New Vendor Onboarding Checklist
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Educate Vendors on Working with Your Company — start your relationship with your vendors on the right footing — set their expectations early on by educating them on your terms, processes and procedures |
Enhance relationship |
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Welcome Package — provide vendors with welcome package with instructions for invoice processing, completing vendor information form, W-8 or W-9 forms, payment terms, pricing and discounts, returns and account credits process |
Eliminate errors, missing information and exception items; adhere to policies |
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Collect Required Documentation — collect any licenses, insurance, ACH forms, certifications and other documentation from vendors |
Enforce policies, eliminate missing information |
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Gather Supplier Contact Information and Their Roles — get to know your suppliers |
Enhance relationship |
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New Vendor Information Form — have vendor complete vendor information form to collect pertinent information about vendor, such as name, address, phone number, email, EIN, bank details, demographic information, etc. |
Eliminate errors, missing information and exception items; adhere to policies |
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Tax Classification — determine whether new vendor is a self-proprietor, partnership, C corporation, S corporation, trust or estate |
Eliminate fines and penalties, reduce audit exposure and time in audit |
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Taxpayer Identification Number Validation — compare new vendor TIN and address provided on W-9 with IRS records to ensure accuracy when filing 1099s |
Eliminate fines and penalties, reduce audit exposure and time in audit |
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OFAC/SDN/Other Verifications — check government watch lists to ensure it is legal to do business with a new vendor |
Eliminate fines and penalties, reduce audit exposure and time in audit |
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Withholding and 1099/1042 Planning — determine whether backup withholding is required; determine if new vendor will require a 1099, 1042 and document |
Eliminate fines and penalties, reduce audit exposure and time in audit |
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Securely Store Vendor Information Forms, W-8s and W-9s and Other Documentation — ensure forms are available when you need to access them |
Protect from fraud and cyber risk |
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Maintain Notes on New Vendor Processing — keep notes on each vendor in case of an audit |
Eliminate fines and penalties, reduce audit exposure and time in audit |
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Train Suppliers on Invoice Inquiries and Other Communication Protocols — let vendors know upfront how to communicate with your organization if they have questions about invoice receipt and payment |
Enhance Relationship |
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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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