Eved LLC, a provider of vendor and payment management solutions for the entertainment and media industry, has partnered with SAP, a market leader in enterprise application software. The partnership will bring the most 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 on-boarding, maintenance, validation and payment in the media and entertainment industry.
Eved can be used in conjunction with production accounting software and/or SAP solutions, including SAP Ariba®, SAP ERP, SAP S/4HANA® and the SAP S/4HANA Cloud. Eved also 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. That 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, costume designers, craft services and security. Depending on the size of the production, this can amount to several hundred individuals and companies all of whom need to be on-boarded into an accounting system, validated and paid.
The Eved platform reduces time spent on-boarding 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,” says Talia Mashiach, founder and CEO of Eved LLC. “Our partnership with SAP is transforming payment protocols and vendor management in the entertainment industry.”
Benefits of the Eved platform include:
- Elimination of production supplier on-boarding. Eved manages suppliers on record, handling supplier profile data, sanctions list, TIN, bank account validation and tax collection.
- Off-boarding 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.
About Eved LLC
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.
Disclosures
Trade names used herein may refer to specific registered trademark products held by their respective owners. They are used solely by Insightful Accountant within this article for informational and educational purposes.
SAP SE is a German multinational software company, SAP (NYSE), based in Walldorf, Baden-Württemberg. It develops enterprise software to manage business operations and customer relations.
This is an editorial feature, not sponsored content. None of the vendors within this article have paid Insightful Accountant or the author any remuneration to be included in this feature. The article is provided solely for informational and educational purposes.
The publication of this article does not represent any endorsement by either the author or Insightful Accountant.
Note: Registered Trademark ® symbols have been eliminated from the articles within this publication for brevity due to the frequency or abundance with which they would otherwise appear or be repeated. We attempt to credit such trademarked products within our respective article footnotes and disclosures.
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