The use of a vendor welcome letter is a best practice in AP for several reasons. First of all, it gets the relationship between AP and the new vendor off on the right foot. That’s because it lays out exactly what is expected of the vendor, which helps eliminate confusion or problems down the road. It also helps keep your master vendor file clean, because it asks for certain information that you need, such as the vendor’s Taxpayer Identification Number for 1099 reporting purposes. This eliminates fines and penalties for incorrect 1099 reporting.
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