Check list - To setup a new vendor

Do you check your master vendor file before setting up a new vendor?
Do you check if you have already set up the vendor?
Do you take it one step further?

Before setting up a new vendor do you check to see if you have a vendor already set up with the same address or TIN. Taking this extra step will prevent those few vendors who may have been set up using a DBA or some other name from slipping through. True, you may have two different vendors with the same address, but they won’t have the same TIN. This extra step only takes a minute or two to execute but could save your organization thousands of dollars down the road.

Check list before setting up a new vendor

1.Every new vendor should be verified to approved documents(such as contract amendments,verified correspondance etc)
2.Check for Duplicate vendors on file, be careful about how the vendor name is entered

All new vendor addresses or changes should be carefully verified with the help of Google map or a smiliar site. It is alway easy to check a vendor's office or location.