Tax ID Numbers Posts

Supplier Information management Spotlighted by the Sourcing Innovation blog

Wednesday, April 3rd, 2013

Managing many connections with suppliersLavante was recently spotlighted by Michael Lamoureux on the Sourcing Innovation  blog.

The Sourcing Innovation Blog is a the leading supply and spend management blog focused on education and technology. It is a wholly owned service of ToP KaTS Consulting, a consultancy that focuses on the Supply Chain, Optimization, Analytics, and Technology needs of modern business. 

Here is an excerpt from their article…

Lavante Connect is one of the more powerful, and more streamlined, supplier information self-management solutions on the market. In the Lavante Connect solution, the supplier is walked-through the 3 to 5-step process of completing their profile and is updated with respect to their progress, and percentage of work remaining, after each step. In the Lavante system, the supplier goes through the following easy to follow process: 

  1. Company Profile
  2. Legal Identification
  3. Certifications
  4. Payment Information (may be optional)
  5. Specific Information (may be optional)

Profile information walks the supplier through the definition of headquarters information, address information (notices, payment, warehouse, etc.), references, ownership, diversity, business structure, and contacts.

Legal ID walks the supplier through entry of business numbers, tax numbers, and other government identification in the countries that the supplier operates in. It also makes sure that the supplier uploads the appropriate documentation required by the customer, such as W9s in the US.

Certifications walks the supplier through the insurance and certification requirements of the customer and makes sure that the supplier specifies all of the relevant information and uploads the appropriate documents.

Payment walks the supplier through the specification of the payment types they accept (pCard, check, EFT, wire, etc.) and the specifications for each payment type.

Specific Information, of which there can be more than one tab, walks the supplier through the specific information requests unique to the client, such as required product and service information, sustainability information, etc. and the documentation that needs to be supplied.

The ease of use comes not only in the easy to follow registration, and profile completion process, but the fact that the system:

  • validates everything that can be validated,
  • eliminates duplication of data entry whenever possible, and
  • forces e-signatures and verification for all legal documents.

Not only does the system validate that all data entered is in a valid format, but it integrates with as many third party systems as possible to verify that the entered data is correct. Business numbers and tax numbers are automatically verified against government databases, address information is validated against address databases, bank and p-card information is verified through penny-transactions, etc. The system makes it hard for a supplier to make a mistake and harder for any errors to persist for more than a few days. It also alerts the supplier as soon as certifications or registrations are about to expire or information has to be re-verified (according to the customer’s schedule, where such customer may require re-verification of contact information every six months).

All address, contact, and similar data is automatically indexed and can be mapped to any other information requirement that makes sense. So, if headquarters also happens to be the payment and legal notice address, it only has to be entered once. Same for contact information.

For the most part, SIM isn’t complex, and neither are supplier portals, but few master the usability and simplicity required to onboard even the technology unsophisticated supplier quickly and easily with complete profiles, no errors in critical information, and fresh profile data. Lavante Connect is in this group.

To read more go to: Lavante Connect – Streamlined Supplier Self Management

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Posted in Ask the Experts, Sourcing Innovation, Supplier Information Management, Tax ID Numbers, Technology, Vendor File Cleansing, Vendor File Management, W9 | No Comments »

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Ask The Experts

Wednesday, April 3rd, 2013

Lavante has created the Ask the Experts resource page to provide a place where the AP & Procurement community can access direct links to support information.   The information Lavante provides is open to the general public. You do not have to be a Lavante customer to participate in any of the  Ask The Experts webinars or to benefit from the forums.

 

Vendor Management Survey

Take Survey

Vendor Management Sandbox
Free Trial

 

About the Speakers:

Jeff Wiest Lavante

Jeff Wiest led the accounts payable function for the U.S. Financial Shared Services Center of Tyco Electronics since its formation over 10 years ago. During that time he oversaw the post-acquisition integration of more than 20 payables functions into the service center. He was instrumental in the implementation of electronic technology solutions that have resulted in significant efficiency improvements and cost savings. Prior to joining Tyco, Jeff served in various accounting roles for AMP Incorporated.

