The Vendor Master Record is critical to the execution of Purchase Orders and related Accounts Payable processes. It holds the contractual terms of whom to pay, where to send payment, how to pay and when to pay.  It can also be leveraged to optimize Accounts Payable Automation.  However, to ensure efficiency, each Vendor Record needs to be complete and accurate.

This course covers the forms to be obtained from each potential Vendor before setting up a record in the system and will highlight the  specific data that should, or could, be included in the Vendor Record along with the related benefits of that data.  Additionally, we discuss the pros and cons of involving people from multiple departments in the management and approval of the Vendor Master, how changes to a Vendor’s name or tax status should be addressed, whether a secondary audit of adds and edits should be performed, and the benefits of inactivating Vendor Records.

The Vendor Master is the key to the efficiency of several different Procure to Pay tasks.  It deserves dedicated resources.