What are the benefits of automating the PO approval process?

Automating the Purchase Order (PO) approval process offers several benefits that enhance business efficiency, accuracy, and control. Accounting software is not often enough to automate the procurement process for the entire procure-to-pay cycle. Special accounts payable software, like Tipalti, is specifically designed to handle the job from the moment a buyer thinks of a need to the payment being satisfied. Here are some advantages of automating the PO approval process: Reduced Errors and Improved Accuracy The best purchase order software reduces the risk of human error associated with manual data entry, like incorrect pricing, quantities, or vendor details. These systems enforce data consistency by ensuring all required fields are filled in consistently and correctly, which helps manage data quality across the organization. Increased Speed and Efficiency Automating the PO approval process eliminates the need for manual data entry and paperwork typically required for purchase order creation and order request. This reduces the time spent on administrative tasks, which can be especially beneficial for a small business. Approval workflows instantly route POs to the appropriate approvers, significantly reducing approval times and avoiding delays caused by manual handoffs or waiting for physical signatures. Approvers can review, approve, or reject POs in real-time, even remotely, speeding up the overall purchase order process. Better Compliance and Control Automated purchase order software ensures adherence to internal policies and external regulations by requiring every approval to follow pre-defined rules and workflows. Every action taken within purchase order management software is logged, providing a clear and comprehensive audit trail useful for internal audits, compliance checks, and regulatory reporting. Cost Savings Reducing manual processes and data entry lowers administrative overhead costs associated with processing and managing purchase requests and purchase orders. Teams can get rid of the Excel spreadsheets and simply rely on automation. Automation tools provide real-time visibility into purchasing activities, helping to identify cost-saving opportunities and business needs, negotiate better terms with suppliers, and control spend more effectively. Faster approval times can also help companies take advantage of supplier early payment discounts, leading to direct incredible cost savings. Enhanced Supplier Relationships Fast and accurate processing of purchase orders leads to timelier payments and better payment terms, improving supplier satisfaction and fostering stronger long-term relationships. PO software also provides transparency to suppliers about the status of their POs, reducing the need for back-and-forth communication and developing trust. Additional Benefits Scalability and flexibility for large volumes of POs Data-driven insights on purchasing patterns, supplier performance, and approval bottlenecks Track key performance indicators (KPIs) related to the approval process Reduced employee workload freeing up more time for strategic tasks Better collaboration between departments by providing a centralized platform

Can I approve my Tipalti purchase requisition using mobile devices or communication platforms like Slack?

Yes, you can approve Tipalti purchase requisitions using mobile devices or messaging platforms like Slack, thanks to their integration capabilities and user-friendly design. Here’s a few ways in which it works: Mobile-Responsive Design Tipalti is a cloud-based solution designed to be mobile-responsive. This means you can access it from any web browser on a smartphone or tablet. This enables users to review and approve purchase requisitions from anywhere in the world. Tipalti’s website is optimized for mobile use. This ensures a smooth experience for users who need to approve requisitions or perform tasks via their mobile devices. Integration with Slack Tipalti integrates with messaging platforms like Slack through APIs or third-party tools, enabling notifications and approvals directly within Slack. This integration also allows the user to receive real-time notifications about pending requisitions and approve or reject them without leaving the platform. Custom Workflow Automations with Slack A business can set up customized workflows and use Slack bots or commands to trigger specific actions, like sending reminders for pending approvals, notifying stakeholders of approved POs, or escalating approvals based on predefined criteria.

What features should I look for in a purchase order management software solution?

