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Anit [1.1K]
3 years ago
13

Why is it important to keep a file of vendors? *

Health
2 answers:
Vedmedyk [2.9K]3 years ago
8 0
<h2>Why is vendor master data important? </h2>

Vendor masters help to record charges for federal and state taxes each year by storing data such as IRS-1099s. It also allows organizations to better understand their spend allowing for future vendor contract negotiation and fiscal forecasting.

erica [24]3 years ago
3 0
Keeping clean data in vendor masters help prevent payment errors such as duplicate payments and potentially missing rebates/discounts. ... Cleansing also reduces the risk of payments made to fraudulent vendors that may have “snuck” their way into a vendor file.
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