Finance automation platform Tipalti has debuted Tipalti Expenses, an expense management and automation solution.
The tool integrates with Tipalti’s platform, which automates accounts payable (AP), procurement, cards and mass global payments “to improve financial visibility and reduce errors and fraud,” according to a Thursday (Sept. 21) press release.
“Currently, finance teams spend a disproportionate amount of time reimbursing employees around the world for their out-of-pocket expenses,” the company said in the release. “As business leaders continue to grapple with market fluctuations, a potential recession and other external factors, the need for automation and streamlined workflows has become more urgent.”
PYMNTS Intelligence found earlier this year that many companies are looking to update their cost-cutting technology amid a tough economic climate.
Research showed that almost half of companies were focusing on liquidity management, with 32% looking at cost-containment measures in areas such as vendor contracts and staffing costs. Another 21% said they would focus on receivables, inventory and payables, while 16% were concerned with managing liquidity risk via better forecasting and cash flow tracking.
“Spend management technology is becoming table stakes in every industry,” PYMNTS wrote in July. “In the past few years, all types of industries have seen significant moves toward automation. Even industries that had been long dependent on archaic processes began to learn about application programming interfaces (APIs) and systems integration.”
Meanwhile, PYMNTS spoke last month with Galileo New Business Development Senior Manager Aaron Bright, Brex Chief Product Officer Karandeep Anand and Bluevine CPO Herman Man about the need to streamline expense management through tech-driven solutions.
“Complexities bottlenecking current processes are typically around payment terms and pricing negotiation, invoice management and spending according to budget and terms, making the payments themselves, and reconciliation with your back office,” Man said.
“Why all of this even matters from a business perspective is ultimately the company leaders are trying to stay on budget,” Anand added.
B2B payments, he said, are so fragmented across a company that businesses are challenged to get a healthy view of their budgets.
“And with all the ingrained complexities and fragmented silos threading through the B2B ecosystem, it’s no wonder that CFOs and finance teams struggle to gain a clear view, much less a strong handle on their spend,” PYMNTS wrote.
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