George Marinos wishes to thank Michael Kody for his contributions to this month's column. Kody is a director in PricewaterhouseCoopers' Technology and Data Services Practice, focusing primarily on developing data optimization solutions for private and public sector clients.
The vendor master file? Without question, it is an integral part of the procurement and accounts payable control environments. A well maintained vendor master file helps prevent failure of system controls, process inefficiencies and inaccurate management reporting. Failure of system controls can result in duplicate and erroneous payments, missed earned discounts, uncashed checks, unapplied credits, tax reporting errors and fraud.
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