Vendor onboarding is a critical process at the early stages of a vendor relationship. Prior to onboarding
the vendor has spent time, in some cases much time, with others in the organization determining the
suitability of the vendor’s products or services. Onboarding is considered by the vendor, and often by
those in the organization who manage the vendor, as an administrative necessity to get the vendor in
the payables database to facilitate payment. In fact, IRS regulations and many U.S. states require that
U.S. organizations comply with these requirements to properly identify and document any payee prior
to issuing any reportable payment to determine what – if any withholding taxes are required to be
applied to any such payments.
This survey reveals best practices, processes and insights into how organizations handle new vendor
onboarding/registration and information reporting management and compliance.