Vendor Master File

Maintaining a vendor master file can be a complicated process for many teams. IOFM offer content to help you learn best practices to standardize vendor team activities to avoid payment fraud, compliance fines, and bad vendor data.

Vendor Banking Change: Safeguards and Payment Hold Guidelines

Q. Is there an industry standard that suggests payments should be held for a certain number of days… Read More

Updating 1099NEC Reporting for Vendor's Change in Tax Status

Q. We received a call from a vendor who was expecting a 1099NEC from us. The W9 form they sent to… Read More

Updating Vendor Tax Status and 1099 Reporting: A Guide for Your Company

Q. My company setup a vendor based on the W9 received back in Jan 2024 (W9 signed/dated Dec 1,… Read More

Tax Reporting for Loan Fees on Artwork from Foreign Vendor

Q. We have an agreement with a vendor from Denmark to loan us their artwork (sculpture) for… Read More

Foreign Vendor Transactions: Are Tax Treaties with Canada Still in Effect?

Q. I have my first foreign vendor transaction to process since Trump took office. Do I still follow… Read More

Managing Vendor Forms and Anti-Fraud Requests: Best Practices for AR Teams

Q. More and more customers are requiring our company to complete “Vendor Forms” or similar… Read More

Implement A Security Audit to Prevent Fraud

In today's fraud landscape, keeping your organization’s vendor and customer sensitive data from unauthorized access is critical. Implementing a security audit that includes least privileged is

IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

Insights and Best Practices for Vendor Portals

Q. I would like some feedback on experiences implementing or rolling out a vendor portal to your… Read More

Foreign Vendor Identification: Handling Missing TINs and SSNs for Reporting

Q. I have two foreign vendors that are missing a TIN or SSN. One is also missing DOB. What… Read More

Missing a Valid Vendor Address? Five Free Resources for Finding Vendor Addresses

Maintaining accurate and up-to-date vendor addresses in your vendor master file is essential for financial operations. If your vendor address information is out of date or missing your company