Remove Risk From Your ERP System
No organization ever plans to have unnecessary data in their vendor master file; it just happens. Over time, as new vendor records are added and other records are changed, a certain amount of inconsistent vendor data builds up. In addition, significant organizational changes, such as mergers and acquisitions, can rapidly increase this problem.
By cleaning and consolidating your vendor records, you reduce the risk of making erroneous payments, including:
- Missed Volume Rebates. Multiple vendor records make it more difficult to identify blocks of purchases that qualify for volume rebates.
- Missed Cash Discounts. Duplicated vendor data increases the chance of some payments having inaccurate or missing cash discount terms.
- Duplicate Payments. Outdated or extraneous vendor records increase the risk of a payment being sent to a wrong address or a wrong supplier.
- Fraudulent Payments. With a large volume of unnecessary vendor data, fraudulent vendor records become more difficult to spot.
Take Control of the Problem
Although maintaining a clean vendor master file is a best practice, special resources are rarely, if ever, allocated for this task. More often, it is left to the accounts payable staff to clean the vendor master file manually — an approach that is both difficult and time consuming.
However, using Gold Prairie™, you can quickly and easily pinpoint duplicated or inconsistent vendor records.
Gold Prairie enables you to continuously monitor your vendor master file to ensure a clean, consolidated data file. You can easily identify related vendor records, including those with many different types of variations. Armed with this key information, you can quickly clean redundant, inconsistent and unneeded records from your vendor master file.
And best of all, you won't need to request additional resources for your vendor cleanup project — by helping you prevent duplicate payments and other payment errors, Gold Prairie pays for itself and generates significant ongoing savings.
To schedule a free demonstration and learn how Gold Prairie can help you to take control of your vendor master file, please contact us today!