Contact Jeff Wiest

 

 

Jeff Ulanoski Lavante

Jeff worked for over ten years with Rite Aid Corporation as Director of AP, during which time he led that company’s Transaction Tax and Accounts Payable organizations. During his tenure at Rite Aid, Jeff was a key player in the integration of the Brooks Eckerd AP process into Rite Aid. His experience included the introduction of technology-enabled solutions and Best-of-Class processes to improve corporate efficiency, reduce costs, increase cash flow and mitigate risk. Prior to Rite Aid, he spent five years at Foot Locker as Manager of Transaction Taxes.

Contact Jeff Ulanoski


Check back for future updates on the Ask the Experts Webinar Series

 

Ask the Experts

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Posted in AP Industry, Ask the Experts, Lavante, Procurement, Supplier Information Management, Tax ID Numbers, Technology, W9, Webinar | No Comments »

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Vendor File Management | Collect W9 | OFAC Screening | Insurance Certification Collection | Diversity Tracking | Supplier Onboarding | USPS Validation

Tuesday, March 19th, 2013
Join CEO, Joe Flynn of Lavante in an “Ask the Expert” webinar as he interviews both Jeff Ulanoski, former Rite Aid Director of AP and Jeff Wiest, former AP Manager at Tyco Electronics on the state of Vendor Management.
Find out the benefits of using technology to:Collect and Validate W9s,  Monitor and Screen OFAC Lists, Validate Supplier Insurance Certificates, Collect and Track Diversity Status, Manage / Automate Supplier Onboarding, Validate USPS Addresses, Manage changes your Vendor File,  More….


            Webinar Event:  Wednesday, April 3, 2013 10:00 am 

Pacific Daylight Time (San Francisco, GMT-07:00)

Register Lavante Webinar

About the Speakers:

Jeff Wiest Lavante

Jeff Wiest led the accounts payable function for the U.S. Financial Shared Services Center of Tyco Electronics since its formation over 10 years ago. During that time he oversaw the post-acquisition integration of more than 20 payables functions into the service center. He was instrumental in the implementation of electronic technology solutions that have resulted in significant efficiency improvements and cost savings. Prior to joining Tyco, Jeff served in various accounting roles for AMP Incorporated.

Jeff Ulanoski Lavante

Jeff worked for over ten years with Rite Aid Corporation as Director of AP, during which time he led that company’s Transaction Tax and Accounts Payable organizations. During his tenure at Rite Aid, Jeff was a key player in the integration of the Brooks Eckerd AP process into Rite Aid. His experience included the introduction of technology-enabled solutions and Best-of-Class processes to improve corporate efficiency, reduce costs, increase cash flow and mitigate risk. Prior to Rite Aid, he spent five years at Foot Locker as Manager of Transaction Taxes.

 

 

 

See a Demo of the Lavante Product Suite where you can automatically set your corporate controls and let the application manage all communication for you

Vendor File Management

Register Lavante Webinar

Vendor File Management | Collect W9 | OFAC Screening | Insurance Certification Collection | Diversity Tracking | Supplier Onboarding | USPS Validation

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Posted in 1099 Reporting, AP Industry, Supplier Information Management, Tax ID Numbers, Technology, Vendor File Cleansing, Vendor File Management, W9, Webinar | No Comments »

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IRS form W9 Instructions and Printable Download

Monday, March 11th, 2013

Collection of IRS federal tax form W9 does not have to be so painful. Watch this short video to see how you and your organization can Request, Collect and Automatically validate the TIN numbers with the IRS using the new Lavante Supplier Information Management System.  W9 Collection Automatic Validation

 

Automate the Collection of W9 and Tax ID numbers

The IRS has numerous publications where they provide printable, downloadable instructions.  This information is subject to change at any time by the IRS. As of the data of this publication 3.11.13 we recommend this page on the IRS website http://www.irs.gov/instructions/iw9/ar02.html

 

How Do I Know When To Use Form W-9?
From http://www.irs.gov/instructions/iw9/ar02.html

