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 OFAC compliance, and improve management oversight to key AP processes.

Tipalti’s time savings on payables processes are a huge benefit, but we’re also seeing a reduction in fraud risk. We’re notified of potential fraudsters during the onboarding process and prior to payment, allowing us to investigate proactively before payments go out.

Wendy Welfelt, Director of Finance and Accounting, mobileFUSED

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 user 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. IRS tax form and ID collection (prescribed by KPMG LLC) and validation including TIN matching adds another layer of protection to ensure that suppliers are legitimate and helps payers avoid expensive penalties for invalid 1099 and 1042-S filings.

Protect Against Loss with Ongoing Screening

Get peace of mind that your company won’t inadvertently pay suspicious payees on the OFAC, Anti-Terror, or Anti-Narcotics 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 US and global ACH and wire transfers helps minimize risk exposure and fraudulent payouts. Fee splitting allows you to incent payees to adopt safer, more efficient payment methods for your business. For payees that select paper check, Positive Pay is included to help combat fraud. 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.

Continue exploring Tipalti's rich payables platform

Supplier Management
Tipalti’s white-labeled self-service portal offloads data collection to suppliers and lets them choose payment options and view status.

Invoice Workflow Automation
Touchless invoice OCR capture, approval processing, and PO matching for faster, more accurate invoice management 24×7.

Global Payments
Effortless mass payments to 190 countries and 120 currencies without bank portals. Drive cost savings and audibility by shifting toward electronic payment methods.

Tax and Regulatory Compliance
Tipalti’s KPMG-certified compliant tax module automates tax identity collection and validation for IRS and VAT compliance.

Reconciliation and AP Reporting
Instant payment reconciliation and financial reports avoid the time-consuming and error-prone process of manual reconciliations to better guide cash flow decisions.

NetNow Accelerated Payments
Remove the challenge of extending supplier payment terms and offer early payments to them without touching your company’s own cash.

Multi-Entity Support
Manage AP across global and domestic subsidiaries and entities through a single platform, helping finance departments grow and scale compliantly.

Financial Controls
Audit trails and role-based views are just a few of the governance capabilities to mitigate risk and fraud – and ensure compliance.

Secure Cloud Infrastructure
SSAE 16 SOC compliant and ISAE 3402 Type II certified – All data is collected and transmitted securely over HTTPS and PII is stored encrypted using AES.

System Integrations
Connect to ERPs, accounting packages, or performance tracking systems like NetSuite, QuickBooks, and many others to provide closed-loop accounting.

Built-In API
Directly connect to your business applications with Tipalti’s powerful and secure supplier payments web application programmable interface.

GET STARTED

Contact us today to schedule a demo to see if Tipalti can help automate your accounts payable processes.