Splice Saves 12 Weeks a Year on Invoice Processing & Royalty Payments

HQ New York, NY
Customer Since 2019

Industry Gig Economy—Audio, Visual Monetization

• Reduced payments processing time and implemented a faster monthly close
• Streamlined invoice workflows and saved 36 days a year
• Fully Integrated with ERP, NetSuite

Splice is the music creation playground that producers used to dream about. Now a reality, the New York-based platform offers access to millions of the best royalty-free samples, loops, and presets. Musicians use Splice to find that groove or melody to inspire their own tracks. Creators can share original music and gain exposure to their work. 

Splice fosters a creative community that is always eyeing innovation. But for the finance team, supporting the organization meant creating a clear path forward to help the company grow and expand.

Nas Yaqoobi, Accountant at Splice, and his team previously managed three different types of operational payments—label payments that were made monthly and took three days to process, traditional vendor and contractor invoices, and artist payments that happened quarterly. At the end of a given quarter, Yaqoobi and his team were processing hundreds of payments manually—through Paypal, ACH, or a required foreign currency.

For the 900+ royalty payments alone, it would take me two weeks. That’s all I would be doing at the end of a quarter close. I knew that we needed a new automated platform.

After meeting with three different automation solutions, the Splice team chose Tipalti because of its partner payment capabilities, automated invoice processing, and streamlined integration with ERP, NetSuite.

What once took us eight weeks a year to process is now down to less than an hour. AP invoice processing is also automated, which eliminates another 36 days a year of workload.

Today, Yaqoobi simply sends his invoices to the Tipalti inbox. Tipalti scans the document, ensuring everything is correct, and then it’s ready for approval—everything happens in one centralized system.

I literally just upload the payments into Tipalti, and it just pays it from there. I don’t have to do any manual work.

With Tipalti, Splice’s monthly close time improved significantly, and AP aging reports dropped from three weeks to one day. Plus, Splice was able to implement real-time syncing with NetSuite—ensuring completed approvals within minutes.

Now, Splice is looking forward to the future and scaling internationally in 2021. With the right systems in place, they’re confident that they can take on more global payments. 

In terms of scaling, we’re definitely set up for success. Our payments process is no longer a huge burden on finance anymore.

For Splice, their creators can join their growing music community more seamlessly to work on what they really love. Across the organization, supplier and artist relationships have improved. And the finance team is relieved to free up their workload and distribute responsibilities more evenly.

Now, we’re able to take on anything that comes our way. We have the bandwidth.

Let’s get more productive

Book a demo today and learn how you can take control of your payables.