There’s new research out there that should convince finance chiefs to check in with A/P and make sure it has all of its vendor info up to date.
According to new research, up to 7% of the most basic info on employers’ vendor master file could be inaccurate.
And there’s a good chance that inaccurate info can even include the vendor’s company name.
Reason: Up to 7% of vendors will change their company name on an annual basis.
Stick to strict deadlines
So what can your A/P staffers do to ensure the master file includes the most accurate and up-to-date vendor info?
For one thing, it can set a strict deadline for removing inactive vendors — and stick with it.
As easy as it is to let vendor entries stand a little after the deadline passes because it’ll save time if your company uses them again, the opposite is actually true.
Deleting an inactive vendor will actually save your A/P department time because it gives workers one fewer vendor entry to review. Plus, if you do add that vendor at a later date, you’ll be certain you have the most accurate and up-to-date info.