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.
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.
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.”
Benefits of the Eved platform include:
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Elimination of production supplier onboarding. Eved manages suppliers on record, handling supplier profile data, sanctions list, TIN, bank account validation and tax collection.
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Offboarding of payments to production vendors. Companies can pay all global invoices digitally through a single consolidated payment.
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Streamlining of production invoice approvals with electronic and automatic routing.
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Real time payment statuses and budgets.
About Eved
Eved is your global payment partner for Events, Media, and Entertainment. We automate and centralize the processing of invoices and payments with a single workflow: providing security, efficiency, and visibility. Over the last 5 years, Eved has delighted the most sophisticated global companies in the Fortune 500. The unique combination of our sophisticated global payments platform and white glove service has successfully helped customers gain more control, increase visibility, and experience significant efficiencies for the line of business, Finance, AP and their suppliers.