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…
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…