Financial Back-Office Compliance Financial back-office compliance is the confirmation that a provider of a service or a manufacturer or supplier of goods adheres to all the requirements, regulations, legislation, and specific standards of a contract. Ongoing maintenance and tracking of expiring certificates, licenses, permits and contracts is necessary to ensure compliance. Manual tracking of such […]
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What is a vendor packet? A vendor packet is a collection of forms and documents that a buyer sends to a potential new vendor before starting a relationship. The packet includes all the necessary information needed to set up a new vendor for payment and compliance. Vendor packets can be relatively simple or robust depending […]
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What is Supplier Onboarding? Supplier onboarding, or vendor onboarding, is the process of gathering the documents and data needed to set up a company as an approved vendor and to enable your organization to efficiently conduct business, purchase goods and services, and make payments to that company. A supplier onboarding solution should offer functionality such […]
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What is Document Capture? Document Capture refers to software applications that automate the process of scanning paper documents or importing electronic documents. ICG specializes in the Document Capture of invoices for Accounts Payable environments. There are four main types of documents captured in the AP world: The key to streamlining your document capture process in […]
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What is Vendor Management? Vendor Management (sometimes called Supplier Management) is the process by which a buyer formalizes a relationship with their vendors and suppliers and manages that relationship through its lifecycle. How Does Vendor Management Work? The first step in a Vendor Management is typically procurement, where a buyer sources and negotiates a contract […]
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What are supplier portals? Supplier Portals (or Vendor Portals as some people call it) is a web-based, supplier management solution that allows you to collaborate with your suppliers in a secure, online environment. Among the functions a Supplier Portal can provide is to allow organizations to streamline the Supplier Onboarding process via supplier self-service as well as […]
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What is a TIN Check? When onboarding a new vendor, a TIN Check is an important component of ensuring compliance. It verifies that either a Social Security Number (SSN) or an Employer Identification Number (EIN) is valid and matches a person’s or company’s name in the IRS Database. A mismatch occurs when the IRS cannot […]
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One of the most popular trends today in business is moving from on-premise and maintaining business applications on internal servers to cloud based applications. There are several reasons for this trend but two of the most common are reductions in internal costs, particularly IT costs, as well as a reduced IT role in getting new […]
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What is Procure-to-Pay? Procure-to-pay, also known as P2P, is a term used in the software industry to designate a subdivision of the procurement process. These systems enable the integration of the purchasing department with the accounts payable department. The term comes from the ordered sequence of procurement and financial processes, starting with the first steps of procuring […]
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What is SaaS? SaaS is a method of software delivery and licensing in which software is accessed online via a subscription, rather than bought and installed on individual computers or servers. Why is it Beneficial? SaaS offers numerous advantages for companies. By delivering software applications over the internet, SaaS eliminates the need for on-premise infrastructure, […]
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