There’s a lot at stake when it comes to vendor onboarding.
One slip-up can result in major fraud and compliance issues or strained vendor relationships.
But many organizations are putting themselves and their vendor relationships at risk by relying on manual processes for onboarding suppliers. Finance and procurement teams waste lots of time gathering documents, pushing around paper and emails, rekeying data, chasing down missing and incorrect details, fixing errors and responding to vendor inquiries about where things stand.
IOFM Insider |Institute of Finance & Management
VendorInfo accelerates supplier onboarding and reduces the risk of payment fraud and compliance issues with a self-service portal that automatically collects, validates and manages supplier details.
Detailed metrics and approval workflow reporting help staff stay on top of vendor onboarding.
Vendors like the convenience of electronically submitting their onboarding documents and information in a single location and having real-time visibility into the onboarding process.
VendorInfo helps organizations mitigate the risk of compliance issues.
- W-9 and W-8 tax form processing
- Tax identification number (TIN) matching
- Automated bank account validation
- Vendor verification against OFAC/SDN and 30+federal compliance lists
Taxpayer Identification Number (TIN) Matching | Internal Revenue Service (irs.gov)
Office of Foreign Assets Control – Sanctions Programs and Information | U.S.Department of the Treasury
How to Automate Vendor Onboarding
It’s easy for organizations of all sizes and across all industries to get started with VendorInfo – from universities and government agencies to high-velocity businesses and Fortune 100 companies.
VendorInfo is easily configured to an organization’s business needs. New vendor registration forms are effortlessly set up. Many organizations are up and running with VendorInfo in as little as two weeks, with minimal IT involvement and no disruption to their existing business processes.
Organizations also can easily add vendor onboarding capabilities as their needs change.
And VendorInfo’s SaaS-based delivery model means there are no pricey software licenses or servers to buy, and organizations will never pay for vendor onboarding features that they don’t use.
Vendor Onboarding Benefits
Automating the vendor onboarding process with VendorInfo delivers big benefits.
Reporting other information to the IRS | Internal Revenue Service
If your organization wants to eliminate friction from vendor onboarding, improve its relationship with vendors andenhance onboarding compliance, click here to book your demo of VendorInfo.