Reviewing your vendor master file periodically prevents fraud and improves AP process efficiency.
Maddeningly though, it’s difficult to identify duplicate vendors and vendors with bad addresses. Fortunately, BerkOne’s Vendor Master File Analysis service completes the analysis for you. Additionally, the easy to use reporting provides recommendations for master file maintenance actions.
To get started, use these five simple steps to quickly tune up your vendor master file.
The Full Detail Analysis Package provides results for the vendor file(s) you submitted:
- Suspected Vendor Matches
- Vendors with No Suspected Matches
- Physical Address Change Recommendations
- Mailing Address Change Recommendations
- Address Change Summary
After you perform the necessary file maintenance based on the Vendor Master File Analysis reports, you will achieve these process and financial benefits:
Pay the Right Vendor
- By removing improper duplicates and updating vendor addresses, your AP Department sends each payment to the correct vendor at the right address.
- Furthermore, with consistently correct payments to the appropriate vendors, you’ll never have to pull back an incorrect payment from the wrong vendor. Likewise, you will not need to reissue payment to the proper vendor.
- With improved payment quality, your prompt pay discounts increase.
- Additionally, the bank processing fees and the associated hassles caused by incorrect payments just disappear.
- Periodic cleansing and updating your master vendor file makes your Accounts Payable operations more efficient.
- With a clean, de-duplicated list of vendors, both your AP staff and your automated financial processes can isolate the correct vendor without question.
- By clearing up duplicate vendor confusion, not only are payments made to the right vendors, but you reduce AP exception handling and shorten cycle time.
- Imagine losing 5% of your annual revenue to fraud. While you cry “No way!”, the Association of Certified Fraud Examiners (ACFE) believes the average company experiences that level of loss from all fraud types.
- The AICPA recommends that your company perform a master vendor file analysis at least annually – or quarterly for more control.
- This will eliminate common master vendor file problems that lead to fraud.
Next Step to Achieve Benefits
To get these benefits flowing in your company, just fill out the short contact form on this page or email Sales@BerkOne.com. A BerkOne specialist will email you details about our easy and inexpensive Vendor Master File Analysis (VMFA). Also, we encourage you to read our VMFA Frequently Asked Questions for more information.