For AP professionals, year-end is a race against the clock. This guide will help you to get prepared, so that when December rolls around you’ll be the AP hero and ready to head into the holiday season prepared for festivities instead of frustrations.
When’s the last time you updated your master vendor file? Has it been a while? Is it missing data or riddled with duplicate entries? Then you aren’t alone, because this task often falls on the back burner for a lot of AP teams. However, if your organization uses outside vendors, or independent contractors, then you need to make sure that accurate records are kept and updated regularly. Vendor information is in constant flux, because contact names, phone numbers, addresses, and terms change frequently.
For AP professionals, vendor management can be one of the toughest challenges to grapple with in a manual, paper-based environment. By updating the master vendor file on an ongoing basis, however, you can avoid the problems that arise with incorrect entries, such as duplicated payments, fraud activity, and noncompliance with federal laws like the Sarbanes-Oxley Act.