Use Form W-9 to request the taxpayer identification number (TIN) of a U.S. person (including a resident alien) and to request certain certifications and claims for exemption. (See Purpose of Form on Form W-9.) Withholding agents may require signed Forms W-9 from U.S. exempt recipients to overcome any presumptions of foreign status. For federal purposes, a U.S. person includes but is not limited to:

  • An individual who is a U.S. citizen or U.S. resident alien,
  • A partnership, corporation, company, or association created or organized in the United States or under the laws of the United States,
  • Any estate (other than a foreign estate), or
  • A domestic trust (as defined in Regulations section 301.7701-7).

A partnership may require a signed Form W-9 from its U.S. partners to overcome any presumptions of foreign status and to avoid withholding on the partner’s allocable share of the partnership’s effectively connected income. For more information, see Regulations section 1.1446-1.

Advise foreign persons to use the appropriate
Form W-8. See Pub. 515, Withholding of Tax on Nonresident Aliens and Foreign Entities, for more information and a list of the W-8 forms.

Also, a nonresident alien individual may, under certain circumstances, claim treaty benefits on scholarships and fellowship grant income. See Pub. 515 or Pub. 519, U.S. Tax Guide for Aliens, for more information.

Electronic Submission of Forms W-9

Requesters may establish a system for payees and payees’ agents to submit Forms W-9 electronically, including by fax. A requester is anyone required to file an information return. A payee is anyone required to provide a taxpayer identification number (TIN) to the requester.

Payee’s agent.   A payee’s agent can be an investment advisor (corporation, partnership, or individual) or an introducing broker. An investment advisor must be registered with the Securities and Exchange Commission (SEC) under the Investment Advisers Act of 1940. The introducing broker is a broker-dealer that is regulated by the SEC and the National Association of Securities Dealers, Inc., and that is not a payer. Except for a broker who acts as a payee’s agent for “readily tradable instruments,” the advisor or broker must show in writing to the payer that the payee authorized the advisor or broker to transmit the Form W-9 to the payer.

Electronic system.   Generally, the electronic system must:

  • Ensure the information received is the information sent, and document all occasions of user access that result in the submission;
  • Make reasonably certain that the person accessing the system and submitting the form is the person identified on Form W-9, the investment advisor, or the introducing broker;
  • Provide the same information as the paper Form W-9;
  • Be able to supply a hard copy of the electronic Form W-9 if the Internal Revenue Service requests it; and
  • Require as the final entry in the submission an electronic signature by the payee whose name is on
    Form W-9 that authenticates and verifies the submission. The electronic signature must be under penalties of perjury and the perjury statement must contain the language of the paper Form W-9.

To continue reading this article go to: http://www.irs.gov/instructions/iw9/ar02.html

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Posted in 1099 Reporting, Lavante, Tax ID Numbers, Vendor File Cleansing, Vendor File Management, W9 | No Comments »

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AP Now and Tomorrow’s Mary Schaeffer Joins Lavante for Emerging Master Vendor File Practices and Issues Webinar

Thursday, March 7th, 2013

The topic of Automation of Vendor File Management is back in the spotlight in the Lavante Webinar Series.

The next webinar event is scheduled for Tuesday, March 12th.

We will be presenting the curriculum twice to accommodate busy schedules.

If you would like to attend there is still space available

8am PT   https://www3.gotomeeting.com/register/579562550

11am PT https://www3.gotomeeting.com/register/746389958

The webinar will be a conversation between Lavante CEO, Joe Flynn and AP Now & Tomorrow’s CEO, Mary Schaeffer.

Mary Schaeffer is a recognized thought leader in AP. She is the creator of IFO’s Innovation Certificate Program, a member of the IFO’s Education Committee and gives several sessions every year at the IFO annual Fusion trade show.

