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.

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.

Validating Supplier ACH Bank Accounts and Tax IDs: Best Practices

Q. I would like to know if it is best business practice, when validating a supplier's ACH banking… Read More

How to Onboard Foreign Vendors: Required Forms, Watchlists, and Reporting

Q. We are starting to do business with foreign vendors and would like to know a good protocol for… Read More

What to Add to the Vendor Contract to Reduce the Risk of Payment Fraud

Vendor onboarding is often treated as an operational process; collecting IRS W-9 and remittance information, performing the required validations and finally creating the vendor in the vendor master

How to Identify Independent Contractors and 1099-NEC Recipients in Your Vendor Master File

Q. I am looking for an easy way to identify all of the vendors in my master file that are… Read More

W-9 vs W-8: Which Vendor to Set Up in Multi-Company Sales

Q. Who is the actual vendor in this commission sales transaction? I'm not sure if I need a W-9 from… Read More

Tax Reporting Red Flags That Signal You Need To Clean Your Vendor Master File

As many of your organizations receive CP2100/CP2100A notices, returned mailed recipient statements, or notifications of undeliverable electronic recipient statements, you are reminded that even