Ready to solve the VMF Challenge?

• Cleanse, standardize, and enrich your VMF data
• Assure Accuracy
• Prevent Fraud
• Get Prepared for 1099 filings
• Use spend Analysis to reduce cost
• Identify high risk and debarred suppliers

Master File Solutions Suite (MFS²)
The ultimate solution to cleanse, standardize and enrich your vendor master file data

Accurate, complete and up-to-date vendor master file information is essential to the success of your organization. Master File Solutions Suite ensures the quality of your vendor master file.

Accounts Payable is a critical function in every business, responsible for dispersing significant portions of a company's revenue. The vendor master file is key to efficient AP management and accurate disbursements. Master File Solutions Suite can help you leverage and transform your vendor master file into a corporate asset.

Master File Solutions Suite is a proprietary 5-Tier match process that enables industry-leading match rate accuracy to help accounts payable professionals. MFS² is powered by two trusted leaders in the industry – The Accounts Payable Network (TAPN) and Equifax. The partnership between TAPN and Equifax leverages Equifax's powerful database and data management services with TAPN's knowledge of AP processes and best practices to create the optimum vendor master file cleanse and append solution for accounts payable, finance and purchasing professionals. Equifax, a global leader in information solutions since 1899, maintains one of the largest sources of consumer and business data with 43.9 million total records worldwide, along with advanced analytics and proprietary technology, to create customized insights that enrich the performance of businesses.

How Master File Solutions Suite Works

Discovery

Cleanse

Enrich

Step 1: Match existing suppliers to Equifax's database using a proprietary 5-step match process

• Identify duplicate records, incorrect data, missing data, etc.

Step 2: Enrich match records with required content

• Demographic, firmographic, diversity and linkage data is added to the record
• Up to 220 data elements can be added to the supplier record

Step 3: Deliver matched, enriched records back to the client

• Information can be used to clean-up internal systems
• Added data can enhance supplier characteristics in systems/data warehouses
• Use data to analyze customer/supplier master files

Summary of Benefits:

Accurately maintain customer records. Your vendor master file will be matched against Equifax's database to validate or correct records, as well as identify duplicate records. This solution also targets 1099 and 1042S compliance issues, missing TINs, and populates critical missing information fields – to get you ready for 1099 season.

Identify and prevent fraud. A vendor master file unchecked even for months leaves enticing open doors for fraudsters to embezzle corporate funds. Does the address match the entity the funds are being paid to? Is it an employee's home address? Are fictitious companies set up in the VMF? Master File Solutions Suite will isolate potential problem vendors to help you assess risk and take the appropriate action.

Aggregate spend for corporate savings. Strategic sourcing plans cannot be maximized if multiple vendors stemming from one parent company are not tied them to the parent company. MFS² will tie together all parent/child linkages. It will also identify multiple vendors of like services or products to increase your current buying power. One well-known company reported a $5 million savings in just one supplier category.

Identify high risk or debarred suppliers. Federal regulations require compliance with OFAC's Specially Designated Nationals list and removing debarred entities from your vendor master file. The financial and legal consequences of noncompliance are substantial.

Track minority/diversity spend and meet compliance reporting requirements. Are you tracking and meeting your organizations minority and diversity spend mandates and goals? Utilizing the MFS² will allow you to create customized new data fields to ensure easy tracking of this important metric.

Start Planning for 1099 Season Now

Start planning now for 1099 season – get your vendor master file matched, sorted and cleansed, as well as populate critical missing information that will reduce B-notices considerably and have you ready for year-end deadlines.

Why Master File Solutions Suite?

Let your staff do what they do best – accounts payable. Master File Solutions Suite will go far deeper and broader than most organizations have the time or resources to devote. In addition, MFS² provides you with an objective evaluation of database accuracy, the potential for fraud and solutions for enhancement.

With so much at stake, vendor master file cleansing is a smart and cost-saving solution used by top-notch organizations. Just one properly renegotiated supplier contract post-cleanse, can cover the cost for the entire project. At the same time, you are gaining a consistent process for maintaining, updating and adding to the entire supplier database, while staying in compliance as when Sarbanes-Oxley, the IRS, OFAC and other laws and agencies create more and more complexity.

To learn more about how Master File Solutions Suite can benefit your company, contact our VP Business Process Services, at 866-827-6389 or 770-984-1184 or click here today!