Additional resources on Vendor Master File best practices
There are nine essential steps involved in cleaning up a vendor master file. These steps include several actions that should occur at vendor onboarding but may not have happened when someone first added many vendors to the master file. Execution of each of these steps will deactivate old vendors and validate and verify current vendors,…
Are You Prepared? Aggressive Cybercriminals Are Sophisticated; Security, IT and Finance Teams Must Be Too People receive more than 120 emails at work per day on average. That’s a lot of emails. So, we categorize and strategize our email activity. But when we see an email from the boss, we tend to open it. And…
Procure-to-pay—also called purchase-to-pay or source-to-settle—refers to the entire process of procuring goods and services from start to finish. The process begins with identification of need and continues through final settlement. To maximize effectiveness and efficiency, organizations must take a holistic view of the entire process. The end-to-end process cuts across organizations’ departmental structures. Traditionally the…
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
Most companies have vendors to whom a payment will be made only once. When these payments flow through the Accounting System or ERP, Accounts Payable must determine how to set up these vendors. Setting up a vendor in the vendor master file for a one-time payment could risk duplicate payments, fraud, or bad vendor record…
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…
Fraud Prevention You receive a request to change remittance information from the vendor. Is that really the vendor? Combat business email compromise, deepfakes, and other fraud tactics by creating a reference to authenticate incoming email and telephone requests – especially if you are still working remotely. Click here to view or download slides. Click below…