August 2010 - Lavante

Accounts payable’s impact on the bottom line

A recent study conducted by Forrester Research on behalf of Basware, a provider of purchase-to-pay solutions, shows the significant impact that accounts payable can have on an organization’s bottom line. Representatives from 550 accounts payable departments located across the globe participated in the survey. On average, they processed 93,000 invoices annually, of which 6,000 or so contain errors. Forty percent of the invoices were based on purchase orders. The survey found that errors and inefficient processes within AP can cost real money. In the last year, just under one-third of survey participants had foregone early payment discounts, while 27 percent had incurred late payment fees. […]

By Tom Flynn| August 25th, 2010|Categories: Technology, AP Industry|0 Comments

Unclaimed property audits on the rise

According to the National Association of Unclaimed Property Administrators, state treasurers and other agencies currently hold nearly $33 billion in unclaimed property. The term “unclaimed property” can cover a variety of payments or accounts, such as vendor payments, AR credits and payroll checks, for which the owner hasn’t been found after a year.. Unclaimed property reverts to a state agency within the owner’s last known state of residence or incorporation after the year has passed. The agency is charged with trying to track down the rightful owners. In most cases, claims on this property can be made into perpetuity, either by the owner or the heirs. […]

By Tom Flynn| August 18th, 2010|Categories: AP Industry|0 Comments

Lavante SIM for Supplier Information Management

Hello All, I am very proud to announce that Lavante SIM was released for general availability on August 9th. This launch marks the expansion of our vendor file management services into a larger suite of supplier information management products and services. Lavante SIM has been created specifically to address the feedback that we have received [...]

By Joe Flynn| August 11th, 2010|Categories: Technology, Tax ID Numbers, AP Industry, 1099 Reporting, Supplier Information Management, Lavante|Tags: Lavante, Accounts Payable Software, Technology, Supplier Information Management|0 Comments

Taming Vendor Credits, Part Two

Last week, we looked at the causes of most vendor credits, and offered some ideas for tracking them. Now, we’ll look at software and auditing when it comes to vendor credits. Software solutions that consolidate and analyze your vendor and accounts payable data also can help you stay on top of vendor credits. What’s more, many software solutions let you automatically send queries to many vendors at the same time. To be sure, it’s not uncommon for just 15%-25% of vendors respond to an initial mailing. However, Lavante typically sees response rates grow to more than 90 percent, particularly when we combine updated data from our vendor network with proprietary communication software. At times, a second round of requests also may be necessary. […]

By Tom Flynn| August 10th, 2010|Categories: Recovery Audit, Vendor Statement Audit|0 Comments

Taming Vendor Credits, Part One

Most vendors have money that actually belongs to their customers – AKA “vendor credits.” For instance, the customer’s accounts payable department may have forgotten to deduct a discount and overpaid an invoice. Or, the vendor may inadvertently have double-billed a customer and been unable to return the money. While many firms overlook these credits, doing so can cost them. “Vendor credits generally total between $600,000 and $900,000 for every billion dollars a company spends,” says Joe Flynn, Lavante CEO. […]

By Tom Flynn| August 3rd, 2010|Categories: Recovery Audit, Vendor Statement Audit|0 Comments

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