8 CLUES that will help solve the greatest finance mystery of all…has your company outgrown your bank for global payables?

CLUE #1: You have a high percentage of payment errors.

Many companies don’t have a scalable way to vet payee banking details, leading to failure during the payments process.

CLUE #2: You’re unable to send cross-border payments through one account.

If you’re using multiple banks or accounts to pay into countries, you’re probably wasting valuable time contending with various portals to execute payments.

CLUE #3: Managing multiple currency accounts worldwide creates operational friction.

For entities that are not revenue drivers (cost-plus entities), micromanaging foreign exchange just to make payments adds even more unnecessary time and effort.

CLUE #4: You spend a lot of time responding to suppliers about payments.

AP teams with no visibility into payment issues spend even more time investigating the transactions with the bank, reissuing payments, and communicating with suppliers.

CLUE #5: Reconciliation takes more than two days every month, quarter, and at year-end.

Reconciling payments to ensure everything is on track can be very time-consuming and often involves stitching disparate data together.

CLUE #6: You’re manually onboarding new suppliers.

Since banks don’t help onboard suppliers, the responsibility falls to the finance team to collect contact details, payment methods, and tax identification via unsecure channels like phone, email, or even fax.

CLUE #7: You want to implement a supply chain finance program.

Banks only offer SCF programs to their top-tier clients. And even then, the process is completely manual to execute and adds a lot of unnecessary complexity.

CLUE #8: You’re wasting a lot of time (and money) processing invoices.

Your invoice and payment volume is only going to increase—and your bank won’t help you tackle any of these operational inefficiencies.

So, have these clues helped you uncover the payables puzzle? If you answered “yes,” it might be time to upgrade your entire global payables process by implementing new technology.

UNCOVER THE KEY TO EFFECTIVELY SCALING YOUR PAYABLES

About the Author

Kate Wilson

Kate is in charge of all things content at Tipalti. When she's not writing, editing, or liberally using the em dash, she's passionately looking for ways to help SMBs scale their business.


Modernize your operations with these 10 financial best practices for a remote workforce!

10 financial best practices for a remote workforce

Download Now

Footer

WHY TIPALTI

  • Overview
  • Benefits by Role
  • AP Automation
  • Mass Payment
  • Bill.com Alternative

COMPANY

  • About Us
  • Careers
  • Partnerships
  • Support
  • Events
  • Press
  • In The News
  • Contact Us

CUSTOMERS

  • Overview
  • Business Services
  • Software and Technology
  • Ecommerce and Retail
  • Marketplaces and Gig Economy
  • Video and Digital Media
  • Video Gaming
  • Financial Services
  • Online Services
  • Education
  • Healthcare
  • Advertising Technology
  • Affiliate and Influencer Networks
  • Manufacturing and Wholesale

PRODUCT

  • Overview
  • Supplier Management
  • Invoice Management
  • PO Matching
  • Tax and VAT Compliance
  • Global Payments
  • Self-Billing Module
  • Payment Reconciliation
  • Tipalti Detect
  • Invoice-Based
  • Performance-Based

RESOURCES

  • BoldCFO Blog
  • Financial Advisor Blog
  • BFF Podcast
  • The Total Guide to ERP Integration
  • FAQs

PLATFORM

  • Overview
  • Multi-Entity Architecture
  • Financial Controls
  • Payment API
  • Secure Cloud
  • Money Services Business
  • Integrations
  • Pi Payables Intelligence

ADDITIONAL SERVICES

  • Tipalti Multi-FX Currency Management
  • NetNow Accelerated Payments
  • FX Hedging
  • Implementation Services
  • Supplier Onboarding Services
CONTACT US
LinkedIn Instagram Facebook Twitter YouTube
Tipalti
We Handled It.™
Privacy Policy
|
Payer / Sender Rights
|
Customer Assistance Policy
© 2010–2021 Tipalti Inc.