Mary publishes a weekly Ezine that we recommend to all of our readers. For more information you can sign up HERE

Here is an exerpt from Mary’s bio located on her site HERE

Mary S. Schaeffer

Editorial Director & Publisher

CRYSTALLUS, Inc. publisher of several accounts payable periodicals

  • Nationally recognized accounts payable expert and consultant
  • Frequent speaker at seminars, conferences and online events
  • Editor-at-Large CFO Publishing’s Learning Pro: AP Edition
  • Regular contributor to the AICPA’s Corporate Finance Insider
  • Publisher and editorial director of the Accounts Payable Now & Tomorrow monthly newsletter
  • Creator of Institute of Financial Operations Accounts Payable Innovation Certificate program
  • Writes a free weekly e-zine, e-AP News
  • Author more than 15 business books including the Controller & CFO’s Guide to Accounts Payable and Fraud in Accounts Payable: How to Prevent It (See full list below)
  • M.B.A. Finance, NYU; B.S. Math, York College

Books by Mary S. Schaeffer

  • Do-It-Yourself Accounts Payable Consultant Handbook first, second and third editions (CRYSTALLUS, Inc. 2011, 2012, 2013)
  • Fraud in Accounts Payable: How to Prevent It (John Wiley & Sons September 2008)
  • New Payment World: A Manager’s Guide to Creating an Efficient Payment Process (John Wiley & Sons 2007)
  • Travel and Entertainment Best Practices (John Wiley & Sons 2007)
  • Controller and CFO’s Guide to Accounts Payable (John Wiley & Sons 2006)
  • Accounts Payable and Sarbanes-Oxley: Strengthening Your Internal Controls (John Wiley & Sons 2006)
  • The Future of Accounts Payable (CRYSTALLUS, Inc. 2006)
  • Accounts Payable: A Guide to Running an Efficient Department First edition, Second edition and Supplements (John Wiley & Sons, 1998, 2000, 2001, 2002 , 2003, 2004)
  • Accounts Payable Best Practices (John Wiley & Sons 2004)
  • Essentials of Accounts Payable (John Wiley & Sons 2002)
  • Essentials of Credit, Collections and Accounts Receivable (John Wiley & Sons 2003)
  • International Credit and Collections (John Wiley & Sons 1999)
  • Understanding Interest Rate Swaps (McGraw Hill 1994)
  • Your Dream Vacation Home (McGraw Hill 1992)
  • Triumph Over Tragedy (with John Duffy, John Wiley & Sons 2002)

 

Mary Schaeffer has the inimitable ability to find accounts-payable-related solutions that really work—without making a major dent in the bottom line. Armed with a degree in math and a graduate degree in finance, she takes a “roll up your sleeves and dig into the details” approach to finding solutions to those problems that cause migraines for CFOs, controllers, and managers.

Fifteen years spent researching and writing about payment issues gives Mary Schaeffer a unique vantage point. Combine that with an almost equal amount of time spent in the corporate trenches of several large finance and treasury departments and you’ll see why she’s become known as America’s leading accounts payable expert.

A wide variety of institutions have taken advantage of her unique expertise: John Wiley & Sons has published over a dozen of her books; CRYSTALLUS, Inc. (www.ap-now.com) relies on her know-how to direct its professional publication, training, and consulting business; and the AICPA features her articles in its Corporate Finance Insider. Let’s not overlook the long list of organizations that have turned to her for best practice guidance of their accounts payable function and training of their accounts payable staff.

Ms. Schaeffer has a BS in Mathematics from York College (CUNY) and a MBA in Finance from New York University. She can be reached at marys@ap-now.com

 

 

 

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Posted in AP Industry, IFO, Industry Associations, Lavante, Shared Services, Supplier Information Management, Tax ID Numbers, Vendor File Cleansing, Vendor File Management, Webinar | No Comments »

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The Institute of Financial Management IOFM Webinar Vendor Management Automation Survey Results

Wednesday, February 6th, 2013

IOFM Webinar Vendor Management Automation Survey Results

   IOFM Webinar:  Vendor Management Automation Survey Results

Date: February 7, 2013
Time: 10:00 AM PT   1 :00 PM ET
Duration: 1 Hour

 

Register NOW

Join us for this one hour interactive webinar to help make your AP department more successful in 2013.  The Institute of Finance & Management (IOFM) recently surveyed finance professionals, including accounts payable department managers, supervisors and controllers, to learn about the level of automation in their organization’s accounts payable department, specifically focusing on the tasks related to vendor/supplier management.

