- Tipalti, an automated payables solution, announced a partnership with ERP provider NetSuite to help NetSuite users streamline their payments and gain full visibility of all payments within their supply chain operations.
- NetSuite users will see automation of the entire accounts payable (AP) process from new-vendor setup to global supplier remittance and payment reconciliation, eliminating up to 80% of workload, according to the press release emailed to Supply Chain Dive.
- The integration will also allow for Purchase Order (PO) matching, which will "eliminate overspending and strengthen internal financial controls," according to the press release.
AP can be slow and complex. Chief financial officers (CFOs) and controllers often don’t have the visibility they need to make decisions in a world where regulatory issues, fraud and compliance risk further complicate an already intricate system.
To help simplify and facilitate these vital and often time-consuming systems, Tipalti has integrated its automated purchase order (PO) and multi-entity capability with NetSuite’s OneWorld cloud ERP platform. OneWorld is a real-time, unified global business management platform for enterprises managing multinational and multi-subsidiary operations.
Tipalti receives and automatically syncs POs and Goods Received Notes (GRNs) from NetSuite and updates bill statuses and amounts. PO matching helps users eliminate overspending and strengthen their internal financial controls.
Vendors establish bill payments based on due dates in NetSuite OneWorld, and Tipalti pays them in any country over a wide range of different payment methods (selected by vendor for convenience and cost-effectiveness) and in more than 100 currencies.
The system also avoids the wasted time and increased error probability of manual entry. Tipalti’s self-service web portal allows suppliers to register and update their contact and billing data. Tax forms are collected and validated from within the portal, reducing the stress of trying to do it at the end of the year.
This kind of partnership will help companies obtain a key visibility over financial transactions within the supply chain. The automation can increase efficiency, and the visibility allows management to have more direct oversight over all aspects of the company.