Vendor Naming Convention

When paying an invoice, it is generally considered a good practice to be sure to find and pay the correct vendor. You also want to be sure that you have the vendor’s correct name and tax ID number when 1099 reporting time rolls around, yet it won’t be easy to do so if you do not have a consistent vendor naming convention, a critical component of good vendor file management. Several factors affect how vendor names should be specified. Answers to the following questions effect whether to use or…