Voted NetSuite’s SuiteApp of the Year in 2019, Tipalti is a global payables automation platform that simplifies how businesses manage and execute payments to suppliers, partners, and affiliates.
When using Tipalti within NetSuite ERP, businesses can seamlessly manage their entire global payables operation within one unified platform.
NetSuite Tipalti Integration at a Glance:
- Tipalti provides a comprehensive, automated solution for global payables, supplier management & invoice processing in NetSuite.
- Tipalti streamlines accounts payable workflow to enable businesses to focus on growth with up to 80% time reduction.
- Tipalti’s integration offers scalability, efficiency, financial controls, and visibility for improved customer experience & reduced manual processes.
Tipalti and NetSuite: A Powerful Partnership
Staying on the cutting edge as your business scales requires efficient invoice processing and payment management.
Tipalti’s integration with NetSuite offers the perfect solution, providing a comprehensive, automated execution of:
- Global payables
- Supplier management
- PO management
- Invoice management
- Payment scheduling
- Global remittance
- Card spend
- Supplier correspondence
This integration makes it easier to work with global suppliers. With a remarkable 98% customer retention rate, Tipalti’s financial automation through its NetSuite integration is a testament to its effectiveness in streamlining the payables process.
Plus, Tipalti’s “Built for NetSuite” integration incorporates its invoice management module, creating touchless invoice processing for NetSuite clients, which helps institute procurement controls.
Tipalti’s advanced sync logic eliminates manual reconciliation in NetSuite, enabling you to accelerate financial close cycles.
This seamless integration automates the accounts payable workflow, synchronizing:
- Vendor credits
At the General Ledger level, businesses can enjoy an improved customer experience with enhanced cash flow visibility and more efficient invoice processing, thanks to the implementation of entity-specific sub-ledgers.
The partnership between Tipalti and NetSuite offers a comprehensive solution to automate the accounts payable workflow, with features like:
- Self-service supplier portals for collecting and validating tax forms
- Invoice processing with OCR bill capture
- Advanced in-email invoice approvals
- 2-way and 3-way purchase order matching
- Accounts payable reporting powered by Zenwork
Additionally, Tipalti’s OCR technology leverages Artificial Intelligence to analyze invoice behavior, increasing touchless invoice processing accuracy and optimizing approval routing and GL coding processes.
Enhancing Accounts Payable in NetSuite with Tipalti
When you integrate Tipalti into NetSuite, you enhance your accounts payable processes and reap the benefits of financial automation. This integration automates the entire accounts payable workflow, including:
- Supplier onboarding
- Invoice processing
- Payment scheduling
- Remittance through bank integrations
- Communication with suppliers
- Reconciliation of payment details with invoices and billing
Invoice automation is a critical component of the Tipalti-NetSuite integration. The automated invoice collection process includes the following:
- Scanning inbound invoices electronically
- Extracting invoice details for processing
- Initiating multi-step organizational approvals
- Syncing the data back into NetSuite
This streamlined process eliminates manual data entry and accelerates approval workflows, allowing your finance team to focus on more strategic tasks and accelerate financial closes.
Tiplati’s integration with NetSuite enables your business to:
- Make global payments in multiple currencies and payment methods, such as wire transfers, paper checks, and prepaid debit cards
- Automate the entire payment process
- Manage payments efficiently and securely from a single platform
- Ensure compliance with global payment regulations
In addition to simplifying global payments, the integration provides:
- End-to-end automation for seamless ERP integration
- Vendor onboarding
- Touchless invoice processing
- Global supplier management
This ultimately gives your business the power and confidence to navigate the complexities of international payments and maintain compliance with tax and regulatory requirements.
Key Components of the Tipalti-NetSuite Integration
The essential components of Tipalti’s integration with NetSuite can be boiled down to three categories: supplier management, tax compliance, and financial reporting and reconciliation.
These features work in tandem to provide a comprehensive solution for businesses seeking to optimize their accounts payable processes and enhance their global payment capabilities.
Efficient supplier management is crucial for maintaining strong business relationships and ensuring smooth accounts payable operations.
With Tipalti, you have a comprehensive suite of supplier management capabilities at your fingertips, including:
- Synchronization of suppliers
- Purchase orders
- Goods received notes
- Vendor credits at the general ledger level
Not to mention that the integration provides a self-service supplier portal to help suppliers register and update their contact and billing information, available in 27 different languages.
Tipalti automates the collection and validation of tax forms. Integrating operational, compliance, and financial controls empowers high-growth companies to scale quickly while adhering to tax and regulatory compliance.
The integration’s approved tax engine facilitates tax compliance, providing businesses with the tools to validate IRS tax information and maintain compliance with global tax regulations. This feature streamlines the tax compliance process and reduces the risk of penalties and fines associated with non-compliance.
Financial Reporting and Reconciliation
Tipalti’s integration with NetSuite offers the following financial reporting benefits:
- Real-time financial reporting and reconciliation
- Comprehensive and current financial information
- Automatic payment reconciliation
- Up-to-date cash flow and spend visibility
- Streamlined payment reconciliation across different entities, geographies, currencies, payment methods, and workflows.
With the synchronization of data between Tipalti and NetSuite, you eliminate the need for manual reconciliation, expedite the financial close process, and improve financial visibility.
Tipalti & NetSuite: A Knock-Out Duo
Tiplati’s integration with NetSuite is a one-two punch for businesses seeking to optimize their accounts payable processes and enhance global payment capabilities.
By automating invoice processing, simplifying global payments, ensuring tax compliance, and providing real-time financial reporting and reconciliation, this integration empowers businesses to unlock new growth opportunities.
To make the most of your Tipalti NetSuite integration, you have to implement it properly. This is where StratusGreen’s revered white-glove approach comes into play.
To get Tipalti set up smoothly and securely, our seasoned team of certified experts can help alleviate the anxiety of onboarding, implementation, and support.
Reach out to a member of the StratusGreen team — we have industry pros at the ready and across multiple time zones to answer all your questions and help prime your business for rapid growth.