Tipalti vs BILL: Software Guide for AP and Finance Teams

Among finance professionals and business leaders, AP automation is quickly shifting from an exploratory endeavor to a key strategic priority. By streamlining the accounts payable cycle with Artificial Intelligence and automation-centric tools, AP teams can reap the benefits of airtight data accuracy, seamless invoice processing, and downstream collaboration with other teams or business processes.

AP software tools are moving further into the limelight and getting shuffled across the desks of senior leaders all over the world, leaving them all with one simple question: which one is best for my needs?

If it feels like there is a never-ending supply of these tools, finding the ones that are worth your time and money can be the most time-consuming part of the robotic process automation journey. With our guide to Tipalti vs. Bill.com, you’ll get a crystal-clear understanding of two of the most-used AP automation tools today.

What features do they offer? How do they differ from one another? Is there an even better solution? We’ll give you all the information you need to know about Tipalti pricing, Bill.com features, and more.  In as long as it takes you to read this article, you’ll be able to understand Bill.com vs. Tipalti and how to move forward on your AP automation journey. Let’s take the first step together.

Tipalti vs. Bill.com At a Glance

Before we get into the weeds of examining all the AP automation features of Bill.com vs. Tipalti, taking a few moments to understand these platforms at a high level will help build the knowledge foundation needed to make an informed decision.

Tipalti is a finance automation platform that has been around since 2010. Paving the way during the early days of finance automation efforts, Tipalti has evolved with the needs of its users. Now, the platform offers a range of tools including mass payment capabilities, three-way matching, procurement optimization, integrated expense reporting, and so much more.

BILL, which used to be known as Bill.com, is a financial operations platform that gives businesses the tools to manage AP, AR, spend, and expense automation all in one place. With 5.8 million businesses that either use BILL to make payments or get paid with BILL, it’s clear that this cloud-based solution offers immense value to its users.  

Tipalti vs. Bill.com Quick Comparison

Nanonets: A Powerful Alternative to BILL and Tipalti

When joining the AP automation scene, we designed Nanonets to fill existing gaps in the space. With Nanonets, small and mid-market businesses can tap into revolutionary automation and data processing capabilities even without a tech-savvy team. Nanonets’ no-code approach to AP automation means that users can create custom machine learning models in just a few clicks. These models can then process data, scan invoice information, create reports, and even disburse payments.

The top three advantages that set Nanonets apart from its competitors are:

Advantage 1: Robust Templates & Pre-Built Models 

Nanonets is a no-code platform that doesn’t require its users to have a technical skillset to be successful using the tool. If your teams want to create their own data models or automation scripts, they certainly can, but if you’re looking to get value as soon as you integrate Nanonets, starting with the out-of-the-box data templates and pre-built data models is a great approach.

Advantage 2: Advanced Optical Character Recognition 

Many AP automation tools rely on Optical Character Recognition (OCR) to pull important information from invoices such as the amount due, invoice date, purchase details, and more. Most of these platforms, however, rely on specific invoice formats to be successful. With Nanonets’ intelligent OCR, it can glean all the key information no matter how the data is structured on the invoice itself. This makes for an easy on-ramp for your teams and your vendors alike.  

Advantage 3: In-app Reconciliation & Verification 

Get rid of your complex Excel macros and niche data analytics tools, and instead, use Nanonets to reconcile account balances, tie out final totals, and even set approval rules for certain transactions. With a 95% accuracy rate, Nanonets is an added layer of protection when it comes to data accuracy and reporting precision.

Tipalti In-Depth

When the creators of Tipalti looked at the procure-to-pay process, most businesses were facing similar problems. Disparate payment systems, slow data processing, a lot of manual lift, and disjointed finance processes plagued accounting teams all over the world. They knew that the next era of financial demands and business operations would need a platform that could keep up, so they designed Tipalti.

What is Tipalti?

Meant to change how you approach accounts payable across all units, subsidiaries, and divisions within your business, Tipalti’s accounts payables and procurement automation platform is simple to understand but advanced enough to fit in with your business. With Tipalti, business leaders and their partners can unlock a new approach to invoice management, payment processing, and even expense management.

Tipalti’s Advantages for AP Teams

When looking at Tipalti vs. Bill.com, both tools will have pros and cons depending on what your business needs are. Tipalti is a fantastic solution for multi-dimensional businesses; it has multi-entity cloud architecture and can support payment methods in 120 currencies. Some of the ways this tool will give your AP team a leg up are:

• The multi-lingual self-service portal makes onboarding vendors and suppliers a breeze.
• Tipalti’s payment reconciliation features can speed up the close process by 25% because it verifies that transaction amounts match across your ERPs, accounting systems, and any other business platforms.
• Part of the account settings for any enterprise user revolve around tax form collection for payees. This feature makes tax season simple, ensuring that every transaction abides by federal and state tax regulations. This feature even works internationally!
• Offering its users a Tipalti credit or debit card, the platform tracks business spend on an individual level, giving leaders the chance to monitor and correct any concerning spend patterns.

