Overview of Tipalti vs. Bill.com for Accounting Firms

Introduction

As an accounting firm, you constantly look for ways to streamline your back-office financial operations and improve efficiency in a fast-paced business environment.

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One tool that serves accounting professionals well in this regard is Accounts Payable (AP) automation software. AP software automates managing vendor invoices and payments, allowing accounting firms to focus on providing value-added services to their clients. 

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In this blog post, we explore Bill.com vs. Tipalti as viable options for your accounting firm and discuss some key features to look for when making a selection. 

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Whether you're a small firm just starting out or looking to expand your operations, automation software can help you achieve your goals. Tipalti and Bill.com are two popular platforms that cater to the varying needs of accounting firms. Keep reading to understand which one is the best option for your business. 

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An Overview of Tipalti and Bill.com

About Tipalti

Tipalti.com

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Tipalti’s drive is to modernize finance operations so your business can reach its full potential.  Their name comes from a Hebrew catchphrase meaning “We Handled It” so they pride themselves on their ability to get things done.  They have 1000 employees that handle their operations in the US, Israel and Canada. Currently, Tipalti has an impressive 120% year-on-year growth. 

About Bill.com

Bill.com

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Bill.com’s mission is to make it simple to connect and do business. They help companies to streamline their financial workflow, generate invoices and approve them online.  BILL has a leadership team with top-notch skills in automation and financial processes and uses this expertise to benefit its customers.  400 000 businesses use BILL to help automate their financial operations.

Snapshot of Tipalti and Bill.com Features

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Tipalti.com

Bill.com

Entry Level - Pricing

$149 a month (Express package)

$45 a month (Accountant Partner Program)

Features

Streamlined supplier management, touchless invoice processing, simple international payments, collect tax forms, tax compliance, 2 and 3 ways PO matching, payment reconciliation, self billing modules, fraud detection

Batch processing, payment scheduling, automated workflow, self-service portals and mobile app, invoice payment, matching, tracking and reporting, notification of overdue payments, prevention of duplicate payments

Integration

Wide range of accounting software and ERP systems

Wide range of accounting software and ERP systems

Security

PCI, P2PE, SSL Encryption, SOC, SOX

PCI, P2PE, SSL Encryption, SOC, SOX

Secure Cloud storage

Yes

Yes

Interface 

SaaS/Web/Cloud/Mobile

SaaS/Web/Cloud/Mobile

Customer Support

Yes

Yes

Industries

Marketing and Advertising, Computer Software, Accounting, Financial Services

Accounting, Non-profit organizations, Computer software, Financial services

Reviews

4.5 out of 5 [1]

4.4 out of 5 [2]

Tipalti vs. Bill.com:  Detailed Comparison of Key Features

1. Automation of Data Entry

Tipalti eliminates data entry with OCR and advanced data extraction.  Invoice text is recognized line for line and pulled into the AP module.  Through machine learning, Tipalti’s platform becomes more intelligent as it learns new information and gets better at recognizing the invoices you receive. 

Invoices can be retrieved directly from email and the web portal, cutting manual data input by 80%. This is a time-saving anyone can appreciate.

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BILL’s artificial intelligence will automatically capture and enter invoice information and send it to you for review.  They specialize in automation, and their platform has powerful Ai and machine learning capabilities.

2. Accounts Payable Features

Tipalti offers touchless invoice processing as the hallmark of their technology.  The processing of payments is completely free of manual intervention from start to finish using artificial intelligence and machine learning to give you a powerful AP processing function. 

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The features of their AP process include:

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• Capture supplier invoices via email or supplier portal
• Eliminate data entry with advanced data extraction (touchless invoice processing)
• Match POs to invoices and receipts
• Intelligent routing of approvals through approval workflows
• Batch invoicing
• Payment history function
• Built-in team communication hub
• Automated supplier communications

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Tipalti provides you with a comprehensive AP management system.  Their strength is providing technology and support to companies with large AP volumes.  This system provides an opportunity for growing accounting firms to take on large corporate clients and do their invoice processing without increasing the number of employees at the firm.

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BILL promises you will spend 50% less time paying bills with their platform. Their process has four steps:

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1. Capture using automated processes, including their mobile app 

2. Approve online with approval process

3. Pay using multiple payment methods across their vast network

4. Sync with your current system

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BILL keeps their system simple and effective because the majority of their customers are small business owners that need a powerful system but don’t want complex processes that slow down efficiency. 

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BILL provides a unique feature called Accounting Console. Giving you access to all client accounts in one place. You can manage staff logins and every aspect of client billing. It also offers powerful filters to configure your ideal view of bills, invoices, and payments. 

3. Integrations

Tipalti integrates with any ERP or accounting software.  Oracle Netsuite, Quickbooks, Sage Intacct, Xero and Microsoft Dynamics are among the popular integrations. 

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BILL syncs with top accounting software keeping your processes streamlined and speeding up reconciliation. Quickbooks, Sage Intacct, Oracle Netsuite and Xero, are just some of the software easily integrated with BILL.

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According to reviews, there may be some integration errors with lesser-known software.  Discussing this directly with the support team is to prevent any unwanted problems. 

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4. Payment Options

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Tipalti integrates with your bank account to provide seamless payments via global ACH, US ACH, wire, check, debit, or credit card. Global payments can be made to 196 countries in 20 currencies.

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With BILL, you can pay bills through ACH, credit card, check, and international wire transfer. You can easily connect with the growing BILL network, which has 4.7m members.  Global payments are made via wire transfer to 137 countries. 

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5. Security

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As an accounting firm, your reputation is built on protecting your client’s sensitive data and financial information.  Both Tipalti and Bill.com have advanced security measures in place.  This will help you avoid data breaches and fraud, providing everyone peace of mind. 

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Tipalti’s multi-tenant cloud-based platform is built for speed and efficiency.  Available 24/7, with constant product updates, Tipalti is SSA AICPA SOC 18 compliant and ISAE 3402 Type II certified.  Their best-in-class security gives you the confidence of secure client data and accessibility.  Downtime is limited, allowing you to serve your clients anywhere, anytime.  

- Payment Security

Encryption and multi-factor authentication protect payment data and access to accounts payable authorizations. 

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BILL has multi-layered security that protects you against payment fraud and network security breaches.  They are AICPA SOC 2 compliant and HIPAA compliant.  They do not allow third-parties to issue payments on their behalf. 

- Payment Security

Data is protected at rest with encryption protocols whilst transport layer security (TLS) provides bank-level protection during transfers.  They send checks through a clearing account so that your own banking details remain hidden.  

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6. Customer Support

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Tipalti provides US call and email support during business hours from 6 am - 6 pm on weekdays Pacific Time.  Their average response time is 2 hours. Tipalti’s support team has a 98% satisfaction rating based on speed, responsiveness and issue resolution.

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Bill.com offers telephonic and email support 5 am - 6 pm PST, Monday to Friday.  They also have a chat support function on their website.  The reviews of BILL’s customer support show some problems in this area.  However, many comments are directed at people's preference for live customer support instead of a chat box or FAQs for solving problems.  

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7. Claim to fame

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Tipalti as a company has grown 120% yearly and continues to receive awards for their technology and customer support. They claim to cut down your payables workload by 80%.  They are continually innovating to provide their customers with new features and a more integrated platform that reduces the need for multiple tools.

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Recent additions to their products include a Tipalti Card - a virtual card that allows you to centralize all spending and provide automatic reconciliation of the accounts linked to the card. They have an AP customer base of 2000 global companies, boasting a 99% customer retention rate. 

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Tipalti accounting customers report the following benefits: 

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• 2 days a week reduction in AP process
• Reduced AP team and savings in remuneration costs
• Elimination of paper trails through the digitization of tax compliance
• Streamlined payments
• 20 days saved on the closing process

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Bill.com reports having 4.7 million network members and 400 000 customers that use their software. Top global companies are named among their customers. These companies report 19 000 digitized payments, consolidate 39 locations on one system, and cut their weekly workload by 50%.

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Bill.com accounting customer report the following benefits:

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• More transparent bill paying process
• Easier control of payment process and saving on time and resources
• Flexibility of multiple payments options
• Vendors paid 3x faster than manual process giving clients control over their cash flow

Before Making a Final Decision

After reviewing the available information, your preference for one of the systems should be clear.  However, if this is not the case, then these questions may help you to finalize your decision.

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• Which subscription plan suits your monthly budget better?
• How easy will it be for you to purchase and start using the software?
• How many users need to access the system?
• Does the features of the software meet your list of needs?
• Will the software easily integrate with your current accounting software?
• Can you quickly and easily access your data?
• Is the platform safe and secure?
• Are you satisfied that the company can provide lasting support for their software?
• Do they provide you with a way to scale up when your business grows?
• What do the reviews of other customers say about the software?

Conclusion

Both BILL and Tipalti are well-established companies with sophisticated and innovative technology to their credit. Their user interfaces are simple and can integrate with a wide range of ERPs and accounting software.  Customer ratings are high, and that shows the companies understand the needs of their customer base and know how to deliver on the promises they make. 

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If great customer support, modernized invoice workflow, simple global payments and a highly secured cloud platform are important considerations, then Tipalti is the right option for you.   This is also true for firms that have large AP volumes, have global payment needs and need faster payment reconciliation. 

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BILL offers the same features as Tipalti but stands apart with its Accountant Partner Program (APP) which allows you to resell AP/AR services to your clients and charge how you want.  The Accountant Console gives you a home base for all your client details and to keep your to-do list. 

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They also provide a resource center and one-on-one coaching.   You may just want to buy software and get on with it, but if that’s not the case, then you’ll appreciate the effort they have put into catering to your unique needs as an accounting firm.

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Furthermore, BILL will be the right option for smaller accounting firms that do most payments in the US and limited wire transfers. 

Still not Sure?  How about a Third Option?

Perhaps you’ve considered all the information and you want more?   Payvy is a comparable alternative to Tipalti and Bill.com.  Specifically developed for growing companies that want to speed up their accounts payable function using AI and machine learning, they have created a product that promises to unify your tech stack and help you focus on managing your cash.  

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They have a risk-free trial period, give it a try.  Then you really will know whether you have the best option!

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Footnotes:

1. https://www.g2.com/products/tipalti/reviews#reviews

2. https://www.g2.com/products/bill-com/reviews#reviews

3. https://www.trustradius.com/products/bill-com/reviews

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