5 Ways Your Vendor Master is Costing You Money - Mistakes & Fraud Edition

Posted by Angela Sarno on Oct 6, 2020 10:02:00 AM

Mistakes are going to happen in any business, at least any business that involves humans. There really isn’t any way around that. 

While it would be wonderful to eliminate the scourge of mistakes completely, that just isn't realistic. The goal, instead, should be to minimize exposure to risks while decreasing the high costs that come with onboarding and maintaining your vendor master. And make no mistake, the costs are indeed high. Benchmarking among our customer base indicates it costs $100-200 to onboard and maintain each of your vendors, each and every year you keep them on your vendor master!  

We have five ways your vendor master is costing you money, along with some practical advice on how to keep those costs down.

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Topics: payments fraud, AP, procurement, ACH, vendor master

Five Ways Your Vendor Master is Costing You Money- Compliance Edition

Posted by Angela Sarno on Sep 29, 2020 10:15:00 AM

Compliance is not anyone’s favorite word. The angst and tension many procurement and AP staff work with on the daily is only exacerbated by the worry of accidentally violating terms of compliance.  There are the considerations of the external world, such as the OFAC and debarment lists that haunt payments professionals (hello giant federal fine!), but there is also the world of internal compliance- much of it shifting with stunning regularity.  

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Topics: compliance, AP, insurance, vendor master

 

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The Business Identity Platform that automates complex payee management processes to:

  • Eliminate the risk of business payments fraud  
  • Reduce cost
  • Ensure compliance

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