Accounting
What is Vendor Management?
Vendor management encompasses the processes for sourcing, onboarding, monitoring, and paying suppliers — including maintaining vendor master data, verifying payment details, and managing supplier performance.
Explanation
From an AP automation perspective, vendor management is the foundation of invoice processing quality. Accurate vendor master data (correct bank details, valid tax IDs, approved status) is what enables automated invoice matching and payment. Errors in the vendor master — duplicate vendors, stale banking details, missing data — create processing failures and payment risks. Automation improves vendor management by standardizing data extraction from onboarding documents (bank letters, W-9s, supplier registration forms) and validating new vendor records against existing data to catch duplicates before they're created.
How Rima relates
Rima can automate vendor onboarding document processing — extracting and validating data from supplier registration forms, bank letters, and W-9s.
Learn about AP automationRelated Terms
Accounts Payable (AP)
Money a business owes to suppliers for goods or services received but not yet paid.
Invoice Processing
The end-to-end workflow of receiving, validating, approving, and recording supplier invoices.
Data Validation
The process of checking extracted or entered data against rules to confirm it is accurate and complete.
See it in action
Rima automates the manual document workflows accounting teams spend hours on every week.