Vendor Management Webinar
Benchmarking internal controls, Reduce the cost of complaince, Detect and eliminate opportunities for fraud and duplicate payments, Optimize spend management and supplier relations

Ah, I just love flowers and foliage this time of year. Every variety: roses and dogwoods and azaleas and sunflowers and, well, you get the idea. It's really great when previous years' bulbs and shrubs spread, creating more of the same beautiful blooms.

by Jon Casher, A/P Recap, Inc.

It's almost impossible to keep track of your vendors, let alone how much business you're doing with them or where they are located. Mergers, acquisitions, divestitures and name changes are happening at increasingly faster rates. The need to manage your vendor file is clear; the benefits and how best to proceed are less obvious. This article addresses the latter — why and how to manage your vendor file.

Many companies are engaged in or considering vendor reduction as a best practice. Doing more business with fewer vendors gives a company more leverage in price and terms negotiations and means fewer contracts to negotiate, greater ease in keeping up with terms, and the possibility of better vendor relations. Vendor reduction benefits vendor master file management, bringing the master file down to a more manageable size and making maintenance easier. A reduction in the sheer volume of vendors on file is a boon to clean up of the vendor master file.