Global Payables Platform Tipalti announced on Tuesday its supplier payments automation solution has integrated with Intuit QuickBooks Online and is now available through the QuickBooks App Store. According to Tipalti, the pre-built integration allows customers to easily combine QuickBooks Online and Tipalti for one automated, powerful cross-border AP-enabled business flow, allowing vendor, bill, payment, payment term, fee, and GL account data to seamlessly sync.
Tipalti also reported that with the integration, QuickBooks Online clients may eliminate 80% of their global AP workload, accelerate payment reconciliation and financial close cycle times, improve supplier relationships, and strengthen financial, tax and regulatory compliance controls. Through the Tipalti integration, QuickBooks Online users may now do the following:
- Onboard suppliers with a secure, self-service, online portal that reduces accounting data entry and payment error rates.
- Provide suppliers with immediate visibility into invoice and payment status and history, and even allow them to update their profile information at any time, from anywhere through the Tipalti supplier portal.
- Reduce tax penalty risk by collecting W-9 and W-8 forms through a simple wizard questionnaire and then validating tax form data for painless 1099 and 1042-S tax preparation. Tipalti’s tax module is KPMG-certified for FATCA compliance.
- Enable touchless bill processing, including OCR-based invoice scanning and automatic invoice approval routing with built-in machine learning for increased accuracy over time.
- Easily make mass cross-border supplier payments to 190 countries with a wide range of payment methods (e.g. US ACH, wire transfer, eCheck / international ACH, PayPal, paper checks, prepaid debit card) and in over 120 currencies.
While sharing more details about the integration, Chen Amit, Co-Founder and CEO of Tipalti, stated:
“Tipalti’s integration with QuickBooks Online brings businesses unprecedented automation, control, and visibility of their global accounts payable operation. A recent study of QuickBooks users found that almost 70% percent were looking to eliminate wasted time spent on payables. This integration does just that by enabling businesses to focus more on strategic efforts that enable the business to grow and scale and less on mundane processes.”
Alex Barnett, Director of Intuit Developer Group, then added:
“By addressing the comprehensive payables workflow, ranging from supplier onboarding, to bills, tax compliance, global remittance, early payments, and AP reporting, Tipalti helps close the loop while simplifying payment reconciliation in QuickBooks Online.”