Vendor Master File

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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.

Q. We have a case where we were asked to create the vendor under the disregarded entity name.… Read More
Q. What is best practice when verifying or authenticating a vendor’s banking details? Is the… Read More
Q. In regard to a B notice and name controls; does the FIRE system include LLC in the name… Read More
Q. One of our vendors changed their name and TIN and requested the change from the IRS. We ran a… Read More
Q. I have been asked by my procurement team if a supplier (parent company) with one tax ID number,… Read More
Q. We recently acquired a new company and need to send out letters informing the Vendors of the… Read More
Recently, an IOFM member inquired about AP’s responsibility to secure vendors’ account information in electronic files. Specifically, she asked:Do we need to redact bank account information on a… Read More
Q. One of our vendors sent a letter stating that their company merged into another entity. We also… Read More
Q. In your experience, what is the standard timing to OFAC screen a vendor once they have been set… Read More
Q. Email encryption may not always be the answer for sending and receiving vendor forms, because… Read More

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