In some ERPs like PeopleSoft and SAP, vendor addresses can be validated real-time, geocodes and tax code identifiers can be added to the vendor record. If you don’t use a system that has that capability, or even if you do, it does not standardize the address. This can result in a vendor master file where the addresses are based on which team member entered them such as “P.O. Box” vs “PO Box” or the non-standardized “Suite 500” being on the second address line vs “STE 500” on the first line with the street address. Errors in addresses can lead to delayed receipt of check payments, or the return of checks which can lead to uncashed checks and the task of unclaimed property. It can also lead to the return of 1099/1042 forms.
Time to Scrub the Addresses in the Vendor Master File!
Check out my website www.debrarrichardson.com if you need help cleaning your vendor master file or implementing authentication, internal controls and best practices to it from fraud.
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Links mentioned in the podcast:
· TINCheck – http://www.tincheck.com
· Melissa Data – http://www.melissa.com
· Giact Systems - http://www.giact.com/
· SmartyStreets - https://smartystreets.com/
· More ideas? Email me at email@example.com
#stayhappy #accountspayable #vendormasterfile #addressscrub
Music Credit: www.purple-planet.com
Debra R. Richardson,
MBA, APM, APPM, CPRS
Debra is an accounts payable speaker, consultant, and trainer with over 20 years of experience in AP, AR, general ledger, and financial reporting for Fortune 500 companies including Verizon, General Motors and Aramark.
For the past eight years, Debra has focused on Global Vendor Maintenance, and implemented a vendor self-registration portal for 140k+ global vendors across five Accounting Systems/ERPs. In her consultancy, she focuses on internal controls and authentication to prevent fraud in the vendor master file.