Managing Vendor File Costs

Not only can the master vendor file add tremendous value, it can be the source of tremendous difficulties and significant losses as well. A poorly maintained file—as many AP professionals have learned—is a headache for the department and the corporation. In order to properly collect, maintain, revise, and cleanse data in the master vendor file, a substantial investment in time and resources is required. Here are some tips to help control the cost and effort of managing your VMF. Involve…