Tipalti’s Weaknesses for AP Teams

Tipalti is doing a lot really well; there’s a reason it’s been around for 14 years now. But, with anything, there are areas of opportunity for this platform. AP teams have highlighted the following points as some of the weaknesses of this platform.

• The AP reporting capabilities are lacking which makes it hard to gather meaningful insights and take action to improve financial results.
• Sometimes the user interface is slow and clunky, and when it’s the monthly close cycle, every second counts.
• With a higher price tag than many competitors, Tipalti’s fees can be a barrier to entry, especially for small businesses or startups. Here are some alternative AP solutions for small businesses.

Tipalti User Ratings & Reviews

In the tech world, G2 is a well-known review platform for a multitude of products. Making it easy to compare Tipalti vs. Bill.com, G2 shares ratings, reviews, and product features. Tipalti’s rating on G2 is 4.5/5 stars. Customers love the tax compliance features as well as the fact that most AP data entry work is done automatically with Tapalti. There are many comments regarding the productivity boost and time savings that come once the solution is up and running.

On the downside, some users note that Tipalti’s customer service isn’t great after the integration is complete, and international business leaders say that the tax compliance features are hard to navigate if you have transactions all over the world.  Finally, Tipalti has a steep learning curve, so for some AP teams, it’s hard to realize all the benefits the tool is equipped with.

Tipalti Pricing Overview

Starting at $149 per month, the Tipalti pricing structure will evolve with your company. If you don’t need tax forms or multi-entity features, you won’t have to pay for them.

Top Reasons Teams Might Choose Tipalti over BILL

Now that the picture of what Tipalti offers has become clearer, you may still be asking yourself, “Why should I choose this platform over BILL?” If any of the following apply, Tipalti might just be the better option for your organization in the Tipalti vs. Bill.com debate.

Reason 1: International Transactions

If you work with vendors or clients around the world, you’ll need Tipalti to process international payments. With seamless Fx conversions and the resources to support transactions in multiple currencies and languages, Tipalti is a top choice amongst business leaders who are operating in multiple regions of the world.

Reason 2: Custom Field Support

Not every business is structured in the same way. If you use unique data fields or metrics, being able to customize fields within Tipalti is critical. Not every platform offers this feature, and BILL is one of those platforms.

Reason 3: Tax Features

Business taxes can be one of the most confusing and time-consuming endeavors for business leaders. Unless you have an internal tax team, ensuring the accuracy of your filings and payment tracking is HARD. Luckily, Tipalti’s tax features make it stand out among the crowd.

BILL In-Depth

Despite the digital world we live in, many businesses are still using paper checks and manual processes when it comes to paying their bills and covering expenses. Because of the process delays, reporting errors, and late payments that can come up as a result of outdated billing practices, BILL’s founders created a solution that could get ahead of those issues, mitigating negative business impacts before they happen.

What is Bill.com (BILL)?

More than 460,000 businesses use BILL to automate financial processes related to payments. With features for accounts payables teams and accounts receivables teams, BILL tackles the whole payment processing cycle, whether you’re on the sender or receiver side of each invoice. Bill is a multi-faceted solution for small businesses that are looking to reach the next level.  

Bill.com’s Advantages for AP Teams

Because of its targeted niche, BILL is really great at what it does. But “What does Bill.com do?” you ask. As a tool, Bill.com makes managing payables easy, sends payments via different channels seamlessly, and checks purchase orders to confirm the validity of each incoming invoice. BILL’s biggest advantages when looking at Bill.com vs. Tipalti AP automation are:

• Because BILL doesn’t rely on its users’ accounting platforms for reporting needs, its reporting capabilities are quite extensive. Real-time reports like AP aging are housed within BILL itself.
• Equipped with a vendor network of more than 4 million vendors, it’s easy to get new vendors set up on Bill.com. Chances are, you won’t have to input much manually!
• As one of the only vendors to offer business credit lines to its users, BILL opens up access to a line of credit when you need it.
• The mobile application makes it so managing payments, approving invoices, and processing purchase orders can be done from anywhere.

Bill.com’s Weaknesses for AP Teams

BILL was designed for small and medium businesses, that’s no secret. But, because of its narrower user base, it doesn’t have the same extensive features list that Tipalti offers. If you’re using Bill.com payables, be sure you won’t be impacted by these gaps in the platform:

•  BILL only processes US payments, making it challenging for international companies to fully adopt the platform.
•  Bill.com users are not able to create custom fields within the tool. For reporting purposes as well as payment processing nuances, this can create some roadblocks.
•  The integration with other platforms isn’t always as flawless as it should be; “Sync Errors” with QuickBooks, ERPs, and other business systems can erode trust in the product over time.

