Often not given the attention it fully deserves, the master vendor file is a trove of information and controls for any organization that handles it correctly. The emergence of new frauds, the increased realization that internal controls really do matter and increased regulatory compliance requirements have all shined a light on less-than-stellar master vendor file practices. Now, with all the different types of vendor portals, this old workhorse is getting a lot of attention.
The passage of new 1099 reporting legislation several years ago revealed a weak link in some of our accounts payable functions. Many had poor master vendor file practices and even worse procedures for soliciting taxpayer identification numbers (TINs) for information reporting purposes. Within the last year or two, the need for additional data related to regulatory reporting has become apparent. This course was created to address the growing need for strong internal controls surrounding the master vendor file as well as the increased data requirements.
Publication Date: September 2022
Designed For
Accountants, controllers, accounting managers, auditors (internal and external), Treasurers, CFOs, CEOs, accounts payable professionals, payroll professionals and procure-to-pay professionals and travel managers.
Topics Covered
- Introductory remarks
- Data in the Master Vendor File
- Collecting TINS
- The New Frauds
- How Vendor File Can Help
Operational Issues
Learning Objectives
- Identify best practices for onboarding new vendors
- Recognize how to incorporate new up-front verifications into your existing practices
- Identify problems within their existing master vendor file practices
- Identify the repository of information for all vendors that the company does business with
- Identify what percent of companies compare addresses in the master vendor file against the HR file and have it reviewed by a senior level executive, based on the AP Now survey
- Identify how long a Form W-9 is good for, unless there is a change in circumstance
- Identify the most current version of Form W-9
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Accounting (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Mary Schaeffer
Mary Schaeffer, founder of AP Now, is a nationally recognized accounts payable and payments expert. She is the author of 20 business books, including 127 Best Practices for Accounts Payable, the host of the AP Now podcast and YouTube channel and recipient of the 2021 Accounts Payable Association’s Wellbeing for Others Award.
Before starting AP Now, a B2B media firm focused on sharing the latest business intelligence on the accounts payable and payment functions, she worked in the corporate trenches of several large finance and treasury departments. She was a Corporate Cash Manager at Continental Grain, a Financial Risk Manager at O&Y, and an Assistant Treasurer at Equitable Life (now part of AXA). She also held the position of Executive Editor for several business publications. Ms. Schaeffer has a BS in Mathematics from York College (CUNY) and an MBA in Finance from New York University.