Benefits

According to Price Waterhouse Coopers, the average organization spends about $20 in labor to file each paper document, approximately $120 in labor searching for each misfiled document and $220 in re-creation of a document. Wouldn’t it be great to have all your W-9’s, W-8’s and other registration documents completed online and instantly filed online for easy access when needed? With Vendor Self-Service Onboarding Module, VendorInfo, you can onboard your new vendors in one convenient location and eliminate paperwork and hassles.

Government regulators are increasing the complexity of regulations and penalties associated with vendor-related non-compliance. Penalties for incorrect 1099’s have more than doubled in recent years. Over the last several years, OFAC has levied more than $1 billion in fines against American companies or subsidiaries that did business with restricted businesses, organizations and individuals on its SDN list. In addition to fining these companies, the Treasury Department posts the names of infringing organizations along with fines paid. VendorInfo Onboarding Module verifies the accuracy of vendor information and helps protect your organization by avoiding embarrassing penalties and fines.

VendorInfo protects sensitive information by capturing W-9, banking and other vendor information via a secure portal. W-9s may contain sensitive personal data, including social security numbers. VendorInfo eliminates the exposure of your vendor’s sensitive information to email risk from fraudsters who are becoming more and more sophisticated and creative at stealing identities and information and profiting from them.

New vendor self-service capabilities replace older legacy procedures to provide more power for meeting process improvement targets and risk initiatives. Areas covered include eliminating unsecure procedures around emails, vendor registrations, onboarding workflow, maintaining AP operational analytics, W-9 and W-8 registrations, eliminating paper and pdf’s, automating TIN matching, compliance certifications, OFAC, vendor statement reconciliation and duplicate detection.

With VendorInfo, you can direct your vendors to a dedicated, secure website where your vendors complete and sign W-9 or W-8 forms online. These forms are stored in an easy-to-access online folder and can be exported directly into your ERP system. You eliminate paper and improve retention processes.

Onboarding vendors gets more complex every day. All agree that new vendor set up is a critical time to validate vendor information in order to prevent fraud, ensure vendor master file accuracy and meet compliance obligations. With VendorInfo, onboarding and registering new vendors is comprehensive and easier than ever!

Forms are automatically compliance validated and vendor approval workflows are completed online without having to email forms back and forth, taking time and putting sensitive information at risk. Once validated, multiple levels of approval are performed online, eliminating manual processes and streamlining the approval process.

With VendorInfo, you will no longer have to spend time entering new vendor information into your vendor master file. Once onboarding forms have been completed and approved by your team, the data can automatically be output and sent to your vendor master file, saving time and reducing errors.