When choosing PO management software, look for features that streamline the entire purchase order lifecycle and centralize manual processes. This enhances efficiency, improves accuracy, and provides better control over procurement and spend management. Here are some key features to consider: Automated PO Creation This should be the first thing cloud-based PO software accomplishes. It should offer pre-approved, customizable templates to quickly create purchase orders and ensure consistency across all purchases. The system should automatically populate POs with data from purchase requisitions, vendor catalogs, or historical transactions to reduce manual entry and punchout errors. Consider a system that integrates with supplier catalogs to pull real-time product, pricing, and availability information, ensuring accurate and up-to-date POs. Custom Approval Workflows Procurement software for small businesses, medium corporations, or enterprise conglomerates should allow for the creation of custom approval workflows based on different criteria (like department, purchase amount, or supplier). It should automatically route POs to the appropriate stakeholders for approval, reducing delays. Role-based permissions ensure that only authorized personnel can create, approve, or modify POs, enhancing compliance and security. Enhanced Supplier Management To avoid manual purchases, PO software enables a centralized supplier database that maintains comprehensive supplier information, including contact details, contracts, pricing, and performance metrics. A self-service supplier portal should be offered. This is where suppliers can submit quotes, view POs, confirm orders, and track payments, improving communication and reducing the need for any spreadsheets. Real-Time PO Tracking The system will provide visibility into the current status of all POs, from creation to payment, allowing for proactive management and quicker issue resolution. It will send automatic notifications and alerts for key events, such as pending approvals, order delays, or discrepancies. The system offers customizable dashboards and reports to monitor key metrics, such as spending trends, supplier performance, and PO processing times. PO Matching and Reconciliation Look for a user-friendly system that performs 2-way and 3-way PO matching against POs and receipts to ensure accuracy before payment is processed. This helps to identify discrepancies, prevent overpayments, and creates a robust audit trail. Tolerance management enables a business to set acceptable tolerance levels for discrepancies (for example, price or quantity variances), reducing the need for manual intervention for minor differences. Additional Features ERP and accounting software integrations Cost control allocation for better tracking Supply chain and inventory management Compliance monitoring and document storage Multi-currency and multi-language support Mobile app with remote approvals and management

Simplified Purchase Order Approval Software

Streamline the approval process by eliminating manual, fragmented email approvals. Seamlessly integrate the purchase order approval workflow into your existing systems to improve efficiency.

Purchase Order Approval Features

Fast, Efficient Approvals and Improved Collaboration

Unlock a faster, smarter approval process with our intelligent purchase approval engine. Stay on top of requests with an automated ticketing system integration, and give your team the power to approve without delays.

Intelligent Purchase Approval Engine

Manage PO approvals with customizable workflows that align with your spending policies. Use predefined workflows for various budget levels, departments, and locations while accommodating unlimited budget owners. Auto-route approvals to cross-functional teams like IT, security, and legal to ensure swift and thorough reviews. Support parallel approval to allow multiple approvers to review and approve requests simultaneously.

Advanced PO Approval Actions

Streamline and document your approval process with advanced features. Easily approve or reject requests and add necessary notes for clarity. Collaborate with subject matter experts in legal, finance, or IT when required. Utilize Tipalti’s approval logs to efficiently track the who, what, and why of approvals, ensuring a smooth workflow and comprehensive documentation for audit purposes.

Approve via Slack or Email

Take control of your procurement approvals from wherever you are. Seamlessly review and approve procurement requests through your preferred tools, including email and Slack. Receive real-time notifications on request status, ensuring you can make swift decisions on the go, all while leveraging the convenience of your familiar communication platforms.

Real-Time Budget Status Visibility

Empower approvers with visibility into real-time budget status, enabling well-informed decision-making and ensuring proper spend control and policy compliance. Only relevant stakeholders can access the budget consumption data to ensure data integrity.

*For NetSuite users only

Platform Features

Work smarter, not harder

With AI and machine learning capabilities, an intuitive UX, and quick and easy global payments, you can drive unprecedented efficiency.

AI

Smarter processes. Instant insights. More productivity. Less manual work. Tipalti AI actually gets things done.

Global

Manage all entities’ payables operations from a single system. Enable each entity to operate with its own unique workflows and branding.

Payment Fraud Protection

Detect and prevent fraud with AI-driven pattern recognition. Block suspicious payees from receiving payments, prevent them from creating new accounts, and get notified of abnormal activities.

Controls and Compliance

Stay compliant across jurisdictions with automated tax compliance, built-in payment protections, and top-tier security controls.

Integrations

Pre-built connections to extend automated workflows

Easily extend and simplify your workflows with pre-built integrations and powerful APIs for your ERPs, accounting systems, performance marketing platforms, HRIS, SSO, Slack, credit cards, and more.

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How It Works

Up and Running in Weeks, Not Months

Get up and running fast with personalized onboarding and dedicated support.

Step 1

Plan

Kickstart your success with a comprehensive setup call to review your procurement workflow, set up SSO integrations, validate technical configurations, and prepare for training.

Step 2

Configure

Our customer onboarding experts set up your Procurement instance, configure requirements, and complete the User Acceptance Test (UAT) for all the procurement workflows.

Step 3

Deploy

Our customer onboarding experts set up your Procurement instance, configure requirements, and complete the User Acceptance Test (UAT) for all the procurement workflows.

Step 4

Adopt

Boost user adoption using change management during launch. We’ll support you with best practices and communication strategies and fine-tune the needs for optimal adoption.

Step 5

Optimize

Our Customer Success and Support teams provide dedicated support and technical assistance by phone and email. They’ll learn your goals and offer tailored solutions to help you achieve them.

Customer Stories