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.

State Business Entity Databases

Each state's Secretary of State department maintains a database of public businesses that have acquired a business license within the state. Any entity seeking to verify a business can use the state

Always Get a W-9 Form or Equivalent Before Paying a New Vendor

Vendor Threatens Lawsuit - Penny L. Kenealy, accounts payable manager at Colorado Mountain College, recounts an incident that underscores the necessity for the proper vetting of vendors. "An irate… Read More

Purging and Maintaining the Master Vendor File

When the vendor master file is not properly purged and maintained, accounts payable departments can experience vendor data-entry errors such as incorrect billing addresses, according to Iquo