Which AP automation is greatest?

For those who’ve ever spent hours chasing down lacking invoices, manually coming into knowledge, or chasing colleagues for approvals, you recognize the ache of inefficient accounts payable (AP) processes. They could be a headache to your group and a bottleneck for your online business.

Fortunately, AP automation options like Nanonets and Tipalti might help. These highly effective instruments streamline your workflows, cut back errors, and offer you again helpful time and sources. However with each platforms providing compelling options, which one is the appropriate match to your wants?

On this head-to-head comparability, we’ll take a look at Nanonets and Tipalti. We’ll additionally discover their key capabilities, pricing, consumer critiques, and extra that can assist you decide which resolution most accurately fits you.

Nanonets vs. Tipalti at a look

On the floor, Nanonets and Tipalti could seem to be comparable AP automation options. Each supply options like bill processing, approval workflows, fee execution, and integrations with fashionable accounting software program. Nevertheless, once you dig deeper, some key variations emerge.

Nanonets is a greater match for companies prioritizing ease of use, flexibility, and affordability. It presents a user-friendly interface, customizable workflows, and clear pricing that scales along with your utilization.

Tipalti, however, is geared in the direction of bigger enterprises with extra advanced AP wants. It supplies superior options like multi-entity assist, world tax compliance, and provider onboarding however has a better price ticket and longer implementation occasions.

This is a fast comparability of Nanonets and Tipalti throughout vital AP parameters:

What’s Nanonets?

Nanonets is a complete workflow automation resolution designed to streamline and simplify handbook processes in companies of all sizes. With superior OCR and AI-powered knowledge extraction, Nanonets allows enterprises to seize knowledge from paperwork precisely, whatever the format.

Nanonets Movement is our complete AP automation platform designed to streamline and simplify your complete bill processing workflow. It makes use of OCR know-how, AI-powered knowledge extraction, customizable approval workflows, ERP integrations, and real-time reporting.

The platform supplies a user-friendly interface and guided onboarding to assist companies optimize their AP processes, save time, cut back errors, and enhance monetary management.

What’s Tipalti?

Tipalti is an automation platform that gives a complete suite of options to assist companies streamline their monetary operations. Tipalti presents a spread of instruments for managing varied facets of the payables course of, reminiscent of mass funds, procurement, and expense administration.

The platform allows firms to handle their whole payables course of, from bill seize and approval to fee execution and reconciliation. Tipalti’s AP automation resolution consists of multi-entity assist, tax compliance, and fraud detection, permitting companies to simplify and evolve their AP processes whereas specializing in development and success.

Though Nanonets and Tipalti present a variety of enterprise options, this text will focus solely on evaluating their AP automation capabilities. Within the subsequent sections, we’ll delve deeper into every platform’s distinctive strengths and potential limitations throughout the AP automation area.

Nanonets: Benefits for AP groups

When evaluating Nanonets vs. Tipalti, you should fastidiously contemplate every device’s professionals and cons to make an knowledgeable choice. Nanonets stand out with the next key options:

• The AI-powered OCR know-how precisely captures bill knowledge from any format, decreasing handbook knowledge entry by as much as 95%. This frees up your AP group to deal with extra strategic duties.
• The top-to-automation allows companies to streamline their whole AP course of, from bill seize to fee processing, with out handbook intervention. This helps to avoid wasting time, reduce errors, and improve general effectivity.
• Customizable approval workflows guarantee invoices are routed to the right approvers based mostly in your group’s distinctive insurance policies and hierarchy. This streamlines the approval course of and reduces cycle occasions.
• Seamless integration with fashionable ERPs and accounting methods like NetSuite, QuickBooks, and Xero permits for automated synchronization of bill knowledge. This eliminates the necessity for handbook knowledge entry and reduces the danger of errors.
• Robotically makes use of your financial institution statements and common ledger knowledge to carry out an automatic reconciliation of your monetary transactions. It will mean you can match your books and determine discrepancies sooner, decreasing the time required to shut your books at month-end.
• Automated 3-way matching and discrepancy detection assist determine potential points early within the course of, stopping overpayments and fraud.
• AI-powered GL coding predicts the right GL codes for invoices based mostly on historic knowledge, decreasing your AP group’s time on this process whereas making certain accuracy and consistency.

Tipalti: Benefits for AP groups

Tipalti brings quite a bit to the desk relating to AP automation. Listed here are a few of its key strengths:

• Help for funds to 196 nations in 120 currencies, making it simple to handle world transactions. Tipalti automates your complete worldwide fee course of, together with tax compliance and regulatory reporting.
• A self-service multi-lingual provider portal that simplifies onboarding and administration for distributors worldwide. Suppliers can submit their data, together with tax varieties and fee particulars, mechanically validated by the platform.
• Multi-entity and multi-subsidiary assist that lets you handle and reconcile funds throughout totally different enterprise items and geographies. This supplies a centralized view of your AP operations.
• Automated tax compliance and regulatory reporting for world funds, making certain your online business stays compliant with altering laws throughout totally different nations and jurisdictions.
• Fraud detection and danger administration options that determine suspicious transactions and provider conduct, alerting your group to potential dangers.
• Tipalti’s digital credit score or debit card permits customers to simply handle and management enterprise spending, cut back prices, and enhance profitability. You may create playing cards on-demand with the right controls and approvals, centralize spend, enhance visibility, and cut back fraud danger.

