A recent study by The Accounts Payable Network found that 25% of companies fail to clean their master vendor tables. This leaves the company open to fraud, duplicate payments, complying with laws and regulations, and trading partner friction. The work is not glamorous, but avoiding embarrassment is priceless. We recommend companies implement a Vendor Master File Management Program that allows the company to clean/purge/block/flag suspicious records and remove the opportunity to become a victim of fraud.
The full article is available on The Accounts Payable Network.