Audio Conferences
Master Vendor File Best Practices: Eliminate Fraud and Reduce Erroneous Payments
April 11, 2006 at 02:00PM ET
Do you have a written policy regarding the handling of the file? Is access to the file limited? Do you run and review reports regularly regarding changes to the file? When was the last time that your master vendor file was purged? If your answers to these questions are mostly negative, you could face problems with duplicate payments, a Sarbanes-Oxley audit, and much more.
It’s not news that regular master vendor file maintenance makes good business sense, but integrating that knowledge into everyday practice is a whole other story. While most professionals are keenly aware of the benefits of a strong policy, it’s not unusual to find companies that have ignored the matter for years.
However, as companies face increasingly thin ratios, no one can afford the added expense of duplicate payments, OR ignore the fact that good master vendor file practices are a necessity. Don’t forget—cleaning up the master vendor file is not a one-time job but rather an ongoing process, and a MUST, not a maybe!
Join IOMA and our expert faculty for a practical look at this challenging issue. Invite your boss to join in and listen with you and your team and ensure your master vendor file practices are best in class!
Dial In & Learn:
Featured Faculty
Jon Casher, President, Recap Inc.
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