Consider tidying up your vendor master file while it’s still early in the year. This can reduce the chance of paying an incorrect vendor or making a duplicate payment later on. And having a set schedule and well-defined process for VMF housekeeping ensures that you’re able to stay on top of this critically important task.
This month’s question:
If you could tell your old self anything about vendor master file maintenance — something you wish you knew when you were just starting out in AP — what would it be?
Plan Your Cleanup, Step by Step
Need some help figuring out how to tackle your VMF tidying process? Download IOFM’s project planner for a list of steps that will walk you through from beginning to end, including analysis, duplicate ID removal and creating documentation.
VMF Policy and Best Practices
What are best practices for writing a VMF policy document? IOFM provides a list of resources that will help prevent you from “reinventing the wheel” when it comes to planning and implementing a solid process to keep your vendor file streamlined.
Fraud and the Vendor Master File
A lot of payment fraud begins with a compromised vendor master file. IOFM’s VMF expert, Debra R. Richardson, discusses threats to the VMF, evolving trends, and how to protect yourself from inadvertently making fraudulent payments.
FREE WEBINAR: Best Practices to Standardize Your Vendor Master File to Prevent Fraud, Fines, and Bad Vendor Data
Maintaining a vendor master file can be a complicated process for many teams. Join IOFM and Debra Richardson for this free webinar where you’ll learn best practices to standardize vendor team activities to avoid payment fraud, compliance fines, and bad vendor data.