NetSuite + Tipalti Enhances Your Payables Process
Enterprise Resource Planning solution (ERP) installations are intimidating. Countless invoices, payment tracking, supplier details, and bank reconciliations are chaotic, and businesses have the heavy task of implementing the right ERP to consolidate finance workflow processes.
To conquer these laborious endeavors, NetSuite provides a best-in-class ERP solution that achieves all end-to-end business processes. Your business can expect a reliable finance and accounting solution, a clean vendor record, and secure inventory and warehouse management.
NetSuite is an essential resource for your growing business. Its cloud-based software scales with your company, and can synchronize reporting, streamline information, and automate the entire organization. `
Since companies spend a lot of time implementing an ERP system, they expect a significant ROI. The last thing they want to worry about is adding a payables system to automate their payments workflow. It is time-consuming and exhausting. But with a simple payables solution, you can seamlessly automate robust workflows.
Maximize Your NetSuite Experience with Easy Add Ons
Adding payables automation to your NetSuite installation makes global businesses scale quickly by automating key processes, such as invoicing, shipping, and order management. Once you add the right software, you will never again need to add on other solutions to manage your payables workflow.
Automating your accounting and finance operations with Tipatli + NetSuite delivers incredible outcomes.
Multi-entity companies need an easy setup that handles essential documents in one place. A robust payables solution like Tipalti syncs directly to NetSuite and provides additional international capabilities. More entities can be easily added to the system, and there is room to grow and scale without adding new technology. Tipalti allows each entity to function seamlessly with all other workflows and processes.
Tipalti’s Multi-FX Benefits
The Tipalti Multi-FX module allows your company to manage intercompany bank transfers easily. The Multi-FX feature provides one central hub to handle payments across all your company’s subsidiaries, currencies, and payment methods. The built-in automatic capability converts currencies for entities with live and transparent exchange rates.
When you integrate NetSuite with Tipalti, you’re enhancing your entire payments process. The FX feature allows your business to access foreign exchange rates and gain full transparency of the conversion status. This feature supports 30+ currencies and prevents tedious, expensive bank transfer processes.
Juggling multiple bank accounts doesn’t have to be stressful. When you add Tipalti to your NetSuite system, you can execute transfers quickly and effectively.
Close the Books 25% Faster
Finance teams control the reconciliation process and can close the books 25% faster with the right payables solution. Plus, there are built-in compliance and advanced financial controls.
Tipalti reconciles general ledger systems faster and more accurately to simplify the financial close process by obtaining bank data and transferring the information directly to NetSuite.
With the integration, businesses can close their books quickly and efficiently and remove reconciliation complexities.
Improve Tax Compliance, Fraud, and More with Payables Technology
Companies can remove up to 80% of their payables workload with a fully automated payables solution. Payables automation eliminates time-consuming manual tax and compliance activities. Through tax season, all vital tax documents—1099s, W9s, W8s, and more— are stored in one location. By syncing all tax data with NetSuite, audit season is streamlined for companies.
A robust payables solution proactively mitigates risk exposure and manages deep audit trails. This solution tracks significant data points, such as contact information, payments, and account numbers. It unveils payment patterns so your company can identify fraudsters within your network.
The solution helps your company quickly and efficiently transfer payments across multiple entities in all the necessary payment methods and currencies.
Businesses Rely on Tipalti to Streamline Workflow Processes
Lucidworks is a NetSuite customer that wanted to accelerate its payables process. With the implementation of Tipalti, they were able to streamline financial reporting.
“Once Tipalti approves an invoice, it syncs over to NetSuite. Then we pay the bill on our account, which auto-syncs to NetSuite. This rapid process enables us to gain more efficiencies.” -Andrew Jenks, Senior Accounting Manager
Influential is also reaping the rewards of their Tipalti + NetSuite integration. Tipalti captures client invoices and then submits them to Influential. They have increased visibility in the approval process and no longer have to manually input invoices into NetSuite.
“OCR recognizes a document, syncs it to the correct payee, and designates the expense to the account. The Tipalti and NetSuite integration is our single source of truth and has significantly increased operational efficiency.” -Myles Dolatre, Accounting Manager
NetSuite + Tipalti Improves End-to-End Payment Experience
Together, Tipalti and NetSuite accomplish mountainous tasks such as supplier management, invoicing, accelerating the financial close, and simplifying FX and currency management for global payables. Tipalti’s solution enhances the ERP process and allows companies to manage across entities. Tipalti up levels process management and future-proofs payables as a business grows.
With the integration of Tipalti and NetSuite, your company can take control of your payables and conquer your market. Reserve a Demo Now to find out how to maximize your payment experience.