Vendor issues in an effective accounts payable function are often ignored. This is unfortunate because poor controls around the master vendor file, the way data is entered and the lack of rigid internal controls all play a key role in preventing fraud and duplicate payments. And, it's not as easy as you might think. There are numerous details, which if ignored, can cause problems whose impact is felt directly in the bottom line. Industry expert Mary Schaeffer delves into this material revealing where the problems are and what every organization should be doing to minimize, if not eliminate, the impact of these issues.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Pinpoint problems that are likely to occur when vendor issues are not addressed in accounts payable
Integrate the impact of current event changes into the ongoing accounts payable practices
Identify issues related to proper and improper segregation of duties as they relate to the master vendor file
Integrate the issues of ownership of the master vendor file into the decision on where responsibility for it should lie
Delineate issues related to proper and improper segregation of duties as they relate to the master vendor file
Understand the necessity of regularly cleansing the master vendor file
Integrate use of TIN Matching program into the vendor set-up routines
Understand the problems that can arise if games are played with TIN Matching and how to avoid them
Avoid problems created when vendor contact information is not collected and/or updated
Integrate controls into accounts payable process to prevent phony e-mails from causing payment fraud
Identify problems created when vendor credits are not identified and recovered on a regular basis
Develop practices to include open credit recovery in the regular accounts payable process
Pinpoint problems that may occur if new vendors are not verified before being set up in the master vendor file
Create procedures to collect data needed to evaluate critical vendors
Identify ways to improve vendor relations
Understand the true motivation behind vendor calls for payment information and integrate that into your responses
Implement best practices that will help weed out fraudulent invoices
Identify master vendor file issues related to one-time vendors
Major Topics
Current Events Impact
The Master Vendor File
Data in the Master Vendor File
Data Entry in the Master Vendor File
Vendor Taxpayer Identification Number (TIN) Issues
Vendor Contact Information
Handling New Vendors
Vendor Fraud
Vendor Relations
