In her recent article on master vendor files, reporter Alyssa Evans of CFO Daily News says accurate vendor data is fundamental to compliance, monetary savings, payment accuracy and business relationships. But unfortunately managing vendor data is a task that often falls by the wayside, she says. One proof point:

“Two in three companies admit they don’t have a regular process for cleaning master vendor data, according to research from apexanalytix.”

Evans outlines a three-step plan to help accounts payable teams focus on cleaning their vendor files. She recommends routinely purging inactive vendors, filling in data gaps for those that remain and verifying tax identification numbers.

For more tips, read the article here.