The Tipalti finance automation platform presented a solution for managing expenses and automation called Tipalti Expenses.
The new tool integrates with the main platform of the specified company, which provides automation of settlements with creditors, purchases, cards, and massive global payment transactions in order to improve financial visibility and reduce the number of errors and fraud. The relevant information is contained in the brand’s press release, which was published last Thursday, September 21.
The company claims that it currently takes a disproportionate amount of time for finance departments to reimburse employees around the world for their personal expenses. Brand representatives also note in a press release that the need for automation and streamlining of work processes is becoming an increasingly urgent need, as business leaders are struggling with market fluctuations, taking measures in case of a potential recession, and facing other external challenges.
Currently, in the United States, many companies are seeking to upgrade their technologies in order to reduce costs in a difficult economic situation. The results of a special study indicate that 32% of local firms considered the possibility of restraining expenses in sectors such as contacts with suppliers and financing staff activities. Also, 21% of companies said they would like to focus on inventories, accounts receivable, and accounts payable. Another 16% of firms stated concern about managing liquidity risk by improving forecasting and tracking the movement of money.
Experts note that in every industry there is an increasing need for cost management technology. Over the past few years, there have been shifts towards automation in all sectors of the industry. Even those areas that have long been dominated by the idea of prioritizing archaic processes have begun to show interest in application programming interfaces and system integration.
Bluevine CEO Herman Man said last month during a conversation with media representatives that the current procedural difficulties in most cases are related to the agreement of payment terms and pricing. He also noted the problematic nature of solving the tasks of managing invoices and expenses in accordance with the budget and conditions. According to him, there are difficulties with the implementation of payment transactions and coordination with the back office.
Brex Chief Product Officer Karandeep Anand stated that in the context of solving the mentioned problems, the main task for company executives is to correspond to the budget. In his opinion, B2B payments are too fragmented, which makes it difficult for businesses to correctly assess the available financial resources.
Experts say that taking into account all the entrenched complexities and fragmented divisions that permeate the B2B ecosystem, it is not surprising that finance directors and their teams are making significant efforts to form a full understanding of the options for managing and automating expenses.
As we have reported earlier, AppFolio Launches AI-Powered Payment Options for Property Managers.