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
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
Hackers continue a relentless barrage Last December, the U.S. government announced a major cyber breach by Russian hackers. Before we had understood fully the impact of that attack on 18,000 organizations and government agencies, we learned “holes” in Microsoft’s email software led to another compromise of 30,000 U.S. organizations. That attack was by Hafnium, a … Cyber Risk Statistics and the Need to Secure Sensitive Information
We may not be out of the pandemic woods, but the way forward is clear. In the upheavals of the Coronavirus, financial officers regret not having invested more in automation, AI and robotics a few years ago, according to a survey by AppZen. Within weeks of shelter-in-place orders last year, experts forecast that automation would … Pandemic Lesson: Financial Chiefs Say Automate
If this were Jeopardy, the category would be “Initial New Vendor Engagement,” and the $100 category clue would be “53 percent of organizations send new vendors this.” Are you ready to buzz in on that one? Correct response: “What is a W-9 form?” Good! You’re on the board. For the $200, answer: “Just 22 percent … Reaching Out – How Companies Engage New Vendors
Are you crafty? Handy? Do it yourself? Many of us like doing things by hand — some things, anyway. But let’s face it, there are other things we’d rather not have to do manually. How about in our P2P lives? More specifically, how are organizations accomplishing vendor onboarding these days? Have companies automated, or is … New Vendor Onboarding: Hands On or Hands Off?
There are risks inherent in bringing in new vendors to your organization that must not be overlooked. There is a continuum of risk according to types and consequence of products or services. But even office supply vendors should be validated, as victims of printer-toner scams can attest. Supply chain and corporate procurement researcher Jonathan Webb, … Reducing Vendor Risk in Onboarding
It’s the end of October and there are just two months left in the year. In terms of calendar-related responsibilities, your unclaimed property reporting and escheatment should be done. Now you’re looking towards year-end, and right around that corner, 1099 reporting (with its January 31st deadline). That means it’s time to check on the state … You Can’t Always Get What You Want – Or Can You?
Vendors. You need them. More accurately, you need what they provide, be it product or service. And therefore you interact with them as the providers of the things you need to do what you do. They are anxious to interact with you — to provide services or products — in order to generate revenue. The … When Should Vendor Onboarding Begin?
New vendor onboarding and vendor record upkeep are insignificant administrative tasks, right? Tell that to the CPO or department head when you hold up a vendor payment because you don’t have a tax ID. Or to your finance VP or CFO when you just found out you paid money to a phony vendor. Tell it … The “Insignificance” of Vendor Onboarding
A new survey conducted jointly by InvoiceInfo and IRSCompliance reveals what companies are doing in their vendor onboarding process and how they’re doing it. The good news is that a majority is doing at least some of the right things. Fewer, however, are doing those things right, or at least in the most efficient and … The “What” and “How” of Vendor Onboarding (And How You Can Improve It)