Five Rules for Effective Vendor Master Management

An inaccurate, unclear, or disorganized vendor master file spells disaster for AP—and could result in costly penalties for your company. A poorly maintained master vendor file can lead to duplicate or erroneous payments, missed discounts, uncashed checks, unapplied credits, tax reporting errors, and fraud. Accurate, timely, and well-organized supplier database files are important to maintaining timely payments and good supplier relationships.  Here are five rules for ensuring payment accuracy…