Why Mekorma Vendor Validation?

In today’s business world, trust is crucial when handling AP. This user guide highlights the importance of vendor validations to ensure reliable vendor master data. By carefully verifying vendor information, you can confidently maintain a secure and compliant AP process.

Mekorma Vendor Validation is designed to ease the workload of your AP team by verifying a vendor’s TIN and address, and validating that they are not on the OFAC Sanctions List. Depending on how you configure your thresholds, these validations will reduce corporate risk and assist in compliance efforts by preventing transactions that breach both IRS and OFAC standards. If you get audited, Mekorma Vendor Validation shows auditing officials that the best efforts have been, and continue to be made to meet compliance requirements.

Address validation benefits:

• Reduces errors and inconsistencies by ensuring the accuracy of your master data
• Provides the complete zip code, which improves address accuracy and can help with sales tax reporting
• Identifies whether an address corresponds to a business location or a PO Box
• Minimizes the risk of shipping or payment errors due to incorrect or incomplete information
• Enhances staff productivity through:
  • Reducing effort and errors through automation
  • Avoiding incorrect shipping destinations
  • Ensuring timely check payments are made by ensuring the bill-to address is correct

TIN matching benefits:

• Reduces financial losses by avoiding fines and delays on submissions to the IRS
• Improves data quality by avoiding duplicate TIN numbers and validated vendor names
• Enhances staff productivity through:
  • Avoiding reprocessing of IRS submissions
  • Avoiding external/manual validation of records
  • Reducing effort and errors through automation
  • Avoiding the processing of B-Notices and fines
  • Avoiding long and in-depth audits by the IRS
  • Avoiding excessive time and effort in the auditing processes

OFAC screening benefits:

• Assists in the generation of reports of potentially prohibited transactions and activities
• Reduces financial loss by avoiding fines and penalties that can be imposed by OFAC
• Enhances staff productivity through:
  • Avoiding external/manual validation of records
  • Avoiding long and in-depth audits by OFAC
  • Avoiding excessive time and effort in the auditing processes