November 17, 2009 – Lavante Announces Tax ID Number (TIN) Management Service
Lavante TIN Management software simplifies vendor on-boarding by automating collection of W-9s and IRS validation of tax identification information
San Jose, Calif. – November 17, 2009 – Lavante, the leading provider of on-demand profit recovery and vendor information solutions for Fortune 1000 companies, today announced the release of the Lavante TIN Management module which automates W-9 form collection and manages the TIN validation process. The new TIN Manager uses a self-service vendor portal to automate the upload of forms and the collection of vendor information, and then validates tax numbers and vendor names with the IRS database. A workflow component manages exception handling and is highly configurable to meet a wide variety of business processes.
Lavante TIN Management is a service module of the Lavante Vendor Information Management system, a vendor portal for the automated collection of a wide variety of vendor information. Related service modules available include automatic OFAC (Office of Foreign Assets Control) screening and USPS (US Postal Service) address lookup. Together, these new offerings simplify the on-boarding of new vendors and management of vendor information.
Gathering W-9s and validating TIN numbers is a manual and time consuming process. New “tax gap” reduction legislation is focused on expanding information reporting and mandatory withholding regulations. This will expand the number of vendors that must have TINs on file and add new payment withholding requirements. These factors will increase the workload as well as the risks to companies related to inaccurate TIN information. Lavante TIN Management simplifies and automates the collection and validation process, saving time and money. The Lavante TIN Management module, including OFAC screening and USPS lookup services, is available immediately.
Benefits and Features
- Facilitates Vendor On-Boarding — Automatic email notification invites new vendors to upload W-9 (or W-8) forms and enter their legal name. Speeds and simplifies the data collection process.
- Centralized Data Collection — Vendors use Lavante’s web portal to submit information to a centralized repository, saving company time and making information available to all who need it.
- Automated Validation — TIN information is formatted to the IRS standard and submitted to the IRS for matching. Configurable exception handling ensures mismatches are handled until a defined resolution is reached. Maximizes vendor compliance with a minimum of effort so “B Notice” fines are minimized.
- Flexible Communications — System communicates in a flexible, configurable way including email, fax and mail to reach the largest number of existing and new vendors.
- OFAC and USPS Lookup — The system can automatically check new vendors as they’re added to ensure that each has a validated U.S. Postal Service address in the appropriate format and flag any organization that is on the OFAC watch list. This ensures new vendors are accurately set up and minimizes business risk.
- Improves Vendor File Quality – Accurate vendor names, addresses and TIN information are provided in a format such that corporate vendor file systems can be updated with validated information.
Joe Flynn, Founder and CEO, Lavante
“Our TIN Management software service adds another dimension to our vendor information management capabilities. It helps companies streamline their vendor on-boarding process while complying with government requirements. This not only saves them time, it helps make sure their vendor files are accurate so they can minimize transaction errors going forward.”
Lavante is the leading provider of on-demand profit recovery audit software and services, and vendor information management software solutions. Lavante helps Fortune 1000 companies enhance cash flow, productivity, compliance and control. Lavante’s innovative software automates the collection and analysis of information from a company’s entire vendor community. The Strategic Recovery process combines this vendor knowledge and accounts receivable records with intelligent accounts payable audit algorithms to maximize cash recoveries. Lavante’s SaaS-based software offerings provide on-demand, real-time visibility into the audit process and automate the updating and cleansing of vendor records. For more information, visit lavante.com. Follow us on twitter at twitter.com/lavanteinc.