VENDOR RISK AND MAINTENANCE PROFILING
"Savvy AP departments closely manage their vendor files to weed out duplicate vendors, inactive vendors, incorrect addresses, and other common problems that can lead to fraud, duplicate payments and other payment errors.” – Institute of Financial Management
The importance of vendor maintenance remains a critical component of an organization’s risk management program. Errors within the master vendor file continue to proliferate. Current finance processes and staffing levels cannot protect against all of them and typically ERP or accounting packages will only carry out simple checks which need to be reinforced.
AP Forensics® intelligently analyzes your master vendor file, allowing you to efficiently scrub your data looking for a wide range of issues or errors. It scrutinizes the master vendor file across various levels of risk ensuring only real issues are highlighted.
The benefits of AP Forensics:
- Saves procure-to-pay (P2P) time by identifying incorrect vendors
- Cuts duplicate payments by detecting incorrect or fraudulent vendors
- Supports compliance ensuring only the correct data is used
- Increases efficiency by safeguarding master data integrity
- Identifies vendor risk by helping spot data entry anomalies
- Reduces fraud by cross-checking vendor and employee data