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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.
The recent attacks on Ukraine have resulted in many countries, the U.S. included, imposing economic sanctions on Russia. While this is an ongoing situation and it’s not yet clear how effective… Read More
Q. Does this site track a benchmark or KPI for vendor maintenance accuracy percentage? If so,… Read More
Q. What would the best practice to implement when a vendor has new banking… Read More
A benchmarking survey by IOFM indicates that overall, more than half of the vendors in respondents’ vendor master files are inactive.
While organizations with better vendor master file hygiene… Read More
Q. Has anyone had third-party consultant come in and do an assessment of their P2P… Read More
Q. I am looking for a partner that will help us to automate the vendor onboarding and maintenance.… Read More
Q. When we receive a W-9 with a legal name and DBA i.e., line 1 of W-9 says ABC Company and line… Read More
Q. What is best practice for using social security numbers in the vendor master record, with or… Read More
An inaccurate, unclear, or disorganized vendor master file spells disaster for AP—and could result in costly penalties for your company. A poorly maintained master vendor file can lead to duplicate… Read More
Q. Purchasing currently sets up vendors that are attached to a PO, and AP sets up vendors that are… Read More
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