2019 Vendor Onboarding Management & Compliance Survey
Introduction
Vendor onboarding is a process that involves obtaining, verifying and recording information about the vendor to enable not only vendor transactions, but also organizational compliance with various tax and regulatory requirements. An organization’s accounts payable department needs to know more than where to send the payment.
Vendor onboarding is not especially difficult, though understanding and addressing the details involved in compliance can be challenging. Failure to adequately onboard vendors can lead to a variety of costly problems. Necessary internal controls protect against vendor fraud, payment fraud and employee fraud. Acquisition of all requisite information ensures compliance with federal and state tax and other authorities.
Financial Operations Networks conducted a survey to provide a picture of survey respondent organizations’ current vendor onboarding and compliance practices. Download this survey to learn:
- Which department is most often responsible for managing vendor onboarding along with managing the vendor master file.
- If vendor onboarding is still largely a manual process or automated
- How long it takes to onboard a new vendor or update a vendor profile
- How many approval levels are required
- Which department is responsible for vendor validation
- The percentage of respondents that verify new vendors through IRS TIN Match Program and OFAC and other sanctions lists
Related Articles
Explore more insights, strategies, and perspectives related to this topic.
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.
Our team is happy to help. Reach out and we’ll get back to you quickly.
Talk to our teamBrowse every FAQ