We shared a standard workflow for Vendor Management with you in the last post https://faoblog.com/processes-ap-vendor-management-workflow/ and also talked about various steps involved in the process.
From the IRS website you can also see what a W9 form looks like. Here is the link for the same www.irs.gov/pub/irs-pdf/fw9.pdf
Let me share inputs on the other two subsets on vendor management:
- Vendor query handling
- Vendor Dispute Management
As mentioned earlier, these sub-processes are actually a fall out of the accounts payable process. Whenever you place an order on a vendor for material or services, there can be a number of queries that may need to be handled. Simple business understanding can give you these specifics. Some of these queries can be:
- Can I deliver the material in staggered lots?
- The rate in the purchase order is lower than we agreed. Why is this so?
- Can I get the payment earlier if I offer an additional discount of X %?
- Can I deliver the material ahead of schedule to reduce my warehouse cost?
In terms of dispute management again, the disputes can be multifarious, like:
- Lot XX of the material was received defective, change invoice.
- Returned material not received back by the vendor.
- Vendor not accepting defective material.
- Vendor charging more that the agreed rate.
- Material damaged in transit.
The list can go on…..
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Any webportal based application where vendor logs in and fills in details for creation – gets online approved and created by back office…
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