Nanonets: Potential drawbacks

Whereas Nanonets has quite a bit to supply, there are some areas the place it may enhance. For those who’re contemplating Nanonets to your AP automation wants, maintain these potential drawbacks in thoughts:

• Whereas Nanonets’ AI-powered OCR know-how is spectacular, it requires some coaching to seize knowledge from their particular bill codecs precisely. This may increasingly require some upfront time funding to make sure easy processing.
• The UI may very well be extra intuitive, particularly for customers new to AP automation. There could also be a studying curve as customers navigate the varied options and settings.
• Whereas Nanonets presents a spread of options, the platform lacks sure superior functionalities, reminiscent of intensive vendor administration instruments. This can be a limitation for companies with advanced vendor relationships or requiring extra granular management over vendor interactions.

Tipalti: Potential drawbacks

Tipalti has been a go-to AP resolution for over a decade, and for good purpose. Nevertheless, it may very well be higher. Listed here are a couple of of its weaknesses:

• Tipalti’s interface could develop into sluggish and clunky, particularly throughout busy occasions like month-end shut, which is irritating when time is vital.
• The implementation and onboarding course of could be prolonged and sophisticated, particularly for bigger organizations with a number of entities or advanced approval workflows. Correctly establishing and configuring the system could require important time and sources.
• Some customers have reported that Tipalti’s AP reporting capabilities are missing, making it troublesome to achieve helpful insights and take motion to enhance monetary outcomes. This may increasingly require exporting knowledge to different instruments for extra superior evaluation.
• Integrating with fashionable ERPs like NetSuite presents challenges, together with knowledge synchronization points and restricted customization choices. These limitations could result in handbook reconciliation, which is time-consuming and vulnerable to errors.
• Regardless of the automation capabilities, handbook interventions could also be required in sure conditions. The OCR for bill processing, post-approval modifying, and GL code add options could not at all times perform as intuitively as you’d like.

What do customers say about Nanonets?

In accordance with G2 Crowd, the favored software program evaluate platform, Nanonets has acquired an excellent score of 4.8 out of 5 stars. Customers have praised it for its strong options and distinctive consumer expertise. The device is thought for its accuracy and effectivity in processing varied doc varieties, which saves a major period of time that will in any other case be spent on handbook knowledge entry.

The platform’s flexibility and adaptableness to totally different use circumstances are continuously recommended, with customers appreciating the power to configure fashions for his or her wants.

The platform’s user-friendly interface, ease of use, end-to-end automation capabilities, seamless integrations, and customizable workflows are continuously praised. Customers additionally recognize the responsive and educated buyer assist group.

Whereas some customers point out that advanced use circumstances could require preliminary coaching, they notice that the trouble pays off with important effectivity positive factors. A number of customers recommend extra versatile pricing choices for single customers or rare utilization.

General, customers are thrilled with Nanonets’ potential to streamline AP processes and automate knowledge extraction processes, mixed with its flexibility and scalability. These benefits make it a best choice for companies seeking to remodel their finance operations.

What do customers say about Tipalti?

Tipalti is rated at an general score of 4.5 out of 5 stars based mostly on over 210 critiques on G2Crowd. It’s at present ranked within the high 10 within the Accounts Payable Automation Software program class.

Tipalti is lauded for its streamlined accounts payable processes and strong options. Customers recognize the self-service vendor portal, automated tax compliance, and multi-currency assist for world funds. The environment friendly fee processing, wonderful buyer assist, and easy navigation make it simple to make use of, saving time and decreasing handbook effort.

Some customers have skilled difficulties whereas utilizing Tipalti, reminiscent of integration points with ERPs, excessive charges for overseas foreign money funds, and challenges in modifying bill knowledge entered earlier. There have additionally been studies of occasional system glitches or lags, and a steep studying curve for some customers.

Regardless of these points, Tipalti nonetheless stays a preferred selection for companies that wish to automate and streamline their accounts payable processes, significantly these with advanced world fee necessities.

Pricing comparability

Nanonets pricing overview

Tipalti pricing overview

Tipalti’s pricing mannequin is designed to accommodate companies at varied phases of development, however it might be extra advanced and fewer clear than Nanonets.

Their plans begin at $129 per thirty days for the platform price, which incorporates options like provider portals, an approval guidelines builder, and integrations with ERPs. You may improve to increased tiers as your online business scales and requires superior options reminiscent of W-8 tax varieties, worldwide tax IDs, or multi-entity payables.

