Workflow Templates: New Vendor Onboarding checklist

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New Vendor Onboarding checklist

Vendor Information Collection

Obtain the vendor's legal business name and any dba (doing business as) names.

Request and verify the vendor's tax identification number or employer identification number.

Gather the vendor's contact information, including primary address, phone number, email, and point of contact.

Compliance and Risk Assessment

Perform a background check to ensure the vendor's legitimacy and check for any red flags.

Assess the vendor's financial stability through credit checks or financial statement analysis.

Verify that the vendor complies with applicable industry regulations and standards.

Account Setup and Payment Terms

Create a vendor profile in the accounting system with all collected information.

Determine and document payment terms, including discounts, net payment periods, and invoicing procedures.

Set up payment methods and ensure that all relevant banking information is accurate and secure.

Documentation and Contracts

Obtain and review the vendor's W-9 or equivalent tax form.

Draft, negotiate, and finalize a contract outlining the scope of services, deliverables, and terms and conditions.

Ensure that all necessary insurance certificates are in place and up to date.

Internal Process Alignment

Communicate the new vendor relationship to relevant internal departments (e.g., purchasing, accounts payable, receiving).

Train staff on the specific processes and protocols related to the new vendor, such as order placement and invoice approval.

Create and distribute a vendor onboarding packet that includes internal policies, data security requirements, and key contacts.

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