When it comes to eating healthy, one adage stands above all else: “You are what you eat.” As a kid, it manfests as health class trying to preach the virtues of salads right before the lunch room serves you fried chicken and mashed potatoes. As adults, the never ending battle between our taste buds and the bathroom scale has left many with a bad taste in their mouth. And while a good portion of us have certainly been a little weak willed from time to time, this dietary saying holds wisdom for many other parts of our lives than just our waistline.
To say Accounts Payable is detail oriented would be an understatement, to say the least. Now, more than ever, a properly functioning AP department can mean the difference between hitting your numbers or landing in the red. As the group that controls all money leaving the company, there is a lot at stake in terms of minimizing error. When mistakes mean lost profits, why run your AP like a broken diet?
In theory, it’s a no brainer that good inputs result in good outputs. In practice, however, we all know that it’s much easier said than done. Just as fast food give us empty calories and is nutrient deficient, so can bad supplier data slow us down with incorrect contact or payment info, forcing us to wade through extra work just to get through to the work that matters. All of your supplier information is held in the Vendor Master File, and errors here directly manifest as errors and delays in outreach, payments, and procurement. This results in extra work fixing and reconciling errors that should not have happened in the first place.
Just like trying to burn off that last doughnut you ate before swimsuit season, you wouldn’t have to be doing any work if all of that extra clutter wasn’t entering the system in the first place. This brings us full circle. Clean and correct data allows for efficient AP processes, creating a healthier overall business function.
To help companies understand the value of keeping a clean vendor master file, Lavante is holding a Thought Leadership Webinar Series to help people detox and tap into the full potential of this all important business resource.
Please register here: