Additional resource material on best practices for gathering vendor information
Do not overlook the risks inherent in bringing in new vendors to your organization. The level of risk varies in degree according to types, amounts and consequence of products or services. But even office supply vendors should be validated, as victims of printer-toner scams can attest. Supply chain and corporate procurement researcher Jonathan Webb, in an…
Are you required to change your password every quarter? Do you have to include special characters in your passwords? It is annoying but also easy to update your password, right? Just add a “1” at the end of it. Then, next month or quarter, change the “1” to a “2,” and so on. Unfortunately, such cleverness…
How do you collect your vendors’ W-9 information? What about bank information for ACH payments? Here is an instruction that one organization includes on its ACH Enrollment Form on which the vendor is asked for their bank account information. It’s common: “Please email the completed form along with a copy of a VOIDED CHECK to: … ”…
Are you crafty? Handy? Do it yourself? Many of us like doing things by hand — some things, anyway. But let’s face it, there are other things we’d rather not have to do manually, especially some of the P2P processes. So how are organizations accomplishing vendor onboarding these days? Have companies automated, or is it still…
Teach your Internal Employees how to do business with the Vendor Team, including processes for adding or changing vendors as welll as about important internal controls, vendor team roles and more. Click here to view or download presentation slides. Vendor Welcome Letter template Vendor Policy template
Accurate Addresses, Duplicate Vendor Prevention Are your vendor addresses lacking standardization causing returned checks, vendor communication problems, and worse – duplicate vendors? Here is a way to check address status in bulk for US and Non-US vendor addresses. Click here to view or download the presentation slides. Address Standardization Template
Learn best practices to obtain accurate or missing data from your vendors to prevent fraud, returned payments and duplicate vendors. How to follow-up with your vendors to find missing data or accurate data following the vendor master file clean-up. That is different from how to find your vendors missing data. Click here to view or…
Have you ever received an invoice from a vendor you’ve never heard of? Of course you have! You check the master file, but it’s not there. And it’s due in 30 days. Just kidding—it’s due by the end of the week. Last week. If you’re lucky, the buyer’s name is noted on the invoice. Or maybe…