2017 Vendor Onboarding Management & Compliance Survey
Introduction
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.
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Need Help? We’ve got you covered
Explore answers to common queries and get the information you need from the experts at Financial Operations Networks.
Financial Operations Networks (FON) is a financial operations company whose products help accounts payable teams prevent payment fraud: VendorInfo, a vendor portal; InvoiceInfo, a supplier portal; DisbursementControls.com, a membership resource for disbursement controls; and VIMCOE, which provides accounts payable certification. FON is a Nacha Preferred Partner.
FON strengthens front-line control points across vendor onboarding, supplier maintenance, and payments — verifying vendor information, validating bank account ownership, running compliance checks, and reducing exposure to business email compromise (BEC) before payments are made.
VendorInfo is a vendor portal for onboarding: it verifies tax IDs, screens OFAC and validates bank account ownership before a vendor is paid. InvoiceInfo is a supplier portal for after the invoice: suppliers look up invoice status, payment dates and remittance advice themselves instead of emailing AP. Both sit on top of the same ERP and are often used together.
Yes. FON offers specialized programs including the AP Payment Fraud Prevention Certification and the Accredited Vendor Information Professional (AVIP) Certification to help finance professionals strengthen expertise and advance their careers.
Request a demo and our team will walk you through how FON can strengthen your controls, reduce fraud exposure, and improve AP efficiency based on your organization’s goals.
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