PALO ALTO, Calif., Sept. 6, 2016 /PRNewswire/ -- Tipalti (http://tipalti.com), the leader in global supplier payments automation, announced it has extended its accounts payable tax compliance capabilities to help companies collect and validate tax IDs from their suppliers in Argentina and Brazil. This enables all businesses engaging with suppliers and partners in those countries to ensure tax compliance by recording tax information for those payees. In addition, by validating a supplier's tax information, it can reduce the risk of fraudulent payments to those countries.
Through Tipalti's secure self-service portal, suppliers provide their contact and banking information. Supplier data is validated using over 26,000 global remittance rules to eliminate payment issues and suppliers then also provide their tax identification in order to be payable. That data is validated and stored for the payer and accessible at anytime, from anywhere through Tipalti's cloud platform.
Accounts payable tax compliance capability is seamlessly integrated within Tipalti's end-to-end supplier payments platform, allowing finance departments to automate their entire accounts payable workflow, from supplier onboarding to tax and regulatory compliance, invoice processing, global supplier remittance, proactive payment status communications, and payment reconciliation and AP financial reporting.
For Brazilian suppliers, Tipalti verifies state and municipal codes for an individual (CPF) or corporation (CNPJ) matches the payee's name. For Argentine suppliers, Tipalti verifies state and municipal code for an individual (CUIL) or corporation (CUIT) matches the payee's name.
To support the US Foreign Accounts Tax Compliance Act (FATCA), Tipalti released a software update last year for US-based companies that walks international suppliers through the challenging process of choosing the correct Internal Revenue Service tax form and then collects and validates form data through a digitized form experience including electronic signature. This capability was reviewed and approved by KPMG to meet IRS requirements, enabling companies to efficiently collect tax ID information with digitally signed W-9 and W-8 series forms and automatically perform any required withholding.
"Tax compliance, as we've seen with FATCA in the US, is falling more to the accounts payable disciplines due to its close association with paying suppliers," says Roby Baruch, Vice President of Products at Tipalti. "Tipalti's new functionality simplifies the compliance effort for companies in Argentina and Brazil as well as for those businesses that rely on suppliers in those countries."
Tipalti is the only supplier payment automation solution to streamline all phases of the payment management workflow in one holistic cloud platform. Tipalti makes it painless for finance departments to manage their entire supplier payments operation. The solution addresses everything from payee onboarding and vetting, to tax and regulatory compliance, payments to suppliers anywhere in the world in a wide range of payment methods and currencies, supplier payment status communications, to closing the loop with payment reconciliation and reporting.
Innovative companies use Tipalti to eliminate up to 80% of their supplier payment workload, helping them scale their business efficiently with global growth, while ensuring strong financial and compliance controls are in place and while enhancing the partner payment experience. That's why companies like GoDaddy, Eventbrite, GlobalWide Media, Disqus, GoPro, Tapjoy, Vimeo and hundreds of others trust Tipalti to elevate their global supplier payments operation.
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