Tipalti provides the leading global supplier payments automation platform in which integration with existing processes and systems is critical, so that the whole business transaction in paying suppliers proceeds smoothly and cost effectively. Their Tipalti SuiteApp is one of the first cloud-based solutions that enable global businesses to execute multi-method bill payments anywhere in the world, while providing real-time payment status and reconciliation reporting directly within a cloud ERP system. 

ERP connectivity and integration is critical

ERP connectivity is critical in overall business transaction efficiency. The recent annoucement that Tipalti SuiteApp has achieved ‘Built for NetSuite’ status is important because it helps finance departments streamline their entire global supplier payment operation.  

Built for NetSuite is a programme for NetSuite SuiteCloud Developer Network (SDN) partners that provides them with information, resources and a method to help them verify that their applications and integrations, built using the NetSuite SuiteCloud Computing Platform, meet NetSuite’s standards and best practices. The Built for NetSuite programme is designed to give NetSuite customers additional confidence that SuiteApps have been built to meet these standards. 

Tipalti SuiteApp

The Tipalti SuiteApp is one of the first cloud-based solutions that enable global businesses to execute multi-method bill payments anywhere in the world, while providing real-time payment status and reconciliation reporting directly within a cloud ERP system. NetSuite OneWorld customers can now automate their entire supplier payments operation, paying suppliers in any country in a wide range of different payment methods (ACH, wire transfer, eCheck, international ACH, PayPal, paper checks, and prepaid debit card, etc.) and in over 100 currencies. Payment remittance results are automatically available within NetSuite for faster, more accurate payment reconciliation and financial close reporting, improved supplier payment status communication, and streamlined tax reporting.  

Tipalti also:

• streamlines the accounts payable process by providing intelligent self-service onboarding of payees while integrating with NetSuite’s vendor records and invoices to reduce payment processing errors
• provides suppliers with a secure online portal so they can get immediate visibility into payment status and history, invoices, and update their payment information at any time, from anywhere
• ensures a complete supplier payment regulatory and tax compliance by collecting and verifying tax forms (W-9, W-8 Series, VAT, tax ID), screening every payment transaction against OFAC and international blacklists, and generating 1099 / 1042-s tax preparation reports for tax filing.  

“The last mile of ERP is about the streamlining of accounts payable functions,” says Chen Amit, Co-Founder and CEO of Tipalti. “Tipalti’s integration with NetSuite’s cloud-based ERP platform adds unprecedented automation, control, and visibility to AP organizations as it relates to global B2B payments.”

(For a copy of Tipalti's Suppiier Payment Process Checklist on the critical best practices that global accounts payable
departments should follow to safeguard payments to a supplier or partner, click here.)

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CTMfile take: Tipalti’s focus on the whole business transaction is critical, making payments to suppliers and partners is only part of the business transaction which includes tax compliance, updating the ERP, etc.