Tipalti Adds Accounts Payable Tax Compliance Support for Argentina and Brazil Suppliers
Tipalti, at the fore in global suppliers of payments automation, announced yesterday that 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 allows all businesses working with suppliers and partners in those countries to ensure tax compliance by recording tax information for those payees.
Also, 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 personal information—bank accounts, contact info.
Supplier data is validated using more than 26,000 globally recognized remittance rules to eliminate payment issues and suppliers then also provide their tax identification in order to be payable.
That data is validated and kept in storage for the payer and can be accessed at any point in time, from anywhere via 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 account payable workflow, from supplier onboarding to tax and regulatory compliance, invoice processing, global supplier remittance, proactive status communications, and payment reconciliation and AP financial reporting.
“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.”