Accounts Payable Financial Controls
Safeguard Against Fraud Loss and Strengthen Internal Processes with Enterprise-Grade Financial Controls
Tipalti provides granular controls over payables and payment operations* to increase security of sensitive financial data, ensure ongoing sanctions screening compliance, and improve management oversight to key AP processes.
Configure Data Access Controls & Establish Signatory Rights
Since AP involves direct access to cash reserves, it’s critical to institute proper controls and governance. 20+ role-based permissions help enforce segregation of duties by configuring who can initiate disbursements, fund accounts, create approval flows, run reports, and more. Tipalti automatically routes invoice and also payment approvals based on transaction criteria, so you can ensure strong approval processes not just on invoices, but also on the movement of cash. Built-in bill and supplier audit trails, reporting, and document storage enhances your audit preparedness.
Validate Suppliers Prior to Approval
Strengthen security of your suppliers’ sensitive payment data by collecting and storing this information in Tipalti’s self-service supplier portal. Tipalti automatically validates contact information, payment data, and tax information against 27,000+ global rules prior to approving suppliers. Multiple layers data validation and protection ensure suppliers are always legitimate and helps payers avoid expensive penalties for invalid tax filings.
Protect Against Loss with Ongoing Screening
Get peace of mind that your company won’t inadvertently pay suspicious payees on sanctions screening lists with ongoing screening that’s always up-to-date with regulations. Tipalti automatically scans all payee records against a range of “Do Not Pay” lists during onboarding and before each payment, ensuring every payment is checked for legitimacy and legality.
Prevent Fraud with Electronic Payments
Shifting to electronic payment methods such as global ACH and wire transfers helps minimise risk exposure and fraudulent payouts. Fee splitting allows you to incentivise payees to adopt safer, more efficient payment methods for your business. Instant reconciliation means you can include daily reconciliation as part of your AP team’s responsibilities, so you can detect fraudulent payments more quickly and take corrective action sooner.
Double Down on Risk Management
The Tipalti Detect™ risk module is an internal network that proactively identifies and prevents potential ongoing fraud by proactively looking for patterns. Unique to Tipalti, payers can block or suspend payees from receiving payments, identify blocked or suspended payees trying to create multiple accounts, and get notified of suspicious payees.
Tipalti automatically processes invoices for all of our entities and provides a consistent vendor onboarding program—it’s a lifesaver. We have 12 subsidiaries and 50 locations. Now we don’t worry about fraud.
Financial Controller, Acuity Eye Group
Innovation and efficiency come built-in
Tipalti offers the most comprehensive payables technology to help your business streamline, simplify, and evolve.
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Talk to an expert and learn how you can take control of your payables.