Which AP automation is best?

If you happen to’ve ever spent hours chasing down lacking invoices, manually entering data, or chasing colleagues for approvals, you realize the ache of inefficient accounts payable (AP) processes. They could be a headache in your crew and a bottleneck for your enterprise.

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

On this head-to-head comparability, we’ll check Nanonets and Tipalti. We’ll additionally discover their key capabilities, pricing, person opinions, 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 might look like related AP automation solutions. Each supply options like bill processing, approval workflows, fee execution, and integrations with well-liked accounting software program. Nonetheless, whenever 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 offers superior options like multi-entity assist, international tax compliance, and provider onboarding however has the next price ticket and longer implementation instances.

Here is a fast comparability of Nanonets and Tipalti throughout important 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 permits enterprises to seize knowledge from paperwork precisely, whatever the format.

Nanonets Flow is our complete AP automation platform designed to streamline and simplify your entire 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 offers 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 numerous features of the payables course of, resembling mass funds, procurement, and expense administration.

The platform permits corporations to handle their complete payables course of, from bill seize and approval to fee execution and reconciliation. Tipalti’s AP automation resolution contains multi-entity assist, tax compliance, and fraud detection, permitting companies to simplify and evolve their AP processes whereas specializing in progress 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 have to rigorously take into account every software’s execs 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 crew to concentrate on extra strategic duties.
• The tip-to-automation permits companies to streamline their complete AP course of, from bill seize to fee processing, with out handbook intervention. This helps to avoid wasting time, decrease errors, and improve total effectivity.
• Customizable approval workflows guarantee invoices are routed to the proper approvers based mostly in your group’s distinctive insurance policies and hierarchy. This streamlines the approval course of and reduces cycle instances.
• Seamless integration with well-liked ERPs and accounting programs like NetSuite, QuickBooks, and Xero permits for computerized synchronization of bill knowledge. This eliminates the necessity for handbook knowledge entry and reduces the danger of errors.
• Mechanically makes use of your financial institution statements and common ledger knowledge to carry out an automatic reconciliation of your monetary transactions. This may 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 proper GL codes for invoices based mostly on historic knowledge, decreasing your AP crew’s time on this job whereas making certain accuracy and consistency.

Tipalti: Benefits for AP groups

Tipalti brings rather a lot to the desk with regards to AP automation. Listed below are a few of its key strengths:

• Help for funds to 196 international locations in 120 currencies, making it simple to handle international transactions. Tipalti automates your entire 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 completely different enterprise models and geographies. This offers a centralized view of your AP operations.
• Automated tax compliance and regulatory reporting for international funds, making certain your enterprise stays compliant with altering laws throughout completely different international locations and jurisdictions.
• Fraud detection and threat administration options that determine suspicious transactions and provider conduct, alerting your crew 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’ll be able to create playing cards on-demand with the correct controls and approvals, centralize spend, enhance visibility, and cut back fraud threat.

Nanonets: Potential drawbacks

Whereas Nanonets has rather a lot to supply, there are some areas the place it may enhance. If you happen to’re contemplating Nanonets in your AP automation wants, preserve 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 will require some upfront time funding to make sure clean 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 assorted options and settings.
• Whereas Nanonets presents a spread of options, the platform lacks sure superior functionalities, resembling 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 cause. Nonetheless, it may very well be higher. Listed below are a couple of of its weaknesses:

• Tipalti’s interface might turn into sluggish and clunky, particularly throughout busy instances like month-end shut, which is irritating when time is important.
• The implementation and onboarding course of will be prolonged and complicated, particularly for bigger organizations with a number of entities or advanced approval workflows. Correctly establishing and configuring the system might require vital time and sources.
• Some customers have reported that Tipalti’s AP reporting capabilities are missing, making it troublesome to achieve useful insights and take motion to enhance monetary outcomes. This will require exporting knowledge to different instruments for extra superior evaluation.
• Integrating with well-liked ERPs like NetSuite presents challenges, together with knowledge synchronization points and restricted customization choices. These limitations might 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 might not all the time operate as intuitively as you’d like.

What do customers say about Nanonets?

In line with G2 Crowd, the favored software program evaluation platform, Nanonets has acquired an impressive ranking of 4.8 out of 5 stars. Customers have praised it for its strong options and distinctive person expertise. The software is thought for its accuracy and effectivity in processing numerous doc varieties, which saves a major period of time that might in any other case be spent on handbook knowledge entry.

The platform’s flexibility and adaptableness to completely different use circumstances are often counseled, 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 often praised. Customers additionally respect the responsive and educated buyer assist crew.

Whereas some customers point out that advanced use circumstances might require preliminary coaching, they be aware that the trouble pays off with vital effectivity beneficial properties. A number of customers recommend extra versatile pricing choices for single customers or rare utilization.

