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  • 1.  Vendor setup verification

    Board Officer
    Posted 12-07-2021 09:31 AM
    We verify the FEIN, address, and banking information (ABA/Account/Wire info) for each vendor we set up, and then for any change of address, name change / merger, or changing in banking. On average, we add or update 10 vendors weekly, so it gets to be quite time consuming.
    Some of the verification is mandated by the bank or insurance company, other verification is based on our own internal control procedures, tightened over years of experience.
    I'm searching for a better way to handle this, and wonder if there are any companies that can do this on a service center basis. Sort of like what other companies might do for sales tax compliance.

    Any ideas?

    Andy Farber
    Associate Director, Financial Systems
    Consumer Reports
    Yonkers NY

  • 2.  RE: Vendor setup verification

    CO19 Speaker
    Posted 12-08-2021 07:21 AM
    Hi Andy,

    depending on your process Robotic Process Automation (RPA) could be a solution here!


    Kai Glittenberg
    Solution Architect Cloud Services
    Apps Associates
    (491) 603-655544