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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 |
| ❏ | 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 |
| ❏ | Collect Required Documentation — collect any licenses, insurance, ACH forms, certifications and other documentation from vendors | Enforce policies, eliminate missing information |
| ❏ | Gather Supplier Contact Information and Their Roles — get to know your suppliers | Enhance relationship |
| ❏ | 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 |
| ❏ | 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 |
| ❏ | 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 |
| ❏ | 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 |
| ❏ | 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 |
| ❏ | 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 |
| ❏ | 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 |
| ❏ | 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 |