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.

Why Your Checks May Still Be in the Mail

by Jon Casher Incorrect zip codes, misspelled cities, invalid state codes may keep your vendor payments from being delivered. Up to 95 percent of the addresses in the typical companys vendor file… Read More

Letters of Credit

What is a letter of credit? - A letter of credit (LC) is a document issued by a bank or other financial institution on behalf of one of its clients, called the "applicant." The letter is… Read More

Maintaining the Vendor Master File

The challenge of maintaining the vendor master file is apparently an issue that crosses all borders. Jakub Pavlik, Cash & Bank Administrator, JNJ Global Business Services in Prague 5, Czech Republic,… Read More

Vendor Calling - Where Is My Payment?

It’s a scene repeated on a daily basis in AP departments everywhere—a vendor calls demanding payment. In many cases, the vendor is polite and merely concerned. But in some cases, the vendor is

Policy Challenge: All Checks Should Be Mailed Directly to the Payee

By Pam Miller, APMD There are a number of reasons why mailing all checks directly to the payee is sound policy. For example, mailing direct to the payee: Guarantees that the check will be sent to… Read More

Four Steps to a Streamlined Supplier Master

A comprehensive supplier master cleansing process streamlines operations for both accounts payable and procurement. This supplier master clean-up is typically performed as part of a system conversion… Read More

Vendor Portals: Helping Vendors, Helping AP

Self-service portals have become popular with accounts payable departments looking to cut down on vendor payment inquiries. A self-service portal allows vendors to log in remotely and check their

Garbage in, Garbage Out: The Need for Accuracy in Data Management

For AP professionals, good, clean data is critical to maintaining an accurate master vendor file. And since ongoing maintenance of the master vendor file is critical, AP has an important role to play… Read More

Are Your Vendors on the Verge of Bankruptcy?

How well do you really know your vendors? Considering that the success of your business hinges on the success of theirs, most organizations could stand to know their suppliers a little… Read More

Managing Vendor File Costs

Not only can the master vendor file add tremendous value, it can be the source of tremendous difficulties and significant losses as well. A poorly maintained file—as many AP professionals have… Read More