{"id":2027,"date":"2015-01-27T16:50:24","date_gmt":"2015-01-27T16:50:24","guid":{"rendered":"https:\/\/www.peeriosity.com\/shared-services\/articles\/?p=2027"},"modified":"2022-08-11T13:49:32","modified_gmt":"2022-08-11T13:49:32","slug":"streamlining-the-administration-of-the-vendor-master-file","status":"publish","type":"post","link":"https:\/\/www.peeriosity.com\/shared-services\/articles\/2015\/01\/streamlining-the-administration-of-the-vendor-master-file\/","title":{"rendered":"Streamlining the Administration of the Vendor Master File"},"content":{"rendered":"

In the Accounts Payable process, for many companies, the greatest effort (and cost) is directly tied to headcount that is focused on resolving discrepancies or fixing errors<\/a>.\u00a0 Transactions that are \u201cerror-free\u201d either require no manual intervention or are quick and easy (and low cost).\u00a0 While errors can occur in the ordering process, by the supplier, or in the receiving process, far too often vendor file problems are the culprit.\u00a0 Given that the vendor setup process is most often managed directly in Accounts Payable, with a little attention, most vendor master file problems can be avoided.<\/span><\/p>\n

A recent PeercastTM<\/sup> in the Accounts Payable (P2P) research area<\/a> featured a large global company with a regional center processing Accounts Payable transactions for the U.S., Canada, and Mexico.\u00a0 Because the company does business in over 25 countries, the vendor setup process follows a standard process globally, with entries performed by one of 3 regional Shared Service centers.\u00a0 For the featured company, keeping a clean vendor master file is important to ensuring quality processing, given annual volumes that include 1,300 vendor adds, 5,000 updates, and 4,300 vendors who are active.<\/span><\/p>\n

During the discussion, our feature company described their rigorous process for making additions or changes to the vendor file, including:<\/span><\/p>\n