How AI Empowers Finance Teams for International Growth

Congratulations! Your business is experiencing incredible growth, and you are now ready to expand internationally. However, this fast-paced growth hides a common issue: the finance department is overreliant on outdated, human-led accounting processes, and manually managing accounts payable (AP) workflows while juggling multiple entities, currencies, and regulations is slow and inefficient.

Among high-growth businesses with 50-1000 employees across the US, UK, and Europe, there’s a widespread feeling across the business that the finance team is unable to keep pace, research by Insight Avenue reveals. Most finance leaders (82%) admit that excessive manual finance processes are hindering their organization's growth plans for the year ahead, leading to criticism and pressure to transform from other parts of the business.

Some of these demands include:

• A need to offset higher costs related to inflation (44% of businesses)
• Addressing the rising costs of AP inefficiencies (35% of businesses)
• Maximize cost-saving opportunities across the whole business to enable growth in the current economy (78%)

Unfortunately, something like increasing headcount just can't keep up with the demands of international expansion. This can quickly result in frustrated employees, missed early payment discounts, and a negative perception of the finance team. Uncertainty, fear of change, and the daunting task of implementing new finance technologies can easily tempt you to maintain the status quo. However, rapid growth demands a lot of agility across the entire business, especially when expanding globally. With AI widely available, now is the time to rethink the most time-consuming manual finance processes and for AP to step out of the shadows and into the spotlight, setting the standard for automation efficiency gains.?

How Tipalti AI? Empowers International Finance?

By leveraging Tipalti’s AI-powered connected suite designed for international finance functions, you can automate time-consuming and error-prone AP tasks, freeing your team to focus on strategic initiatives propelling business growth across borders.?

Here's how AI can tackle these challenges:

• Smart Scan with AI-Powered OCR intelligently scans invoices in various languages and currencies, slashing processing times and improving accuracy.
• Duplicate Bill Detection proactively identifies duplicate bills, preventing costly payment errors.
• Intelligent Approval Routing predicts the relevant approval chain for each invoice to further accelerate approvals globally.?
• Dynamic Sync Error Resolution provides additional information, clarity, and suggestions on resolving ERP sync failures.
• Automated GL Coding auto-populates line-level expense accounts for invoices, saving up to 40% of processing times.

The Future of Finance is Even Brighter with AI

Tipalti is working on exciting features to further empower finance teams to navigate international complexities like:

• AI-Powered Chat that understands and responds to your queries in multiple languages and provides instant access to key business insights through an interactive chat interface, empowering your global finance team.
• Smart Report Builder to streamline reporting via an intuitive AI-enabled free-text input system for rapid and accurate business insights.
• Smart PO-Matching ensures seamless matching of invoices to purchase orders across all international entities with efficient two-way and three-way line-level matching capabilities.?

The Impact of AI on International Finance Teams

By leveraging AI-powered automation tailored for international finance functions, you achieve a transformative impact like:

• Cut down on processing times and eliminate data entry bottlenecks.
• Accelerate approvals, minimize errors, and reduce risks.
• Gain real-time cash flow insights across all international entities and generate insightful reports for better financial planning and decision-making.

The Result: Global Success Within Your Grasp

Imagine your finance team as the engine propelling global expansion. With the power of Tipalti, your finance teams will no longer just react to challenges; they'll be actively driving success, no matter how many countries you operate in.?

Ready to Transform Your Finance Function?

Join us at Money20/20 2024 at booth 1H243, where we'll share our experiences scaling our own SaaS business and showcase how automation and AI have helped us overcome significant challenges faced by finance teams in multi-entity, international environments. Don't miss out; book time with our team – we look forward to seeing you there.