Even though the IRS has revised the W-9 form again (the latest version dated October 2018), Accounts Payable (AP) professionals know that the form needs to be collected in order to add a new vendor or in some scenarios, to update existing vendors. And, according to a recent survey by an AP Solutions company, more than two thirds of AP professionals are validating the Legal Name and Tax ID on the W-9 by performing an IRS TIN Match.
What’s more, vendors know the IRS Form W-9 is a requirement. They will provide and even prepare in advance anticipating the ask.
So why would your company want to take advantage of the IRS acceptance to develop and use your own Substitute Form W-9? Listen to find out.
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.
Subscribe today to be entered in the subscriber-only monthly drawing to win a free Putting the AP in hAPpy Coffee Mug.
Links mentioned in the podcast:
Blog Post & Podcast Episode 39: “4 Steps to Protect Your Vendor's Banking from Being Changed by a Cybercriminal: Includes a Critical Step Most Companies Leave Out”
BEC Scam Article: https://www.bbc.com/news/technology-48908736
Deepfake of FB Mark Zuckerberg: https://www.vice.com/en_us/article/ywyxex/deepfake-of-mark-zuckerberg-facebook-fake-video-policy
More ideas? Email me at email@example.com
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.