Best Tipalti alternative in 2023
There are many capable and feature-rich accounts payable software present in the market. Each one offers all the basic requirements needed by any AP team to fulfill their daily tasks. Where they stand apart from each other are the unique offerings that give them an edge over their direct competition.
When making accounts payable software comparisons, you must weigh the pros and cons based on your business goals and strategy to choose the most optimal tool. Two of the best AP software tools are provided by Volopay and Tipalti. Both brands offer a host of financial tools for companies to automate their AP process and make accounting efficient. Read further to know more about the best Tipalti alternative.
Volopay’s backend infrastructure is built in such a way that it allows you to hold money in over 60+ currencies and make payments to over 100 countries. Since you’re able to hold money in so many different currencies, you’re essentially paying an international vendor in their local currency. This helps your business avoid any currency conversion charges and your supplier also receives money in full without any major deductions.
Automation on Volopay helps you process your invoices faster by eliminating the manual and tedious tasks of data entry. You also get to schedule payments in advance so that you never have to deal with late payments. Another form of automation on Volopay is the ability to create recurring payments for vendors who you deal with on a regular basis for the same goods or services. You can create recurring payments on a monthly schedule and not have to worry about missing payments.
Vendor management on Volopay lets you create individual and corporate vendor accounts with their relevant information. This helps in making faster payments to them without entering all the necessary details each time you want to pay them. You can easily edit and modify vendor accounts whenever required.
All invoices being processed through Volopay are tracked in an internal Volopay ledger in real time. This helps you keep track of every transaction and ensure complete visibility of how your budgets are being utilized. Not only can you see all the transactions but also export them as per your wish and sync them with your accounting software.
A great benefit of using Volopay is its ability to let you create custom approval workflows for controlling the payments being made through the platform. You can set up approval workflows with up to 5 levels of approvers based on the amount of the payment. This will ensure that no matter what the payment amount is, it is going through the right managers for approval before it is processed. This makes Volopay the best Tipalti alternative.
Volopay has native integrations with some of the industry-leading accounting tools including Netsuite, Xero, Quickbooks, MYOB, Tally, and Deskera. If your business happens to use any other accounting software, you will still be able to integrate it with our platform thanks to the Universal CSV feature. While Tipalti has poor and bad integration with accounting software it is wiser to opt for Volopay.
Volopay provides its clients with a flexible credit line. We don’t have fixed criteria to provide credit. Instead, we analyze the financial health and stability of your company with your financial documents and reports to make a decision on whether you would get access to a credit line.
On a very rare occasion that you are sending money to a vendor in a country whose currency our platform does not support, you would still be able to make an international wire transfer at the lowest forex rates. This makes Volopay the best Tipalti alternative.
Each client of Volopay gets a dedicated customer success executive to guide you on how to use the platform. They will help you set up your account and ensure that you are able to take full advantage of the platform and make your accounts payable process as seamless as possible.