January 2022: VMF Clean-Up and Maintenance

February 4, 2022

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Metric of the Month: Burnout

If the recent pandemic has left you feeling burned out, you’re not alone. A recent IOFM survey on staff engagement reveals that nearly 60% of AP managers are burned out — almost double that of their specialist counterparts. And those staffers with the most experience are the ones feeling it the most.

Source: IOFM 2022 Staff Engagement Survey 

 

Declutter Your VMF by Managing Inactive Vendors

IOFM benchmarking indicates that most organizations’ vendor master files are bloated with inactive vendors. This is more than a housekeeping problem: A cluttered VMF file can result in erroneous payments and create opportunity for fraud.

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5 Rules for Keeping Your VMF Tidy

Keeping the VMF up-to-date is important for many reasons: accurate payments, compliance, and discount capture, to name just a few. Where to start? Here are a few handy rules to help you consistently stay in control of your vendor master file.

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Best Practices for Banking Changes

Vendors do change banks from time to time — but how can you be sure these requests are not initiated by fraudsters? Debra Richardson, IOFM’s VMF advisor, shares best practices to follow when you’re asked to change supplier banking information.

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