There’s a lot at stake when it comes to vendor onboarding.
One slip-up can result in major fraud and compliance issues or strained vendor relationships.
But many organizations are putting themselves and their vendor relationships at risk by relying on manual processes for onboarding suppliers. Finance and procurement teams waste lots of time gathering documents, pushing around paper and emails, rekeying data, chasing down missing and incorrect details, fixing errors and responding to vendor inquiries about where things stand.
Self-Service Onboarding
VendorInfo accelerates supplier onboarding and reduces the risk of payment fraud and compliance issues with a self-service portal that automatically collects, validates and manages supplier details.
Detailed metrics and approval workflow reporting help staff stay on top of vendor onboarding.
Vendors like the convenience of electronically submitting their onboarding documents and information in a single location and having real-time visibility into the onboarding process.
Onboarding Compliance
VendorInfo helps organizations mitigate the risk of compliance issues.
- W-9 and W-8 tax form processing
- Tax identification number (TIN) matching
- Automated bank account validation
- Vendor verification against OFAC/SDN and 30+federal compliance lists
Taxpayer Identification Number (TIN) Matching | Internal Revenue Service (irs.gov)
How to Automate Vendor Onboarding
It’s easy for organizations of all sizes and across all industries to get started with VendorInfo – from universities and government agencies to high-velocity businesses and Fortune 100 companies.
VendorInfo is easily configured to an organization’s business needs. New vendor registration forms are effortlessly set up. Many organizations are up and running with VendorInfo in as little as two weeks, with minimal IT involvement and no disruption to their existing business processes.
Organizations also can easily add vendor onboarding capabilities as their needs change.
And VendorInfo’s SaaS-based delivery model means there are no pricey software licenses or servers to buy, and organizations will never pay for vendor onboarding features that they don’t use.
Simple to Launch. Simple to Use. Economical to Use.
VendorInfo is easy to implement and use by companies of all sizes – from universities and government agencies to Fortune 100 companies. No matter your industry or size, you can configure these self-service modules to fit your company’s specific needs and budget.
They are standalone, SaaS-based applications—so there’s no software or servers to buy. Your solution can be up and running in as little as two weeks with little or no IT resources required—all of which keeps acquisition, launch and maintenance costs low.Best of all, because VendorInfo is simple to use, adoption by suppliers is extremely high—which means your savings start almost immediately.
Choose only the onboarding and compliance features that fit your needs
- New vendor registration forms
- Provide documents to your vendors
- Bank account verification
- W-9 and W-8 processing and optional retention of documents in a searchable database
- TIN matching to name, address and tax identification number in the IRS database
- Vendor verification against multiple compliance lists such as OFAC/SDN
- Easy vendor communication and collaboration
- Detailed metrics and approval workflow reporting
- Easily add additional capabilities as your needs change
Simplify and Streamline Vendor Onboarding
According to Price Waterhouse Coopers, the average organization spends about $20 in labor to file each paper document, approximately $120 in labor searching for each misfiled document and $220 in re-creation of a document. Wouldn’t it be great to have all your W-9’s, W-8’s and other registration documents completed online and instantly filed online for easy access when needed? With Vendor Self-Service Onboarding Module, VendorInfo, you can onboard your new vendors in one convenient location and eliminate paperwork and hassles.
Verify the Accuracy of Vendor Information and Stay in Compliance
Government regulators are increasing the complexity of regulations and penalties associated with vendor-related non-compliance. Penalties for incorrect 1099’s have more than doubled in recent years. Over the last several years, OFAC has levied more than $1 billion in fines against American companies or subsidiaries that did business with restricted businesses, organizations and individuals on its SDN list. In addition to fining these companies, the Treasury Department posts the names of infringing organizations along with fines paid. VendorInfo Onboarding Module verifies the accuracy of vendor information and helps protect your organization by avoiding embarrassing penalties and fines.
Reduce Exposure to Fraud and Security Risk
VendorInfo protects sensitive information by capturing W-9, banking and other vendor information via a secure portal. W-9s may contain sensitive personal data, including social security numbers. VendorInfo eliminates the exposure of your vendor’s sensitive information to email risk from fraudsters who are becoming more and more sophisticated and creative at stealing identities and information and profiting from them.
Replace Outdated Procedures
New vendor self-service capabilities replace older legacy procedures to provide more power for meeting process improvement targets and risk initiatives. Areas covered include eliminating unsecure procedures around emails, vendor registrations, onboarding workflow, maintaining AP operational analytics, W-9 and W-8 registrations, eliminating paper and pdf’s, automating TIN matching, compliance certifications, OFAC, vendor statement reconciliation and duplicate detection.
Securely Collect IRS Forms W-9 or W-8
With VendorInfo, you can direct your vendors to a dedicated, secure website where your vendors complete and sign W-9 or W-8 forms online. These forms are stored in an easy-to-access online folder and can be exported directly into your ERP system. You eliminate paper and improve retention processes.
Simplify New Vendor Approvals
Onboarding vendors gets more complex every day. All agree that new vendor set up is a critical time to validate vendor information in order to prevent fraud, ensure vendor master file accuracy and meet compliance obligations. With VendorInfo, onboarding and registering new vendors is comprehensive and easier than ever!
Reduce Manual Procedures
Forms are automatically compliance validated and vendor approval workflows are completed online without having to email forms back and forth, taking time and putting sensitive information at risk. Once validated, multiple levels of approval are performed online, eliminating manual processes and streamlining the approval process.
Eliminate Data Entry into Your Vendor Master File
With VendorInfo, you will no longer have to spend time entering new vendor information into your vendor master file. Once onboarding forms have been completed and approved by your team, the data can automatically be output and sent to your vendor master file, saving time and reducing errors.