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Webinar Recording

The Vendor Master – A Solid Foundation for Accounts Payable Processing

Date: Tuesday, March 7, 2017
Time: 2:00 pm - 3:00 pm EST
The Vendor Master Record is critical to the execution of Accounts Payable processes. It holds the contractual terms of who to pay, where to send payment, how to pay and when to pay. Believe it or not, it can also be leveraged to optimize Accounts Payable Automation. However, before that can happen, each Vendor Record needs to be complete and accurate.

Let’s start from the beginning. Which group(s) should be involved in maintaining the Vendor Records? We will cover this topic as well as the approval of additions and edits.

Do you know what forms should be obtained from each potential Vendor before set-up in the system? The need for W-9’s and the need for W-8 forms will be covered. Onboarding overseas vendors? We will touch on checking against OFAC and international “Do Not Pay” blacklists. The retention of documents will be covered as well.

Include the correct data in each Vendor Record for the benefit of Accounts Payable and related automation. We will cover limitations that may occur in a company’s Vendor Master System and options that are available today.

Who is authorized to approve the addition or edit of a Vendor Record? This can be a challenge if resources are limited. We will discuss the pros and cons of involving people from multiple departments in the approval process.

Once a Vendor Record is created or edited, is a secondary audit performed? Do you have a process in place to identify vendors for de-activation? We will explore the value in creating and implementing such procedures which can reduce the risk of payments to the wrong payee.

How does your company manage changes to a Vendor’s name or tax status? Best business practices will be presented.

Finally, benefits of employing a self-service supplier portal will be presented.

The Vendor Master is the key to the success of several different Procure to Pay tasks. It deserves dedicated resources.
After attending this event you will be able to:
Identify the responsibilities of Accounts Payable and the Supplier when creating or maintaining a Vendor Records.
Recognize the key data points that should be included in any Vendor Record.
Discover additional details to include in the Vendor Master to optimize AP Automation.
Explore the forms a potential Vendor should submit before a Record is created.
Identify software options for maintaining a company’s Vendor Master.

Speakers

Anne Wheeler, Consultant, CS Process Flows
Anne Wheeler
Consultant, CS Process Flows
Anne Wheeler, currently of CS Process Flows, LLC, is a project manager and consultant specializing in Accounts Payable.

Her career spans 30+ years of working in the accounting field; 20+ years of them managing accounts payable for large companies including Varian Semiconductor Associates, Inc. and SimplexGrinnell, a Tyco International company.

Assigned responsibilities included the management of up to 25 team members processing up to 30,000 invoices a month and performing all other Accounts Payable related tasks. Additionally, Anne was responsible for creating and managing policies, procedures and processes which covered Accounts Payable Documentation Management, Purchasing Card Use and Management, Procurement to Pay procedures, Travel and Expense related policies and procedures as well as numerous training manuals on how to using ERP's and other systems related to Travel and Expense reporting and Accounts Payable Automation,

In the last five years, Anne's role changed to the management of Accounts Payable Projects including the transition of accounts payable tasks to a shared services organization, and the implementations of a Concur Travel Expense system and several different Accounts Payable Automation systems.

Currently, Anne owns CS Process Flows, LLC; a business specializing in identifying ways for Accounts Payable operations to become more efficient and assisting companies in reaching their goals; from refining policies and procedures to managing AP automation projects to assisting companies with change management.
Moderated by: Jess Bozzo, Content Manager, Argyle Executive Forum
Moderated by: Jess Bozzo
Content Manager, Argyle Executive Forum
Jess is the Content Manager for Argyle Executive Forum’s growing CFO virtual division. In her current role, Jess is responsible for the creation and implementation of virtual event themes, overviews, and working with speakers and partners to create engaging and timely content. Prior to joining Argyle, Jess got her start in audience development and marketing with NewBay Media. A graduate of Gettysburg College, and a New Jersey native, Jess currently resides in Hoboken.

Sponsor

Event Sponsor Tipalti
Tipalti - Tipalti AP is the only accounts payable (AP) automation solution to streamline all phases of the global supplier payment management lifecycle in one unified cloud-based AP platform. Tipalti makes it painless for finance departments to pay any supplier across the world while ensuring tax, regulatory, and GAAP compliance. Tipalti streamlines the entire accounts payable operation, from self-service payee onboarding, tax form collection and validation, global payment remittance, automated supplier payment status communication, instant payment reconciliation with ERP, and 1099 / 1042-S tax preparation reporting.

Continuing Education Information

Certified Public Accountant

  • Continuing Education Credit
    1 CPE Credit
  • Field of Study
    Accounting
  • CPE Delivery Method
    Group-Internet
  • Program Location
    Online
  • Program Level
    Basic
  • Prerequisites
    No advanced preparation or prerequisites are required for this course.
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Continuing Professional Development

  • Continuing Education Credit
    1 Hour
  • Field of Study
    Accounting
  • CPE Delivery Method
    Group-Internet
  • Program Location
    Online
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Certified Management Accountant

  • Continuing Education Credit
    1 CE Credit
  • Field of Study
    Accounting
  • CE Delivery Method
    Group-Internet
  • Program Location
    Online
  • Program Level
    Basic
  • Prerequisites
    No advanced preparation or prerequisites are required for this course.
More information about CE Credits