Tag Archives: Accounts Payable

  • Ownership & Accountability Are Essential to Clean Vendor Master Files

    How often does some version of this statement get uttered in your organization’s A/P department? “Somebody created a duplicate vendor” or “Somebody put the tax id in wrong” Have you ever wondered who hired this “somebody”? This vague person always seems to be responsible for things going wrong. I think we all know that, really, […]

  • 5 Steps to Cleaning Up Vendor Master Files

    Technology Insight Corporation (TIC) has worked for the last ten years to ensure that their clients have deployable and effective tools to help organizations create sustainable solutions to reduce their error rates. After working with hundreds of companies to root out duplicate payments and errors, which cost them millions of dollars a year, TIC has found a common weakness for most companies: Unclean Vendor Master Files.

  • One Simple Question That You Can’t Answer

    Every A/P department has run into a time when they are hard pressed to answer the question “How much did we spend with ABC Supplier last year?” It is a deceptively simple question and one that, in this day and age of computers, ERP systems and automation, should be easily and accurately answered without hesitation. The reason that so many organizations struggle to answer this question is likely traced back to an unclean Vendor Master File.

  • Consistency, Consistency, Consistency

    Many experts agree that it takes up to 21 days to form a good habit. Some even say that it takes up to 66 days. No matter what the real number is, the core message remains the same: Consistency is the key to real change. When it comes to creating and maintaining clean Vendor Master […]

  • Collecting & Validating TINs

    One of the most common unclean Vendor Master File culprits out there is the presence of incorrect or dummy Taxpayer Identification Numbers (TINs). When many of our clients deploy our DataShark Tool or engage our Recovery Audit Services, they are amazed at how many Vendor Master Files have been created using some form of a […]

  • What Is OFAC Matching & Why It Matters

    The Office of Foreign Asset and Control (OFAC) is a division of the Treasury Department which enforces economic sanctions against countries and individuals who, for the most part, are known terrorists or drug traffickers. Many people think this is a relatively new government entity, perhaps inspired by the events of 9/11. Surprisingly, the OFAC’s history […]

  • Beneath the Surface: Why Root Cause Logs Can Change Everything

    Understanding the true drivers within your company is a basic tenant of good business. The process of understanding causation takes many forms and goes by many names. Whether you know it as The Five Why’s, Ishikawa Diagraming or some other iteration of Six Sigma training, the fundamental and simple concept of discovery remains the same, that without a precise understanding of the real problem, a successful solution cannot be realized.

  • The Great and Powerful Oz: Why POs Aren’t the Real Answer

    I’m not sure when it happened, when POs became a supportable answer to potential problems in accounts payable departments. Although they are essential in conducting business, as a control mechanism for accounts payable errors, they fall short in many different ways. In our experience, 53% of verified duplicate payments have a PO attached to it […]

  • Creating Clean Vendor Master Files the First Time

    Everybody has got a space in their life that really needs some organization. Maybe it’s the garage, where tools and boxes balance precariously against every wall, threatening to tumble down each time you scoot the car door open. Or, if you’re lucky, it’s just a junk drawer in the kitchen, bursting at the seams with […]

  • You would not throw a million dollars in the trash, would you?

    The obvious answer is a resounding “No, of course not.” Why would anyone in their right mind knowingly toss money? Well, you might be surprised to know that in some cases it stems from a inability to act which results in millions of dollars worth of losses. In accounts payable departments across the country, errors […]

  • Is a Recovery Audit a Sarbanes-Oxley Requirement?

    This question came to my mind after hearing multiple companies state it is a Sarbanes-Oxley requirement that they perform a recovery audit every one, two, or three years. As a company that provides recovery audit services and solutions, you would think this would put a smile on my face. But many years ago I was also an […]