PO (purchase order) matching is one of two new capabilities Tipalti has rolled out within recent months, the other being multi-entity functionality. Tipalti CMO Rob Israch said both new capabilities are now being enhanced with a focus on the platform’s NetSuite integration.
PO matching ensures that a PO has already been established and approved for the vendor before an invoice is received so organizations can be sure they’re paying out the correct amount. Multi-entity capabilities support organizations that have multiple locations, workflows and subsidiaries for processing supplier payments, whether or not they’re backed by invoices.
Israch said Tipalti has rolled PO matching and multi-entity into its existing NetSuite integration following the receipt of its NetSuite certification. NetSuite has its own PO creation capability, but the integration enables users to streamline their complete accounts payable (AP) workflow.
Israch said that, although there are other AP automation players integrating PO matching with NetSuite, those players are not providing multi-entity functions on top of it — that, he said, is a core differentiator for Tipalti.
He said it’s also a core need for NetSuite, which primarily serves midmarket companies and offers a solution that’s specifically designed for multi-entity organizations. Israch said Tipalti is enabling those NetSuite customers to run their entire payables operations across borders and brands from a single touchpoint.
He gave the example of Docker, an organization with eight international subsidiaries to manage. Tipalti’s integration with NetSuite OneWorld at the subsidiary level has allowed the company’s controller to stop juggling those eight subsidiaries and instead manage them all in one place.
In the past, Israch noted, most finance organizations were single-entity, but today there are many acquisitions, mergers and sub-brands transforming them into complex multi-entity operations that require new types of tools and solutions.
A multi-entity integration like this can help CFOs and controllers eliminate tax, regulatory, fraud and audit compliance risks while strengthening their AP visibility across the organization as a whole and by entity, Israch said.
Automated syncing between Tipalti’s and NetSuite’s systems can help companies reduce time and effort spent on invoice approval, he added, as well as maximize early payment revenue opportunities by shortening invoice-to-pay cycle times.
Tipalti will have a booth at NetSuite’s upcoming conference in Las Vegas April 23 through 26, and the company will be making a presentation during the week.