The new expense management solution seamlessly integrates with Tipalti’s platform, which automates AP, procurement, cards, and mass global payments to improve financial visibility and reduce errors and fraud.
Streamlining expense management and increasing efficiency
Tipalti Expenses leverages the same technology users already trust for capabilities such as global payments, compliance checks, and a single funding flow to reduce manual workloads by 80%. Businesses now have greater flexibility to manage employee expenses anytime, anywhere through a web interface or the Tipalti mobile app, available for iOS and Android. Employees can quickly snap and upload a picture of their receipts for review and rapid approval.
At present, finance departments allocate an excessive amount of time to reimburse employees worldwide for their personal expenses. As corporate leaders navigate market volatility, the possibility of a recession, and various external factors, the demand for automation and more efficient processes has grown. According to a survey conducted by Tipalti among CFOs, 70% are actively engaging in or utilising digital technology investments to advance financial automation. Furthermore, over two-thirds (67%) concur that digital technology plays a highly significant role in addressing expenses.
Benefits of Tipalti Expenses include:
Fast Global Reimbursements: With support in over 196 countries, 120 currencies, and up to six payment methods, finance teams can quickly and securely reimburse employees no matter where they are in the world and in the currency of their choice;
Auto ERP Sync and Reconciliation: Expense-based transactions and reimbursements are automatically captured, processed, and categorised by general ledger (GL) expense type for better visibility and are automatically reconciled at the entity GL level within the ERP system;
Reduced Errors and Fraud: Automated expense policies and embedded compliance checks ensure expenses are being submitted and reimbursed in accordance with company policies, helping enforce spending limits while ensuring compliance, minimising fraud, and reducing manual employee steps and finance workloads.
Speaking about Tipalti’s new solution, representatives from IDC said it is a timely response to the pressing needs of finance teams. As organisations increasingly prioritise automation and streamlined workflows in the face of market uncertainties, Tipalti Expenses offers a useful set of tools for all aspects of expense management. By addressing the pain point of manual reimbursement with its robust global payment infrastructure and providing an employee-friendly experience with its intuitive mobile and web interfaces, Tipalti’s offering will be a welcomed addition to the market with the potential to save users both time and resources.