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Vendor Master File: AP's Secret Weapon?
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Your organization's vendor master file is more than a database. It is a strategic resource. Not only does it serve as a record of all your vendor information and terms, savvy accounts payable departments can use the master file as a spend analysis tool.
In this issue you will learn tips to strategically leverage your vendor master file. In addition, this issue highlights some changes potentially coming to the 1099 filing process.
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| Patrick Harbin – Editor
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VMF and Spend Analysis |
Performing spend analysis is one of the best ways AP can contribute to the bottom line. The vendor master file is a vital tool in this process, allowing departments to break out their spending:
- By Vendor. In order to control spending, you have to know who your vendors are. Sometimes the vendor that you bought goods and services from is not the same company you are paying.
- By Commodity. When attempting to determine how much money has been spent on a particular commodity, aggregate several general ledger codes into an expense category.
- By Dollar Amount. Sort vendors by transaction amounts to consolidate/remove small dollar vendors.
Be sure to attend the session "Vendor Master File Strategies for Improved Performance," featuring Greg Crow, Director, Product Innovation and Management with Equifax, part of The Accounts Payable Network's upcoming AP Productivity Summit 2011. The summit earns up to 7.5 CEUS and 7 CPEs.
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'Up-Front' 1099s |
Recent remarks from IRS Commissioner Doug Shulman reveal the organization's future plans to significantly overhaul the entire 1099 process.
See Are You Ready for 'Up-Front' 1099s? on TAPC.
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Just for Fun! |
Technology continues to find ways to weave itself into every aspect of our lives, including our litigation. See Ten Most Ridiculous Tech Lawsuits of the 21st Century.
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