When a company must make high volumes of payments to payees, manual effort can take you so far. It is error prone and not scalable.
The time required to manage this entire payment process can be a significant drag on productivity. The average AP department spends more than five hours a week handling this process.
When paying partners, it’s also critical that tax and regulatory compliance is taken care of and that payments can be made in a timely, accurate way to your partners. Furthermore, when companies add foreign partners and suppliers, this adds significantly more accounting and operational complexity to the mix, making a global payment automation system even more valuable. That’s because there are a multitude of payment options, including payment methods, tax implications, and currency, that should be localized for that specific partner.
A global payment accounts payable software solution like Tipalti enables companies to centralize and execute all payment processes for all partners, regardless of jurisdiction. In addition, the business can maintain records for reconciliation in one place.