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Vendor Master files contain a considerable amount of information about a company’s suppliers. Over time, as new vendor records are added to the file and existing information is changed, errors will occur. These errors are magnified when acquisitions, mergers, or ERP system conversions or updates occur.
Inaccurate Information Contained In A Vendor Master File Poses A Significant Financial Risk To Your Organization
Cleansing of the Vendor Master file will reduce the risks including: overpayments, duplicate payments, prevention of some types of fraud, reduce the potential for missed discounts and allowances, and eliminate potential regulatory non-compliance. Vendor Master cleansing and maintenance will also increase productivity in purchasing and accounts payable as well as providing more transparency into vendor activity – leading to better analytics.
Common Errors In Vendor Master File
Some common errors in a vendor master file include:
- Missing, invalid, and/or incomplete information such as addresses or TINs (Tax Identification Number)
- Inaccurate USPS addresses, street names, abbreviations
- Multiple records for the same vendor
- Inactive vendors
Vendor Master Cleanse Services
Vendor Master Cleanse projects can include some, or all, of the following services:
Identification of Duplicate Records
Vendor Name
Vendor Number
Address
Zip Code
TIN (Tax Identification Number)
TIN (Tax Identification Number) Matching with the IRS
OFAC (Office of Foreign Control) Check
Address Hygiene
Vendor Master Data Management Software
Learn how VendorVALIDATE can keep your vendor master list optimized after the initial cleanse.