Information & Resources

AP professionals who wish to start the new year off right would be wise to perform a Vendor Master File (VMF) cleanup. VMF upkeep not only sets the stage for a smoothly functioning AP department, it promotes regulatory compliance and prevents fraud. With this in mind, one savvy AP professional who is making VMF cleanup...… Read More

At one time, purchasing and accounts payable used different systems, each with its own vendor master file. Purchasing’s vendor master was a tool for issuing POs, while AP’s vendor master was a tool for entering invoices and cutting checks. “Little attention was paid to data quality or standards,” recalls Jon Casher, President, Casher Associates, Inc.,...… Read More

Maintaining the Master Vendor File (MVF) is one of the most challenging tasks in Accounts Payable. Even if every vendor’s information has been set up with perfect accuracy and you are the AP's Most Valuable Player (MVP) when it comes to properly setting up vendor file, that information will likely change many times over the...… Read More

Vendor information is in constant flux. Contact names, phone numbers, addresses, terms, and even vendors’ names change frequently. Vendors buy each other, sell each other, spin off a subsidiary, merge, and "unmerge" all the time. Sometimes, changes are invisible to AP until purchasing shares the information or AP spots an invoice containing something that indicates...… Read More

Checklist For Data Entry Formats ❑  Avoid punctuation. ❑  Determine use of upper and lower case. ❑  Use dropdown boxes. ❑  Take a stance on initials. ❑  Drop all titles. ❑  Deal with “The” and “A.” ❑  Develop a policy for “And” and “&.” ❑  Use name of taxing authority. ❑  Be wary of governmental...… Read More

  Master File Tips for Other AP Professionals Sarah Jasiewicz, APS, Accounts Payable Senior External Support at Big Y, advises AP professionals to use these tips for more successful vendor file management: Never pay until all I's are dotted and T's crossed. "We also do not issue any payments to a company until all the...… Read More

As a company was going through a Sarbanes-Oxley-driven internal review, the question of vendor verification came up. The accounts payable (AP) manager noted that, like many AP departments, it requires a W-9 from a vendor in order to set them up. While requiring a W-9 for setup is certainly a tax-compliance best practice, the auditors...… Read More

This month's Question of the Month comes from Michelle Beall, Payables and Corporate Ops Manager of Nexion Health Management, Inc. She asks: "Does your organization conduct Office of Inspector General (OIG) checks?" "I am trying to determine when to use this, compared to IRS TIN verification," says Beall. "I am curious if other organizations use...… Read More

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 company’s vendor file do not conform to postal service addressing guidelines and the impact can be costly. When checks don’t arrive at their intended destination, vendors...… Read More

Reporting on additions and changes to the master vendor file is one of the best tools available to ensure that unauthorized persons are not tampering with the file and that the vendors being added or modified are legitimate. What Types of Reports Are AP Managers Generating? "At my organization, we run monthly vendor set-up/change audit...… Read More

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