What Every Accountant Needs to Know About Master Vendor Files? Long neglected, the master vendor file is now the star of the show in corporate accounts payable practices. The emergence of new fraud controls, an increased attention to the importance of internal controls, new types of vendor portals, and heightened regulatory compliance requirements have all put master vendor file practices in the spotlight.
Many companies are discovering they have weak master vendor file practices and even worse procedures for soliciting taxpayer identification numbers (TINs) for information reporting purposes. There is also a bit of confusion surrounding the new vendor portals in the marketplace.
If you answered YES to one or more of the above questions, you need to tighten up your policies. These are not the only potential problems, but the most common ones.
This session by expert speaker Mary Schaeffer will address the growing need for stronger internal controls surrounding the master vendor file as well as increased data requirements. Mary will discuss recent events that have revealed weak links in many companies' accounts payable practices, as well as procedures for verifying change requests that need to be updated.
Mary S. Schaeffer is the author of 18 business books, a monthly newsletter, and a free bi-weekly e-zine, as well as several CPE courses for CPAs. She runs AP Now, a boutique publishing and consulting firm focused on accounts payable issues. She also serves as the Education Director for the Institute of Financial Operations.
Before turning to write and consulting, she worked in the corporate world as an Assistant Treasurer for the Equitable Life Assurance Society, a Financial Risk Manager for O&Y and a Corporate Cash Manager for Continental Grain. A frequent and popular speaker at both live and online events, she has an MBA in Finance and a BS in Mathematics.