Bill.com User Ratings & Reviews

In 2023, BILL was awarded to top spot on G2’s list of Top 50 Accounting and Finance Software for the third year in a row. Clearly, the team at Bill.com is doing a few things right. BILL is currently rated as a 4.3/5 on G2. Users love that the platform creates new vendors in the system with ease and that the process of assessing bills, matching those invoices to purchase orders, and finding invoices can be automated. Since everything is in one place, annual audits are no longer a massive undertaking.

Users feel a bit limited on the reporting options within BILL. Since fields cannot be customized in the platform, the automated reporting views are limited. The platform is geared toward AP and accounting professionals, so for vendors or other users, it can be confusing and hard to use. Despite these challenges, BILL has a long-standing track record of success.

Bill.com Pricing Overview

How much does Bill.com cost? For businesses to get AR and AP features, BILL starts at $79 per user per month. As more users and features are added, the pricing will go up accordingly. You can choose to access certain modules or the entire platform. Custom pricing packages are also available – just reach out to the BILL team for specifics.

Top Reasons Teams Might Choose BILL Over Tipalti

As we’ve mentioned, this guide is less about figuring out which platform is better when it comes to Bill.com vs. Tipalti and more about which platform works better for you. You might choose BILL over Tipalti for a number of reasons, such as:

Reason 1: Tighter Budget

The starting price of BILL is almost half of Tipalti. For this reason alone, it’s much more accessible than Tipalti’s enterprise solution.

Reason 2: Narrow Use Case

With BILL, paying for certain modules of the tool is easy. If you only need AR capabilities and aren’t looking for AP support, you can get on a plan that includes only the AR components of the platform.

Reason 3: Integrated AR/AP Function

BILL is one of the AP automation tools that integrates AR functionality really well. If you’re a small business and you have a combined AR/AP team, getting everyone on the same platform is invaluable.

Nanonets: A Third Alternative to BILL & Tipalti

Still not convinced? What if we told you that you could tap into some of the best AP automation features without BILL or Tipalti? Nanonets brings the best of both of these worlds into the same tool. Our approach to AP automation is robust, yet flexible, ensuring that you can customize fields and tailor reports to your needs while also prioritizing the idea that you shouldn’t have to customize anything to be successful in the tool.

Nanonets effortlessly integrates with some of the biggest business systems on the market; NetSuite, QuickBooks, manufacturing ERPs, and more can all forge a 2-way relationship with the platform. If you make edits to a transaction in Nanonets, it can tell QuickBooks or your ERP, saving you from making changes in both platforms. To make sure your finance team feels secure at all times, the automated reconciliation features will tie out account balances, verify GL transactions, and match purchase orders and invoices. It’s like another layer of financial security!

Nanonets hasn’t been around as long as BILL (Bill.com alternatives) or Tipalti, but when we started, we designed a product that was meant to address any shortcomings of other options available to businesses. Nanonets solves for a lot of the pain points or disadvantages of BILL and Tipalti. If you want a direct comparison between BILL and Nanonets, check out this guide. We can keep telling you about it, but it’s probably best if you see for yourself. Schedule a demo if we’ve piqued your curiosity.

Nanonets is a Better AP Solution for Your Company IF

You work with a multitude of vendors and process many different invoices on a regular basis.

Because of Nanonets’ intelligent OCR, it processes invoices with better accuracy than most tools on the market. Invoices don’t need to have a certain structure to be successfully read and understood by Nanonets. The model is constantly taking in new invoices, refining its approach to recording data, and getting even more accurate – most AP automation platforms cannot say the same.

Your team doesn’t know how to code but wants to automate AP processes.

Most AP experts aren’t technology experts, and that’s okay! As finance and accounting merge with technology more and more, getting usable tools to today’s teams can be challenging. Some are “no-code” but are too simple to be effective, while others with many great features, are too technically complex for finance and accounting teams to use. Nanonets walks that tightrope perfectly.

Proactive fraud protection is a priority for your business.

All the checks and balances that exist within Nanonets, such as the three-way matching features and the automated account reconciliation capabilities, help you get in front of fraud before it starts. Even further, you’ll never miss a payment or send a payment to the wrong account.

Tipalti vs. Bill.com: The Choice is Yours

You know your business better than we do, so now that you have all the information you need to make your decision, it’s up to you. We can’t tell you what your AP needs are or how you’re prioritizing technology within your finance function; all that is up to you. Tipalti, BILL, and Nanonets are all top-notch AP automation tools, and frankly, you probably can’t go wrong with any of them.

If you’re a large business that is looking to manage a lot of international transactions, Tipalti might be the best fit. For small businesses that want to dabble in AP automation without a major financial investment, BILL is a wonderful place to start. If you’re ready to transform how your organization approaches accounting and finance, and you want a tool that your team can start using today, Nanonets might just take the cake.

The only bad decision would be doing nothing; use this guide to take a step forward – or maybe 5 steps forward. It’s through the continuous motion of putting one foot after the other that we’ll make true progress as a function, and it starts right now.