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.
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.