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

What do customers say about Tipalti?

Tipalti is rated at an total ranking of 4.5 out of 5 stars based mostly on over 210 opinions on G2Crowd. It’s at the moment ranked within the prime 10 within the Accounts Payable Automation Software program class.

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

Some customers have skilled difficulties whereas utilizing Tipalti, resembling integration points with ERPs, excessive charges for international forex 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 alternative for companies that wish to automate and streamline their accounts payable processes, notably these with advanced international fee necessities.

Pricing comparability

Nanonets pricing overview

Tipalti pricing overview

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

Their plans begin at $129 monthly for the platform price, which incorporates options like provider portals, an approval guidelines builder, and integrations with ERPs. You’ll be able to improve to increased tiers as your enterprise scales and requires superior options resembling W-8 tax varieties, worldwide tax IDs, or multi-entity payables.

Nonetheless, the precise prices for these superior tiers aren’t available, and chances are you’ll have to 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 inexpensive and clear pricing construction. Nanonets offers an economical resolution for companies trying to automate their AP processes with out breaking the financial institution. The tiered pricing mannequin ensures that you just solely pay for the options and capability you want, making it a sexy choice for small—to medium-sized companies.

Then again, Tipalti’s pricing could also be extra appropriate for bigger enterprises with advanced international payables wants. Whereas their beginning value of $129 monthly for the platform price could appear cheap, the prices can rapidly add up as you require extra superior options and assist. The dearth of transparency in pricing for increased tiers might also concern companies trying to price range precisely for his or her AP automation resolution.

When to decide on Nanonets over Tipalti

Nanonets is a wonderful alternative for companies in search of a versatile, user-friendly, inexpensive AP automation resolution. Listed below are some situations the place Nanonets stands out as the higher match:

1. Rising companies with evolving AP wants

If you happen to anticipate your AP processes turning into extra advanced over time, Nanonets’ scalability and adaptableness make it a super alternative. With its versatile pricing mannequin, customizable workflows, and straightforward integrations, it will possibly scale with your enterprise with out requiring vital upfront funding or prolonged implementation.

2. The precedence is ease of use and fast adoption

For AP groups that wish to decrease the educational curve related to new software program, Nanonets’ intuitive interface and guided onboarding course of generally is a game-changer. Its user-friendly UI, no-code workflows, and easy-to-setup integrations be certain that your crew can begin realizing effectivity beneficial properties with out intensive coaching or technical experience.

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

Nanonets presents a complete set of AP automation options at a extra accessible value than Tipalti. If you happen to’re on the lookout for superior capabilities like AI-powered knowledge extraction, automated 3-way matching, and real-time analytics with out breaking the financial institution, Nanonets offers wonderful worth in your funding.

4. Firms with numerous bill codecs and sources

If your enterprise receives invoices in numerous codecs from a number of sources, Nanonets’ superior OCR know-how and AI-powered knowledge extraction generally is a lifesaver. The system precisely captures knowledge from any bill structure, no matter language, forex, or tax legal guidelines, minimizing handbook intervention and making certain a seamless, automated workflow for numerous 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 well-liked ERPs and accounting programs, making certain a clean knowledge stream between programs.

When to decide on Tipalti over Nanonets

Whereas Tipalti might have a steeper studying curve and better prices, it excels in dealing with advanced international payables for bigger enterprises. Listed below are some situations 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 will be invaluable for corporations with a fancy organizational construction involving a number of entities and subsidiaries. Its means to consolidate and reconcile funds throughout completely different enterprise models and geographies offers a unified view of your AP operations and streamlines inter-company transactions.

2. Companies with stringent compliance and threat administration necessities

Suppose your trade is topic to strict regulatory necessities, otherwise you prioritize fraud prevention and threat administration. Tipalti’s superior compliance and security measures could also be the most effective slot in that case. Its automated tax compliance, fraud detection, and provider threat administration capabilities assist guarantee your AP processes stay safe and compliant with evolving laws.

3. Firms with a big, international provider base

For companies with an enormous community of worldwide suppliers, Tipalti’s self-service provider portal and onboarding instruments can considerably cut back the executive burden in your AP crew. 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 sincere, there is not any common reply to that query. Each supply strong options and advantages, however solely you’ll know which resolution greatest aligns along with your group’s distinctive wants and priorities.

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

Finally, the secret is to take motion. Whether or not you select Nanonets, Tipalti, or another reputable AP automation solution, probably the most essential step is embracing digital transformation and optimizing your accounts payable processes at this time.

For organizations in search of a versatile, user-friendly, and inexpensive Tipalti alternative 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 at this time and expertise the distinction your self.