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.

What Documents Are Needed to Validate a Canadian Vendor?

Q. What documents or information are needed to validate a Canadian vendor and what application can… Read More

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.

NetSuite 1099 Vendor Categorization and Year-End Reporting Best Practices

Q. I’m hoping to get some real examples from people that use NetSuite ERP system. 1. How do you… Read More

Is Your Organization More of a Target After Fraudulent Payment? Yes

B2B payment fraud remains a major threat, with business email compromise (BEC) remaining the primary attach vector. New survey data shows not only rising vendor impersonation fraud, but also that

Balancing Supplier Bank Account Confirmation with Internal Control Requirements

Q. I have a supplier that sent us their Bank Account details, only listing the last 4 number. The… Read More

Best Practices for Verifying Supplier ACH Updates and Preventing Fraud

Q. We are looking to find a better way to verify supplier changes such as ACH banking information.… Read More

W-8BEN-E or W-8ECI? Handling Software Payments to a Foreign Vendor with U.S. Presence

Q. We have a vendor in Australia who bills us for annual software licenses for use of their… Read More

Identifying Foreign Vendors to Avoid Unnecessary IRS Withholding

Q. We have several departments that have been ordering things online with a credit card not… Read More

Best Practices for Verifying ACH Bank Accounts to Prevent Fraud

Q. Currently we use a bank account verification service from PNC. This allows us to enter the ACH… Read More

Understanding USPIS and Combating Mail Theft-Related Check Fraud

The United States Postal Inspection Service (USPIS) is the nation's oldest law enforcement agency, founded to ensure the security and integrity of the US Postal Service. As check fraud via mail theft