Many companies rely on hiring junior personnel to handle supplier payments. It makes sense. AP looks like a cost center in most businesses and the economical approach to controlling costs is to bring on lower salary staff. However, this also introduces risk and control issues where likely multiple people of varied experience and expertise are suddenly handling the company’s bank accounts. A misplaced digit can cause expensive errors and the more payments you make, the greater chance for errors and fraud.
To improve governance on payment and treasury operations, finance and accounting teams employ digital and physical checkpoints, limit access to banking portals, or alternatively, spend months in research and development cycles kludging together an IT solution that now must be managed. While a company is small, this layered and disparate approach may work fine. However, as the company grows, requiring the CFO to draft payments and sign off on every transaction can be a complete waste of time, not to mention ineffective in establishing true controls rather than just an illusion of security.
Let Tipalti Handle It
Over a hundred businesses trust Tipalti to provide the infrastructure and services to establish signatory rights and IT controls to banking systems. These companies can easily create approval workflows and in some cases even automate the approvals for transactions at certain levels.
It’s part of Tipalti’s comprehensive suite of features that streamline and automate the “last mile of ERP.” The result is greater control and security introduced into the entire payment operation.
- Create an application firewall for accessing banking portals for wire transfers, ACH, check printing, etc.
- Screen payees and transactions for fraud against national blacklists (i.e. OFAC)
- Reduce approval cycle friction in paying partners and suppliers