This webinar analyzes the state of vendor management in accounts payable departments today, the perceived benefits of utilizing an automation solution, and the difficulties and obstacles for an AP department that wants automation solutions implemented.

Attend this webinar to learn:

  • The state of vendor management in accounts payable departments today
  • The perceived benefits of utilizing an automation solution
  • The difficulties and obstacles for an AP department that wants automation solutions implemented

You will also get a sneak peak into the Lavante Supplier Information Management application where you will see an automated solution for managing suppliers that is within reach.

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Posted in Industry Associations, IOFM, Lavante, Procurement, Supplier Information Management, Tax ID Numbers, Vendor File Cleansing, Vendor File Management, Webinar | No Comments »

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Thoughts About the Escalating Complexities in Managing Supplier Relationships and Information

Friday, November 2nd, 2012

Managing many connections with suppliersManaging supplier information is becoming an ever-more complex and involved process for organizations of every size and across all industries.   Through our work at Lavante in automating recovery audit  and supplier management processes, we are constantly learning from our customers, prospects, and industry analysts how organizations are dealing with this critical issue.   We recently partnered with IOFM (Institute of Finance and Management) on a comprehensive market research survey where respondents answered a series of questions related to the key tasks and/or projects involved in managing supplier relationships.   After spending time at several industry conferences talking extensively with a host of AP and Shared Services practitioners, and reviewing the results of this survey, several themes or issues have emerged which I wanted to share here.

First is that the complexities and scale of tracking and managing suppliers is overwhelming for most companies.  This is in part due to the many different tasks that have to be performed – on-boarding, validating tax ID’s, gathering insurance documents, W9s, W8s, maintaining regional differences, etc. – which are often treated as disparate tasks or projects.  And although there are usually processes built around performing these functions, they are seldom combined into one seamless process that can be automated, and thus streamlined.  This means that every change requires  a lot of extra work to accomplish.  Take for example the potential change to the W9 collection process in 2010, where organizations would have been required to collect W9s for new categories of suppliers.  We talked to hundreds of companies that were under considerable stress with the prospect of:

a) gathering together W9s from their current suppliers;
 
b) identifying which vendors were missing W9s, and and then determining if they needed one to comply with the new legislation;
 
c) contacting the supplier to request the document;
 
d) finding the correct information if existing data was incorrect, and reaching out to them again.
 

If you only have a handful of suppliers, this wouldn’t be such a daunting task.  But even mid-size organizations we talked to had thousands of suppliers, with larger global enterprises looking at verifying tens of thousands of contacts.  Given these numbers, this task becomes a monumental project with the risk of heavy penalties if not conducted in a timely, accurate manner.  While this legislation was eventually overturned, it left many finance professionals with the firm belief that it can and will happen again, and that being reactive wasn’t a good way to approach the issue.

It struck me that this one project of collecting W9s was intricately related to so many other tasks involved with supplier management.  And linking these seemingly disparate tasks together into one seamless process,  powered by technology, results in a continuous, on-going process which can scale to handle an unlimited number of suppliers.  With an ability to collect, track and manage any type of required document, and allow total control over this process, it would dramatically simplify the complexities involved in the supplier management process.  An automated process would also allow finance professionals to instantly comply with new regulations and internal processes.

Next week, I’ll share some other thoughts related to this continuous process, and how simple it really can be.  As usual, please let me know your thoughts about this important topic.

 

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Posted in 1099 Reporting, AP Industry, IOFM, Lavante, Supplier Information Management, Tax ID Numbers | No Comments »

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Insights About the Future of 1099 Issues in Financial Operations Matters

Tuesday, August 23rd, 2011

many questions remain about the continuing 1099 reporting debateI was happy to see the article by Diane Sears in the latest issue of Financial Operations Matters, Is 1099 Issue Dead or just Resting? which focused on the continuing 1009 reporting dilemma. Although the heated debate over this issue has died down after the repeal of the reporting requirements tied to the health care legislation, Diane brings up critical issues that every enterprise should keep in mind about this continuing challenge. She notes in the article: “Industry watchers say financial operations professionals can expect to see expanded 1099 reporting requirements pop up in other bills designed to raise federal tax revenue – and soon.”

