What is a W9 form and why is it important for vendors?

A W9 form, or Request for Taxpayer Identification Number and Certification, is an IRS form used to confirm a vendor's correct name, address, and Taxpayer Identification Number (TIN). It's crucial for businesses to collect W9s from U.S. vendors (independent contractors, freelancers, etc.) to accurately report payments made to them to the IRS at year-end, typically on Form 1099. Without a W9, businesses may be required to withhold a percentage of payments (backup withholding) and face penalties for incorrect reporting.

How does Eved automate W9 collection?

Eved automates W9 collection by integrating it into the vendor onboarding process. When a new vendor is added, our platform automatically sends a secure, digital request for their W9 form. Vendors can complete and submit the form online, which is then validated in real-time for accuracy and completeness. This eliminates manual paperwork, emails, and reduces errors, ensuring a streamlined and compliant process.

Is Eved's W9 management compliant with IRS regulations?

Yes, Eved's W9 management system is designed with IRS regulations in mind. Our platform facilitates the secure collection and storage of accurate W9 information, which is essential for proper 1099 reporting. We help ensure that all necessary data points are captured and validated, reducing the risk of non-compliance and potential penalties for your business.

Can Eved integrate W9 data with our existing AP system?

Eved's platform is built for seamless integration. While Eved offers a comprehensive AP automation suite that natively uses W9 data for payments and 1099 reporting, we also support integrations with other existing AP systems. This allows for the smooth flow of validated W9 information, ensuring consistency and efficiency across your financial operations and minimizing manual data entry.

What industries benefit most from Eved's W9 Vendor Management solution?

Eved's W9 Vendor Management solution is specifically tailored for industries characterized by high vendor volumes, project-based work, and complex payment structures. This includes the events industry (festivals, conferences, corporate events), media production (film, TV, commercials), and entertainment (music tours, live performances, talent agencies). Our platform addresses the unique challenges these sectors face in maintaining compliance and efficiency.

What is W9 vendor management software?

W9 vendor management software automates the process of collecting, validating, and storing W9 tax forms from vendors, ensuring compliance with IRS regulations and streamlining payment processes for businesses. It helps manage tax information for U.S. persons receiving payments for services.

How does Eved automate W9 collection and compliance for events and productions?

Eved automates W9 collection by providing a secure self-service portal where vendors enter their tax and banking details once. Eved then handles TIN verification, bank validation, OFAC screening, and W9/W8 collection, ensuring compliance and securely storing the data. This reduces manual effort and speeds up onboarding for events and productions.

What are the benefits of using Eved for W9 vendor management in the entertainment industry?

Eved offers significant benefits for W9 vendor management in the entertainment industry, including a 95% reduction in vendor onboarding time, improved security with 90% fraud risk reduction, and automated 1099 reporting. It centralizes vendor data, ensures compliance with IRS regulations, and facilitates faster, more accurate payments for complex, project-based environments.

Does Eved handle global vendor payments and international tax forms like W8?

Yes, Eved is built for global operations, enabling payments to independent contractors and vendors in over 200 countries and 140 currencies. It handles international tax forms like W8 collection and ensures compliance with local regulations for cross-border transactions.

How does Eved integrate with existing accounting and ERP systems for W9 management?

Eved integrates directly with major ERP and accounting systems such as SAP, Oracle, QuickBooks, Coupa, Workday, and NetSuite. This allows for seamless data flow, eliminating duplicate entry and ensuring that W9 and vendor payment data are accurately reflected across all financial systems.

W9 Vendor Management Software for Events & Production