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Create Your Vendor Onboarding Policy – A Must Have for Vendor Maintenance

Depending on your company, there can be separate departments involved in the Procure-to-Pay (P2P) process – each with a different focus. For example, the  Procurement/Sourcing should have a separate policy since their focus may be items such as vendor risk management, identifying strategic partners, and reducing costs.  Even AP itself at a higher level may be focused on invoice submission/approvals, adherence to the Purchase Order policy, processing payments, accurate general ledger coding, etc.  Each can quite different from a focus on onboarding vendors for the purpose of payment for goods and services. For this reason, I recommend a separate policy or section specific to vendor onboarding.

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