Tipalti has announced that its supplier payments automation solution is now integrated into Intuit QuickBooks Online. The global payments automation firm reported the new development in a press release on Tuesday (October 23).
The solution is now available through the QuickBooks App Store.
The pre-built integration, said the company, allows customers to combine QuickBooks Online and Tipalti, aimed at automating cross-border AP business flow. Business functions can be synced across vendor, billing and payments.
“With the integration, QuickBooks Online clients can eliminate 80 percent of their global AP workload, accelerate payment reconciliation and financial close cycle times, improve supplier relationships, and strengthen financial, tax and regulatory compliance controls,” Tipalti said.
In illustrating various functions available to QuickBooks Online users, the firm said that they can onboard suppliers with a secure, self-service, online portal that reduces accounting data entry and payment error rates. They can also reduce tax penalty risk by collecting W-9 and W-8 forms through a simple questionnaire to validate data for 1099 and 1042-S tax prep. Users can also make mass cross-border supplier payments to 190 countries across payment methods spanning wire transfers, eChecks, paper checks, and prepaid debit cards across 120 currencies. End users can also automate payment status communications with suppliers with branded, customized email.
Tipalti also said that QuickBooks Online users can “ensure supplier payment regulatory and tax compliance by collecting and verifying tax forms (W-9, W-8 Series, VAT, tax ID), and screening every payment transaction against OFAC and international blacklists. This capability also removes most manual work from the compliance process.”
In a statement that accompanies the release, Alex Barnett, director of the Intuit Developer Group, said that “for Intuit QuickBooks Online users looking to reduce the workload related to managing and executing supplier payments, particularly globally, Tipalti’s platform offers unique advantages. 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.”