Tipalti Unveils Cloud OCR to Invoice Processing Workflow
Touchless Invoice Capability Enhances the World’s Only End-to-End Accounts Payable Automation Platform
IOFM APP2P Conference & Expo (Booth #417), October 24, 2016 – Tipalti, the leader in supplier payments automation, is launching today the addition of Optical Character Recognition (OCR) technology to its invoice processing module, in time for the IOFM Accounts Payable & Procure-to-Pay Conference & Expo. At the conference in Las Vegas, visitors to the Tipalti booth will get to see Tipalti’s new capability, as it slashes invoice processing times by up to 80% by delivering touchless invoice automation. The solution automatically scans inbound invoices from email and the Tipalti supplier portal, extracts the invoice details for processing into the invoice workflow, and triggers multiple organizational approvals.
The invoice module is seamlessly integrated into Tipalti’s end-to-end AP automation software, allowing finance departments to manage their entire global supplier payments operation with one holistic cloud platform. With this release, once invoice approvals are completed, AP staff can then easily schedule, manage, and execute cross-border supplier payments from Tipalti. Tipalti’s solution then handles mass B2B payment runs across multiple payment methods and currencies, and delivers real-time payment reconciliation reporting synced directly into the ERP or accounting system of record.
“We selected Tipalti as our provider to improve efficiency in our invoice and payment processing and to have an end-to-end accounts payable solution,” says Jennifer Gastorf, Vice President and Chief Operating Officer of TradeHelm, a Chicago-based technical professional services agency. “As a fast-growing company, it was important to use AP automation to enable our company to scale rapidly with our global growth. The new invoice text recognition feature and the overall AP software has been really valuable for our finance organization.”
Invoice Automation in the Cloud
Tipalti’s approach is driven entirely by cloud-based, machine-learning software that improves in accuracy every time it is used across the entire Tipalti customer population. Built-in intelligence adapts and learns as new invoices are scanned and processed, such as associating general ledger account codes with specific suppliers.
Tipalti’s touchless invoice processing seamlessly integrates with the Tipalti’s AP platform to streamline the entire invoice-to-payment-to-reconciliation workflow:
- Supplier Management. A brandable, web-based portal is available 24/7 for suppliers to register and manage their own contact, payment, and tax details. 26,000+ global payment rules validates supplier information for accuracy and eliminates downstream payment errors and issues, while offloading vendor setup workload from the finance organization. Suppliers can also upload or email invoices directly for processing and are automatically notified of payment issues and status.
- Tax Compliance. Digital IRS W9/W8 tax form collection and validation (as prescribed by KPMG LLC) automates withholdings calculations and 1099/1042-S tax preparation reports, reducing payor tax risk and burdens.
- Global Payment Remittance. Pay hundreds or thousands of suppliers anywhere in the world in minutes, in a wide range of payment methods (e.g. US ACH, paper check, Global ACH, wire transfers, check, PayPal, etc.), giving suppliers flexibility to choose a method and currency. Built-in AML and fraud detection reduce the regulatory risk of paying suppliers on international blacklists and those listed as OFAC SDNs.
- Payment Reconciliation. Detailed payment reconciliation reports generate instantly, normalized data across disparate payment methods and regions, while feeding in real time into ERP and accounting applications.
“Any finance organization burdened by manual accounts payable processes knows how the heavy workload of managing supplier payment operations distracts finance from making progress on more important strategic initiatives while exposing the business to fraud, regulatory, and financial risk,” says Tipalti CEO, Chen Amit. “Tipalti’s invoice OCR reading capability, when used seamlessly with our entire supplier payments automation platform, gives finance hours back each and every day so that AP can focus on elevating their company’s performance.”
To participate in a live webinar featuring touchless invoice management and how Tipalti can streamline the entire invoice-to-pay-to-reconciliation workflow, click the link to register: https://tipalti.com/getstarted/