Tipalti Adds Expense Management to Award-Winning Finance Automation Platform

Tipalti Expenses Brings Seamless Automation to Employee-Initiated and Supplier Spending and Includes Integration of New Physical Tipalti Card

FOSTER CITY, Calif., Sept. 21, 2023 /PRNewswire/ -- At its third annual Illuminate conference, Tipalti, the leading global finance automation platform, today announced the general availability of Tipalti Expenses, a comprehensive solution for automating and managing employee spending and reimbursements globally. The 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. Tipalti also announced the physical version of the Tipalti Card for the U.S., giving users the choice of physical or virtual credit and debit cards.

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.

Currently, finance teams spend a disproportionate amount of time reimbursing employees around the world for their out-of-pocket expenses. As business leaders continue to grapple with market fluctuations, a potential recession and other external factors, the need for automation and streamlined workflows has become more urgent. A recent Tipalti survey of CFOs found that 70% are currently making or using digital technology investments to pursue finance automation, and over two-thirds (67%) agree that expenses are a very important area to apply digital technology.

"As a global company, centralizing our expenses processes and policies is a major challenge," said Rami Darouiche, Controller at T3 Micro, a creator of innovative styling tools. "Without proper oversight and checks and balances, employee spend can quickly become out of control and a huge pain point for any company, not to mention the challenges of ensuring employees are reimbursed quickly and in the currency they require. Tipalti Expenses checks all of those boxes. It provides an easy-to-use interface for employees and managers and the ability to submit, approve and reimburse globally at lightning speed."

Tipalti customers have already been reaping the benefits of Tipalti Expenses, including:

• 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 categorized 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, minimizing fraud and reducing manual employee steps and finance workloads.

"Tipalti's expense management solution is a timely response to the pressing needs of finance teams. As organizations increasingly prioritize automation and streamlined workflows in the face of market uncertainties, Tipalti Expenses offers a useful set of tools for all aspects of expense management," said Kevin Permenter, Research Director, Financial Applications at IDC. "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."

Tipalti also launched a physical U.S. card offering — the counterpart of its virtual Tipalti Card announced in September 2022 — to provide another method for managing travel and entertainment expenses. Existing Tipalti Card users, including FloSports, Achieving The Dream and Encoura, now easily create physical or virtual credit or debit cards on demand. Integrated with Tipalti's comprehensive global finance automation platform, finance teams have full visibility on card spend with automatic reconciliation and robust controls.

Additional benefits of Tipalti Card include:

• Automatic Reconciliation: Card transactions are automatically captured and processed like other payment methods, eliminating the need to chase internal stakeholders for supporting documents or manually enter data into the ERP. Automatic receipt collection and cardholder transaction review also improve GL accuracy and reduce manual finance workloads.
• Centralized Spend and Improved Visibility: Finance teams can manage and consolidate all employee, supplier and payee spend in one place, whether it's with Tipalti Card, ACH, wire transfer, PayPal or checks.
• Spend Control: Physical and virtual cards are issued with robust controls, including spending limits, vendor limits and approved categories. Finance teams can also pre-approve purchases with card request approval workflows tailored to companies' processes and rules, suspend or cancel a card at any time and quickly identify and resolve unrecognized merchant payments in real time.

"In today's climate, finance leaders require real-time data and full visibility to forecast future spending and scale accordingly," said Roby Baruch, Chief Product Officer at Tipalti. "Tipalti provides the most innovative and easy-to-use solutions to make this happen all from one platform. The addition of Tipalti Expenses and the physical Tipalti Card are the final pieces of the most comprehensive global finance automation platform available."

To learn more about Tipalti Expenses, visit https://tipalti.com/expenses/, and to learn more about Tipalti Card, visit https://tipalti.com/card/.

About Tipalti
Tipalti is the only company handling both Global Payments and Accounts Payable workflows for high-velocity companies across the entire financial operations cycle: onboarding and managing global suppliers, instituting procurement controls, streamlining invoice processing and approvals, executing payments around the world and reconciling payables data across a multi-subsidiary finance organization. Tipalti enables companies to scale quickly by making payables strategic with operational, compliance and financial controls. Companies can efficiently and securely pay thousands of partners and suppliers in 196 countries in their own currency within minutes. Thousands of companies, such as Amazon Twitch, GoDaddy, Roku, WordPress.com, and ZipRecruiter use Tipalti to reduce operational workload by 80% and accelerate the financial close by 25%, while strengthening financial and spend controls. For more information, visit tipalti.com.

Media Contact
Rachelle Avila
rachelle.avila@tipalti.com

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SOURCE Tipalti