Tipalti

Guide

Accrued Expenses & Accounts Payable

Accounts payables are recognized on the balance sheet when a company buys goods or services on credit. Conversely, accrued expenses are recorded on the balance sheet at the end of an accounting period. This is done by adjusting journal entries in the ledger to formally balance the books.

Accounts Payable vs Accounts Recievable

When it comes to bookkeeping and accounting, confusion often arises between the functions of accounts receivable and accounts payable. The two types of accounts are very similar in the way they are recorded in the general ledger.

Wepay vs Stripe

Stripe offers a large selection of online and point-of-sale payment solutions, while WePay’s products and services are more limited in scope and mostly targeted towards online payments; although the company has recently rolled out POS support. WePay is slightly cheaper for card-not-present transactions; its fee is 2.9% + $0.25, while Stripe charges 2.9% + $0.30.

QuickBooks Credit Card Processing

QuickBooks Online, with its QuickBooks Payments option, uses Intuit Merchant Services for customer credit card processing services, and efficiently receives credit card payments. QuickBooks credit card processing includes customer payment links when invoicing, depositing cash receipts from payments into the user’s merchant account daily, and automatically recording the credit card transactions.

Robotic Accounting

Robotic accounting is a form of robotic process automation (RPA) in the accounting field. The emerging technology uses robotic submissions to reduce the need for human labor in manual accounting processes.

Accrued Revenue

Accrued revenue is an asset account that could be accounts receivable to record revenue that’s earned before cash is received, under the generally accepted accounting principles (GAAP) accrual basis of accounting. GAAP accounting standards, including ASC 606 for revenue recognition in corporate finance, are based on the revenue recognition principle that defines when revenue is earned.

Accrual Accounting

Accrual accounting is a GAAP method of accounting to record revenue when earned and expenses when incurred (not paid), summarizing results in accrual basis financial statements. Accrual based accounting uses the matching principle to record revenues and related expenses in the same accounting period. Record accrued liabilities or related assets simultaneously with double-entry bookkeeping.

QuickBooks Partial Payment

A new customer usually has a few questions when dealing with a partial payment amount. There are different steps that are dictated by accounts payable and accounts receivable. It depends on whether you are applying money received from a vendor or paying on an outstanding balance.

Electronic Money (e-money)

Electronic money is a digital store of a medium of exchange on a computerized device. E-money can be used for payment transactions, with or without bank accounts. The great advantage of course is a cashless payment system that makes money transfers of any size quick and easy.

AvidXchange vs Bill.com

When comparing AvidXchange vs. Bill.com, each platform eliminates manual processes and automates a variety of accounting tasks. However, both systems can have different applications. Many users who compare Bill.com and AvidXchange will find that Tipalti’s automation software is a superior alternative to both.

Invoice Matching

Two-way matching and three-way matching are two types of invoice matching (also known as PO matching) used by finance departments to ensure proper oversight of a company’s transactions. So what exactly is invoice matching, and why is it so important to a business?

Cloud Spend Management

Delving into any new technology can be daunting, especially for a small business. When it comes to effective cloud spend management, there are a lot of advantages one can reap.

Virtual Card Payments

A virtual card payment is a digital card transaction made between AP departments. As a payer, you predetermine the amount. Since the payment is virtual, it’s highly secure and protects the business issuing it. The payment method is designed as a smart alternative to ACH and check payments.

Full Cycle Accounts Payable

Full cycle accounts payable, as the name implies, is the complete cycle that an accounts payable department goes through to complete and archive a purchase. This journey includes:

Source-to-pay

Source to pay (S2P) is a business process that obtains services or raw materials from suppliers using strategic sourcing and concludes with the payment for those goods and services via the accounts payable office. Procure to pay (P2P) is a similar process that doesn’t use strategic sourcing.

NetSuite Invoice Approval Workflow

NetSuite has developed the Workflow Manager that enables you to build workflows for a variety of business processes, including invoice approval. Custom workflows can include unique items like steps for approval and purchase order management. A NetSuite invoice approval flow allows a business to quickly authorize expenses and keep things moving.

RegTech

Regtech is short for “regulatory technology” and involves the management of regulatory processes within the financial industry. The main functions of a regtech solution include compliance, reporting, and regulatory monitoring.

QuickBooks International Payments

With integrated add-on software, QuickBooks users can make and receive international payments with foreign bank accounts. The platform provides international invoice features, including foreign currency.

Early Payment Discounts

An early payment discount is a form of trade finance and a means for companies to obtain a discount on vendor invoices when paying early. A business pays less than the full amount due while the supplier receives payment earlier than standard payment terms. It benefits both accounts receivable and accounts payable and helps add to your bottom line.

W8BEN

The Internal Revenue Service requires W-8BEN because foreign individuals are normally subject to a 30% tax withholding, but they may qualify for a reduced rate of taxation. W-8BEN helps to establish this eligibility, although other factors also play a role, such as type of income.

Integrated Payables

Integrated payables streamlines treasury management by consolidating the payment process into a single step. A company can maintain complete control over funds and instruct the bank when to release transactions.

What is Positive Pay

Positive pay is a form of treasury management that works to identify altered checks and prevent check fraud. It stops criminals from cashing fraudulent checks using stolen bank account numbers. It will also catch any bad check information where the amount or date has been altered.

QuickBooks Vendor Payments

As the digital transformation in fintech advances, QuickBooks vendor payments can be made with Online Bill Pay in QBO or through Desktop. Integrated third-party add-on accounts payable automation apps leverage advanced technology to improve efficiency.

Multilateral Netting

Multilateral netting offers busy AP Offices more advantages than disadvantages.
With the many digital AP management tools available on the market today, busy offices shouldn’t have to pour through hundreds or even thousands of invoices every month. A netting system makes processing large volumes of intercompany payables faster and easier, thus resulting in more efficient
AP departments.