Vendor Master File Analysis Isolates Duplicate Vendors and Fixes Bad Addresses
BerkOne announces Vendor Master File Analysis, a Software-as-a-Service solution to the perpetual problem of data quality in vendor master files. Vendor Master File Analysis (VMFA) systematically inspects all vendor records and identifies suspected duplicates. In addition, BerkOne reports each vendor’s most current and standardized address – for both physical and mailing addresses. The results enable accounting personnel to get their vendor master file back in shape.
The SaaS-based Vendor Master File Analysis (VMFA) starts with a client securely uploading a copy of their master file to the BerkOne VMFA portal. BerkOne uses proprietary algorithms to complete the analysis and emails summary results to the client. The full detail analysis package may then be purchased and securely downloaded. The client is now equipped to proceed with their analysis-enabled master file cleanup.
Accounts Payable departments in mid-size to large organizations may have thousands of suppliers in their value chains. Ideally, each supplier is represented by one unique record in the organization’s vendor master file. Unfortunately, due to poor controls and vendor name changes, duplicate supplier entries creep in. Massive duplication occurs when acquiring companies add the full list of an acquired company’s vendors in one fell swoop during M&A integration. Additionally, vendors move and change their mailing or physical addresses, sometimes without notifying their customers. The resulting address mess further complicates the task of keeping supplier data complete, correct and current.
These creeping and pernicious data quality problems cause many types of errors. If an incorrect vendor is selected because names are out of date, then payment goes in the wrong direction. If the payment is sent to the right vendor at the wrong address, delivery is delayed which may result in lost discounts and late payment penalties. Sometimes, criminals submit fraudulent invoices; if they are paid, that money is never recovered and becomes a write-off. BerkOne’s Vendor Master File Analysis helps prevent these losses by assisting clients with the ongoing task of keeping their master file accurate.
VMFA can also be used during mergers and acquisitions integration planning. The vendor master files of multiple companies can be analyzed as if they were already one company. The duplicate vendors and address problems can be eliminated up-front, so the combined entity starts business on day one with a clean vendor master file.
BerkOne, Inc. (BerkOne) provides intelligent information management through content services, process services and analytics services. BerkOne replaces client’s inefficient manual operations with streamlined digital automation using software, scanning, printing and smart design to create solutions that are accurate, adjustable and auditable. Comprehensive solutions may include scanning, content capture, OCR and barcode recognition, robotic process automation, remittance processing, print and mail, and physical records management integrated around client-oriented workflows. All systems are built to easily and securely connect between BerkOne and our clients’ systems of engagement or systems of record. Headquartered in Bethlehem, PA, BerkOne is SOC2 certified, HIPAA compliant and serves over 500 clients throughout North America.