Tipalti has launched Tipalti Pi (Payables Intelligence). This new solution leverages AI and machine learning to improve decision making around payables. The new solution is available to all Tipalti customers. It provides instance advice and assistance to accounts payables staff that are often working remotely from colleagues at the moment. Importantly, it also adapts feedback based on historic data to improve its efficiency over time.
Chen Amit, CEO, and Co-Founder of Tipalti commented: “The importance of AI in business finance is only going to increase, and we will be adding new capabilities to Tipalti PI over time to support the needs of our customers. Our ultimate goal is to future-proof and de-risk the entire payables operation for businesses looking to scale finance and do more with less.”
Payables Intelligence provides three benefits:
- Reduce process risks and errors.
- Proactively uncover processes to streamline.
- Efficient AI assistance controlled by controllers.
What will Pi do?
What Pi is not is a payables automation solution, it advises AP assistants rather than automates the process itself. It also highlights which processes companies might consider automating. Tipalti will also add further functionality to the solution in time.
Reducing process risks and errors
Tipalti Pi can quickly identify a lot of the errors that cause accounts payables team extra work. These include:
- Duplicate bills.
- Duplicate invoice entries.
- PO matching and discrepancy detection.
- Identify payee risk profiles through Tipalti Detect.
- Reduces supplier data errors through integration to the Supplier Hub.
Access to the Supplier Hub enables Pi to leverage more than 26,000 global rules. These help to reduce payment errors by 66% according to Tipalti. Together these components enable customers to reduce errors and improve compliance. Mark B. Lewis, Chief Financial Officer, Lockerdome commented: “Tipalti Pi helps us reduce risk and improve our process flow throughout our payables operation. It is truly smarter payables and continues to improve with additional functionality.”
Optimise Payable Workflow
While Pi does not automate workflows invisibly, it does provide assistance that helps to lighten the load for accounts payables teams. Leveraging the built-in OCR functions of Tipalti the solution can:
- Assign the correct GL codes.
- Apply line-level codes for each line item to ensure correct categorization.
- Apply the correct approval routing for purchase invoices.
Once optimized, this again reduces errors and anomalies within the finance system. It means that the end of month processes are likely to run smoother and faster with fewer journals required to correct errors.
Controllers remain in control
Tipalti has not positioned Pi as automation that replaces the controller. Instead, it provides recommendations and assistance during what can be time-consuming processes. Rather than having to look up correct codes, they are presented for approval thus increasing efficiency. Importantly, this leaves the finance controller in charge of the finance solution and not at the whim of an AI.
Enterprise Times: What does this mean
Tipalti has provided the next logical step in the evolution of Accounts Payable with Pi. It seeks to help rectify errors before they have an impact on the finance system. Importantly, this is also only the first iteration of a product that could promise much in the future.
Tipalti is already working on functionality that improves scheduling, escalation, and AP data analysis. Where else could it look? Integrating third-party data to further ensure supplier accuracy? Additionally, it could provide benchmarking information from across its platform data to further enhance the knowledge of AP controllers. As another component of the Tipalti platform, this adds further strength for its customers. That it is non-chargeable to existing customers is another benefit.