April 20, 2009 – Lavante Delivers On-Demand Vendor Information Management for AP Departments
New Service From Lavante, Formerly Audit Solutions, Automatically Ensures Accurate, Up-to-Date Vendor Information
SAN JOSE, Calif. – April 20, 2009 – Lavante, a leading provider of on–demand profit recovery solutions for Fortune 1000 companies, today announced Lavante Vendor Information Management (VIM), a new on-demand service for accounts payable departments that are challenged with constantly changing vendor information. VIM automates the process of ensuring accurate, up-to-date vendor information, which helps prevent payment discrepancies and improves the amount of profit recovery. In a related press release, the company also announced today it will be showcasing the full suite of Lavante’s profit recovery solutions at the IAPP Conference April 19-23 in Orlando, Fla.
Lavante VIM works with Lavante Strategic Recovery software and the Lavante Vendor Network to maximize every recovery effort, providing instant, real-time visibility into related, merged and duplicate vendors. With a comprehensive and accurate view of its entire vendor population, companies can now recover more cash with less effort and find new opportunities for negotiating better pricing and terms with its vendors.
Benefits and Features
- Comprehensive View – Lavante VIM combines data from the vendor database, the Lavante Vendor Network and external reference databases to create the most accurate, comprehensive view of vendors. The on-demand solution automatically updates contact information, removes duplicates, and matches “parent” and “child” entities.
- Enhanced Vendor Relationships and Communication – Lavante VIM facilitates automated correspondence and document sharing, and centralizes information storage. A centralized database helps companies more easily communicate with their often vast vendor population.
- Improved Accuracy – A comprehensive database helps companies more easily reconcile their accounts payable records with their vendors’ accounts receivables. The system detects duplicate payments to related vendors, helps prevent future duplicates, and gives visibility into vendor-generated transaction errors.
- Increased Recovery – Automation enables a deeper, more comprehensive review than with traditional methods, thus dramatically increasing cash recoveries.
- New Cost-Saving Opportunities – With an aggregated view of all vendors, Lavante VIM helps companies review their vendor relationships and identify new opportunities for negotiating better pricing and terms.
- Ease of Deployment and Use – The on-demand, hosted Lavante VIM service requires no hardware or software installation or on-site personnel. All vendor information is available through an intuitive point-and-click interface with real-time, dynamic access.
“Companies relying on manual recovery audits are really caught between a rock and a hard place today. The only way they can recover more of their desperately needed cash is to spend more cash to do so! By providing a comprehensive, accurate, real-time view of the entire vendor population, the on-demand Lavante Vendor Information Management service works with the Lavante Strategic Recovery software to provide an automated solution for increasing cash recovery – by as much as three times over typical audits – while simplifying, shortening and driving down the cost of the process.”
Sherry Depew, Vice President, Product Management
“Maintaining accurate vendor information such as W-9 forms, IRS TIN matching and a myriad of other types of compliance information is a very time consuming and resource intensive process. A system that automates the process of collecting vendor information, keeps it updated over time, and stores it in a central repository would significantly reduce resource requirements, minimize payment errors and improve vendor compliance.”
Sandy Champion, Accounts Payable Manager, Transit Mix
Lavante, formerly AuditSolutions, is a leading provider of on–demand profit recovery, vendor information management and more. Lavante helps Fortune 1000 companies to enhance productivity and cash flow by automating communication with vendors and by creating an automated method to reclaim and prevent profit loss due to typical transaction errors. For more information, visit www.lavante.com. Follow us on twitter at twitter.com/lavanteinc.