Vendor Validation: TIN Matching and OFAC Screening for Acumatica
Do you have a solid vendor compliance strategy that protects your organization? What processes are in place to validate your vendors?
Adding a NEW vendor means the AP team needs to do some detective work.
You need to collect and verify information before any payment is made.
Two critical validations involved in the vendor onboarding process are:
- TIN Matching
- OFAC Screening
Tax Identification Number (TIN) Matching helps you determine if the vendors TIN/name combination contained on their Form W-9 matches the TIN/name combination contained in IRS tax filing records.
OFAC screening is the process by which organizations identify whether or not any parties involved in a transaction can be found on watch lists maintained by the Office of Foreign Assets Control (OFAC), a division of U.S. Department of the Treasury. You’re not allowed to do business with entities on this list, and it changes regularly.
Every AP department should be performing these validations. But both TIN matching and OFAC screening can be time-consuming, and if you don’t have a process in place it could lead to serious penalties and fines.
Mekorma offers vendor validation tools that help Acumatica users accomplish these tasks with ease – and not only when onboarding. Our solution ensures that vendors are checked on a regular basis so you can take the appropriate action if something isn’t right.
Now you can automate TIN matching and OFAC checks right within Acumatica. This is all done in the background, automatically and continuously.
Put those checks and balances in place so you can pay with confidence.
