Production companies report 70% of payment volume is for non-payroll vendors, suppliers and independent contractors
Eved LLC, the largest provider of vendor and payment management solutions for the entertainment and media industry, has partnered with SAP, a market leader in enterprise application software, to bring its efficient and secure accounts payable and vendor management platform to entertainment, media and production companies.
“Entertainment and media companies have a unique set of needs when it comes to managing payments to the hundreds of suppliers used on film and television productions”
The Eved supplier and payments management platform extends SAP solutions to address time-consuming and costly supplier onboarding, maintenance, validation and payment in the media and entertainment industry. Eved can be used in conjunction with production accounting software and/or SAP Ariba®, SAP ERP, SAP S/4HANA®, and SAP S/4HANA Cloud. Eved is available at the SAP Store, the online marketplace for SAP and partner offerings.
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Recent research shows that while the dollar amount of payments made by an average film or television production to non-payroll vendors, suppliers and independent contractors amounts to approximately 30% of the total budget, it accounts for an overwhelming 70% of the volume of payments being made. These payments are primarily to independent suppliers, temporary workers or small businesses, such as hair and makeup artists, costumers, craft services and security. Depending on the size of the production that can amount to several hundred individuals and companies all of whom need to be onboarded into an accounting system, validated and paid.
The Eved platform reduces time spent onboarding vendors by 95%, improves security and decreases fraud by 90% and provides 100% automation of payments and reporting.
“Entertainment and media companies have a unique set of needs when it comes to managing payments to the hundreds of suppliers used on film and television productions,” said Talia Mashiach, CEO and founder of Eved LLC. “Our partnership with SAP is transforming payment protocols and vendor management in the entertainment industry.”
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Benefits of the Eved platform include:
- Elimination of production supplier onboarding. Eved manages suppliers on record, handling supplier profile data, sanctions list, TIN, bank account validation and tax collection.
- Offboarding of payments to production vendors. Companies can pay all global invoices digitally through a single consolidated payment.
- Streamlining of production invoice approvals with electronic and automatic routing.
- Real time payment statuses and budgets.
Eved LLC is a global accounts payable and payment partner for media, entertainment, production and event companies. The Eved platform automates and centralizes the management of suppliers and processing of invoices and payments with a single workflow, providing security, efficiency and visibility. Eved has a 12-year history of providing white glove service to some of the largest companies in the world, including many in the Fortune 500. Eved holds the highest security standards in the industry and meets the rigorous requirements of its global client base.
SAP and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP SE in Germany and other countries.
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