One of those industry watcher’s advice comes from a Lavante’s partners, Convey Compliance Systems, a firm that provides tax reporting software and services. Their spokesperson, Troy Thibodeau, noted that the entire 1099 reporting process had largely been overlooked by many organizations, leading to low adoption of the automation that would deliver added efficiencies and cost reductions. This attention deficit all changed when the healthcare reform act shined a very bright light on the operational and process problems that organizations face in the 1099 reporting area.

My colleague at Lavante, Sherry DePew added her expertise to the article, noting: “The majority of the people we talk to say this has given them time to get prepared. Everyone pretty much knows this is coming.”

The article expressed complete agreement that the expansion of 1099 reporting is inevitable. To best prepare to meet future requirements, companies should look to automate the process and to implement repeatable processes, both as a way to effectively manage the entire 1099 reporting process now and in the future.

For more information, click here read the entire article by Diane Sears. And, let us know what your thoughts are about this issue and how you are planning to prepare for possible changes.

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Posted in 1099 Reporting, AP Industry, IAPP, Lavante, Shared Services, Tax ID Numbers, Technology | No Comments »

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President Obama Signs Repeal of Expanded 1099 Reporting Requirements

Friday, April 15th, 2011

President Obama on Thursday signed into law a bill repealing the expanded 1099 reporting requirements from the 2010 health care law.  The Senate passed the repeal bill in an 87-12 vote on April 5 after the House passed the bill in March.

The law repeals the expanded 1099 reporting requirements that were included in the funding provision of the 2010 health care law, which required all for-profit corporations issue 1099 forms to vendors from whom they purchased over $600 of goods or services in a tax year and was scheduled to go into effect for all payments made after December 31, 2011.

The repeal comes after months of debate about the impact of the reporting requirement on small businesses and how to cover the cost for the 1099 repeal, which is estimated at nearly $22B over the next 10 years.

“Today, I was pleased to take another step to relieve unnecessary burdens on small businesses by signing H.R. 4 into law,” reads the president’s signing statement. “Small business owners are the engine of our economy and because Democrats and Republicans worked together, we can ensure they spend their time and resources creating jobs and growing their business, not filling out more paperwork. I look forward to continuing to work with Congress to improve the tax credit policy in this legislation and I am eager to work with anyone with ideas about how we can make health care better or more affordable.”

So what does this mean for companies and their 1099 reporting?  Was expanded 1099 reporting a passing fad?  Actually, discussions around expansion of 1099 reporting requirements date back to the Bush administration and are aimed at better tracking business expenditures, earnings, and tax liability.  In order to ensure your company is ready to meet current 1099 reporting requirements, as well as future changes, the safest bet is to make sure you have the policies, processes, and systems to ensure up-to-date supplier tax information.

Sign up for the Lavante blog today to stay on top of AP and Finance topics.

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US Senate Passes the House’s 1099 Repeal Bill, Goes Next to the White House

Tuesday, April 5th, 2011

Today, the U.S. Senate passed the House’s 1099 repeal bill, H.R. 4, in an 87-12 vote.  The bill will go directly to the White House where President Barack Obama will have the opportunity to sign or veto the bill.

The 1099 reporting requirements is part of funding provision of the 2010 health care law. It required all for-profit corporations to issue 1099 forms to vendors from which they purchased over $600 of goods or services in a tax year, and is scheduled to go into effect for all payments made after December 31, 2011.

The Senate vote comes after months of debate about the impact of the reporting requirement on small businesses and how to cover the cost for the 1099 repeal, which is estimated at nearly $22B over the next 10 years.

Sign up for the Lavante blog today to stay on top of the 1099 repeal or check out our 1099 reporting center.

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