As most AP professionals know, a poorly maintained master vendor file is a headache for the department, a risk for the corporation, and can lead to costly expenses and Sarbanes-Oxley compliance issues.

But, despite these factors, the task of adopting best practices in file management is often overlooked in a busy AP department.

Now, IOMA Research has created a new report, Master Vendor File Maintenance, Audit Control Best Practices, to help you recognize potential problems in your master vendor files, correct those problems, and implement policies and procedures that will keep files as clean as possible.

Based on interviews with AP professionals and audit/recovery specialists, this one-of-a-kind resource identifies:

1. The 8 most common problems that arise from master vendor file maintenance issues

2. Corrective actions to take when you identify inconsistencies in your vendor data

3. Additional recommendations for master vendor file management designed to produce the most accurate and consistent data

Step-by-step, you'll learn the best practices used by top AP professionals around the country to clean, correct, and maintain their master vendor files, such as:

• Restrict access to the master vendor file so that only one person (plus a back-up) can set up or change vendor records.
• Obtain a W-9 or equivalent form prior to vendor set-up and payment.
• Validate the TIN and vendor name using the free IRS TIN matching system.
• Validate the vendor's address and phone number prior to vendor set-up.
• Check vendors against the Federal Bureau of Industry and Security's lists of excluded persons and companies.
• Establish and enforce a policy for data entry formats.
• Remove employees from the master vendor file. Use an alternative system, such as a P-Card, T&E or payroll to make payments to them.
• Purge vendors that have had no activity for 15 months.
• Audit changes to the master vendor file
• Establish a written procedure manual to cover every aspect of master vendor file maintenance.
• And much more

And that's just the beginning. You also get interviews, case studies, and dozens of charts and tables for benchmarking your master vendor file management against other AP departments.

No-Risk Web Offer: You get IOMA's Ironclad 100% Money-Back Guarantee: if you're dissatisfied with your print report for any reason, return it within 30 days and you'll receive a full refund — with no questions asked. (Sorry, IOMA cannot grant refunds on electronic purchases.)

Preview this report's Table of Contents, Executive Summary, and Introduction and Overview.