2020 Challenges of Vendor Onboarding & Registration Survey
Introduction
Buying goods and services seems easy. But onboarding and registering vendors is not so easy for most organizations, especially those that try to manually complete the process. The drives for increased efficiencies, information security concerns, fraud and ever-increasing penalties are raising the stakes for organizations to get onboarding “right.” Collecting documents and data from vendors, verifying key details, vetting vendors and entering data into purchasing and accounting systems doesn’t have to be so hard.
Uncovering the challenges that organizations face when onboarding and registering vendors was the focus of this survey.
What you will learn:
- The top challenges organizations face when onboarding and registering vendors
- How organizations currently manage their onboarding and registration process
- Which departments are responsible for the vendor onboarding and registration process
- Why organizations want to improve their vendor onboarding and registration process and what they plan to do
- The benefits organizations have achieved by automating the vendor onboarding process
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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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