Best Practices to Standardize Your Vendor Master File to Prevent Fraud, Fines, and Bad Vendor Data

Maintaining a vendor master file can be a complicated process for many teams. Within this webinar, you’ll learn best practices to standardize vendor team activities to avoid payment fraud, compliance fines, and bad vendor data.

We’ll review the standardized vendor setup forms to gather required vendor data for valid vendor adds and changes. You’ll learn the standardized communication scripts and emails to send to vendors to request information, notify them of requests processed, and confirm remittance changes. We’ll also review typical help desk responses to ensure answers to frequently asked questions are uniform, accurate, and easily accessible by help desk team members. Lastly, you’ll learn the standardized rules to enter the vendor’s legal name, addresses, and other information in the vendor master file for all vendor team members to follow.

Debra Richardson
AP Speaker, Consultant, & Trainer at Debra Richardson, LLC

Debra is an accounts payable speaker, trainer, and consultant. An accredited Accounts Payable Manager, Procure-to-Pay Manager, and Payment Reporting Specialist, she has over 20+ years’ experience in accounts payable, accounts receivable, general ledger, and financial reporting for Fortune 500 companies. Debra now focuses on working with Accounts Payable and Procurement Teams to protect the Vendor Master file from Fraud by providing both free and paid vendor content and resources to clean-up vendor data, and clean-up their vendor processes so they pay the right vendor. She speaks regularly at in-person conferences and virtual events for IOFM, other Accounts Payable organizations, and 3^rd Party Providers. She is also the “Ask the Expert” for vendor process questions submitted through IOFM.

Josh Barrett
Director, IOFM

Josh Barrett joined the Institute of Finance & Management (IOFM) in 2017 has served as the organization’s director since 2020. His is responsible for management of IOFM’s Membership and Certification, its virtual and in-person events, and its demand generation offerings.

Josh is committed to ensuring that IOFM is the premier provider of training and education for financial operations professionals, working closely with a team of content developers, industry leaders and subject matter experts.

Prior to joining IOFM, Josh spent 20 years working in marketing and advertising with companies including L.L.Bean, Globe Manufacturing, the Maine Office of Tourism and Bentley University.