Younique Strengthens Global Operations & Currency Management

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

Chris Hurst

Director of Accounting, Younique

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Younique Overview

Industry

E-Commerce & retail

Company Size

100 – 1000

Current ERP

Netsuite

Region

United States

Tipalti Products Used

AP Automation

Challenge

Manual invoice processing was time-consuming, leading to inefficiencies and increased costs in accounts payable operations.

Solution

Younique implemented Tipalti Accounts Payable to automate invoice processing with three-way purchase order matching and streamlined supplier management.

Results

Younique saved 2,080 hours annually in accounts payable work, reduced currency transaction fees by $1,000,000, and eliminated the need to hire additional headcount.

The Challenge

Manual Invoice Processing Created Inefficiencies and Increased Costs

Younique, a direct-to-consumer beauty company based in Utah, gives consumers the power to manage personal online businesses, primarily selling through social media. As the company expanded, the finance team faced significant challenges with manual invoice processing. Processing invoices in NetSuite, handling expense reimbursements, and managing approval workflows consumed over 40 hours each month for several team members, totaling 2,080 hours annually. This manual approach led to numerous billing issues and difficulty paying suppliers in the correct currencies and markets. With added global complexity, Younique would have had to hire additional headcount to manage foreign exchange errors.

Manually processing invoices was causing a lot of work for our team. We were looking for a solution that could improve day-to-day accounting and the month-end close while increasing visibility and reducing our number of transactions.

Chris Hurst

Director of Accounting, Younique

The Solution

Automated Multi-FX and Accounts Payable Workflows With Tipalti Accounts Payable

Younique implemented Tipalti Accounts Payable to streamline its invoice, supplier, and currency management processes. A key feature was Tipalti’s three-way purchase order matching, which automated the matching of purchase orders, receipts, and invoices, significantly reducing manual intervention. Tipalti’s supplier management portal also allowed vendors to independently submit their bank and tax information, track payments, and reconcile receivables. With Tipalti, Younique consolidated multiple accounts in the system to reduce wiring fees and circumvent foreign exchange rates. Now, the finance team has a better process for reviewing receipts in the correct currency and matching them to their respective bills.

There’s been a dramatic decrease in our number of monthly invoices. With Tipalti’s reports, we can easily identify when we’re paying suppliers to help consolidate invoice count and forecast payment trends.

Chris Hurst

Director of Accounting, Younique

The Result

Significant Time and Cost Savings With Enhanced Supplier Management

By automating invoice processing, supplier management, and currency management with Tipalti Accounts Payable, Younique saved 2,080 hours annually in invoice processing and supplier management work, eliminating the need to hire additional headcount. The company also saved $1,000,000 on currency transaction fees by consolidating multiple accounts and optimizing foreign exchange transactions. The improved processes provided accurate, real-time visibility into accounts payable, allowing Younique to consistently pay suppliers, eliminate manual reconciliation, and prioritize the user experience.