Vendor Master File

Maintaining a vendor master file can be a complicated process for many teams. IOFM offer content to help you learn best practices to standardize vendor team activities to avoid payment fraud, compliance fines, and bad vendor data.

IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

Validating vendor payment information

Q. What is best practice when verifying or authenticating a vendor’s banking details? Is the… Read More

FIRE System Name Control

Q. In regard to a B notice and name controls; does the FIRE system include LLC in the name… Read More

Vendor name and TIN change

Q. One of our vendors changed their name and TIN and requested the change from the IRS. We ran a… Read More

Multiple business names with the same tax ID

Q. I have been asked by my procurement team if a supplier (parent company) with one tax ID number,… Read More

Informing vendors of an acquisition

Q. We recently acquired a new company and need to send out letters informing the Vendors of the… Read More

New Nacha Rule: Stored Vendor Banking Information Must Be Unreadable

Recently, an IOFM member inquired about AP’s responsibility to secure vendors’ account information in electronic files. Specifically, she asked:Do we need to redact bank account information on a… Read More