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 … Secure Vendor Onboarding
Validating bank account ownership is a critical part of the vendor onboarding process. After all, every organization wants to be sure that it is paying the right supplier or individual. But most organizations still rely on manual processes for authenticating bank account ownership. Many organizations collect bank account details from suppliers through unsecure emails. Some … Automated Bank Account Verification
The Criticality of Vendor Bank Account Verification In accounts payable, guarding against fraud is like visiting a big city. Scammers are looking for you. New York City is one of the greatest and safest cities in the world. But take a tip from the natives, the guidebooks and even the Metropolitan Museum of Art (see … Whom Are You Paying?
Appearances and Vendor Payments One of the most iconic scenes in a Hollywood heist movie comes near the end of Ocean’s Eleven. The “team” minus Danny Ocean lean against the balustrade in front of the Bellagio on the Las Vegas strip, quietly gazing at the fountains as Debussy’s beautiful Claire de Lune plays. Then one … Falling for the Illusion of Cybercriminals Will Cost You
ACH has steadily grown, while check payments are declining. Seventy-eight percent of organizations use ACH for some vendor payments. And while 82 percent of organizations still make some payments by check, according to a survey by the Association for Financial Professionals (AFP), the volume of checks by businesses has been steadily declining. According to the Federal … ACH Rising: What It Means for Vendor Information Management
With the pandemic-driven shift to remote work, many organizations moved more check payments to electronic formats, primarily ACH. That has necessitated vendors providing organizations with bank account information. Criminals, of course, go where the money is. And in the hasty shift to more electronic payments and, therefore, more vendors sharing bank account information, many organizations … Two Controls to Protect Vendor Bank Account Information
Do you have controls on managing vendor information and the vendor master file? Do you follow them? Experienced managers will say, “Duh.” However, others can use a reminder, so here it is. “With commerce comes fraud,” says Nathan Blecharczyk, co-founder of Airbnb. The Association of Certified Fraud Examiners (ACFE), in its 2020 Report to the … Why Vendor Controls and Confirmations Are Critical
Several important factors are involved in vendor onboarding, but these can make an inefficient process. Onboarding begins, naturally, with the collection of the requisite information. How an organization collects vendor data touches on accuracy versus error, completeness, privacy and security. An organization must validate vendor data to meet compliance requirements and ensure accuracy of the … How to Gain Efficiency in Vendor Onboarding
Vendor Information To do business with a vendor, you must have information. Vendor onboarding is the time to gather and validate the particular information you need. All organizations require the same basic information. Likewise, everyone must do certain validations. But some information requirements and validations depend on your organization type and perhaps even on your … The Necessary
Have you ever received an invoice from a vendor you’ve never heard of? Of course. You check the master file, but it’s not there. And it’s due in 30 days. Just kidding—it’s due by the end of the week. Last week. If you’re lucky, the buyer’s name is noted on the invoice. Or maybe the … Help! The Vendor Onboarding Challenge