Nevertheless, the precise prices for these superior tiers usually are not available, and chances are you’ll must seek the advice of with an account supervisor to find out your precise bills.

Pricing comparability insights

When evaluating Nanonets’ and Tipalti’s pricing, it is evident that Nanonets presents a extra reasonably priced and clear pricing construction. Nanonets supplies a cheap resolution for companies seeking to automate their AP processes with out breaking the financial institution. The tiered pricing mannequin ensures that you simply solely pay for the options and capability you want, making it a beautiful choice for small—to medium-sized companies.

Alternatively, Tipalti’s pricing could also be extra appropriate for bigger enterprises with advanced world payables wants. Whereas their beginning value of $129 per thirty days for the platform price could seem affordable, the prices can rapidly add up as you require extra superior options and assist. The shortage of transparency in pricing for increased tiers might also concern companies seeking to price range precisely for his or her AP automation resolution.

When to decide on Nanonets over Tipalti

Nanonets is a superb selection for companies in search of a versatile, user-friendly, reasonably priced AP automation resolution. Listed here are some eventualities the place Nanonets stands out as the higher match:

1. Rising companies with evolving AP wants

For those who anticipate your AP processes changing into extra advanced over time, Nanonets’ scalability and adaptableness make it an excellent selection. With its versatile pricing mannequin, customizable workflows, and straightforward integrations, it could possibly scale with your online business with out requiring important upfront funding or prolonged implementation.

2. The precedence is ease of use and fast adoption

For AP groups that wish to reduce the training curve related to new software program, Nanonets’ intuitive interface and guided onboarding course of could be a game-changer. Its user-friendly UI, no-code workflows, and easy-to-setup integrations be sure that your group can begin realizing effectivity positive factors with out intensive coaching or technical experience.

3. Companies in search of an reasonably priced, feature-rich resolution

Nanonets presents a complete set of AP automation options at a extra accessible value than Tipalti. For those who’re searching for superior capabilities like AI-powered knowledge extraction, automated 3-way matching, and real-time analytics with out breaking the financial institution, Nanonets supplies wonderful worth to your funding.

4. Firms with various bill codecs and sources

If your online business receives invoices in varied codecs from a number of sources, Nanonets’ superior OCR know-how and AI-powered knowledge extraction could be a lifesaver. The system precisely captures knowledge from any bill format, no matter language, foreign money, or tax legal guidelines, minimizing handbook intervention and making certain a seamless, automated workflow for various bill varieties.

5. Firms search for customizable workflows

Nanonets permits customers to create customizable approval workflows that align with their group’s distinctive insurance policies and hierarchy. Moreover, the platform seamlessly integrates with fashionable ERPs and accounting methods, making certain a easy knowledge move between methods.

When to decide on Tipalti over Nanonets

Whereas Tipalti could have a steeper studying curve and better prices, it excels in dealing with advanced world payables for bigger enterprises. Listed here are some eventualities the place Tipalti stands out as the higher match:

1. Organizations with a number of entities and subsidiaries

Tipalti’s multi-entity assist and centralized AP administration options could be invaluable for firms with a fancy organizational construction involving a number of entities and subsidiaries. Its potential to consolidate and reconcile funds throughout totally different enterprise items and geographies supplies a unified view of your AP operations and streamlines inter-company transactions.

2. Companies with stringent compliance and danger administration necessities

Suppose your business is topic to strict regulatory necessities, otherwise you prioritize fraud prevention and danger administration. Tipalti’s superior compliance and safety features could also be the very best slot in that case. Its automated tax compliance, fraud detection, and provider danger administration capabilities assist guarantee your AP processes stay safe and compliant with evolving laws.

3. Firms with a big, world provider base

For companies with an unlimited community of worldwide suppliers, Tipalti’s self-service provider portal and onboarding instruments can considerably cut back the executive burden in your AP group. By automating provider data assortment, validation, and administration, Tipalti streamlines the onboarding course of and ensures correct, up-to-date provider knowledge.

Ultimate ideas

Let’s be trustworthy, there is not any common reply to that query. Each supply strong options and advantages, however solely you’d know which resolution greatest aligns along with your group’s distinctive wants and priorities.

So, consider your AP necessities, know-how priorities, and development trajectory to find out which resolution aligns greatest along with your objectives.

In the end, the bottom line is to take motion. Whether or not you select Nanonets, Tipalti, or one other respected AP automation resolution, probably the most essential step is embracing digital transformation and optimizing your accounts payable processes immediately.

For organizations in search of a versatile, user-friendly, and reasonably priced Tipalti different to revolutionize their AP operations, Nanonets is definitely a best choice. Do not let handbook, error-prone AP processes maintain you again any longer. Take step one in the direction of a extra clever, streamlined accounts payable workflow — strive Nanonets immediately and expertise the distinction your self.