Instituting IT controls on financial systems is critical to ensuring ongoing compliance but also for improving management oversight to key processes. The accounts payable processes are one of the most important as it involves direct access to a company’s actual cash reserves. Yet many businesses still rely on outmoded manual processes and provide poorly monitored access to utilize accounts.
One reason is that many of these systems are disassociated with each other, requiring some manual transference by staff members. The ERP system almost never talks directly to the bank interface, for example. Likewise, if there are multiple methods for paying, it can add greater complexity to manage the signatory rights down to the actual execution of payment. Signing a paper check is a dramatically different process than executing an international wire transfer.
Improve Payment Controls and Visibility
Tipalti provides granular control over various elements of the payables and payment operations. This increases security over sensitive financial accounts and data as well as locks down the approval process for payments.
- Improve internal controls by limiting access to financial accounts
- Automatically route payment approval based on transaction criteria
- Secure approvals and information based on roles including flow setting, limit setting, reports, bank balances and more
- Enable multi-factor authentication for account access to Payer Portal
- Manage unlimited users for your company, with users assigned to an exact list of required permissions up to specific actions