Managing vendor payments can be a complex and high-stakes process, but our Vendor Payment Policy provides an essential roadmap to simplify and optimize these critical operations. Through a structured framework that promotes efficiency and compliance, this tool helps businesses navigate the complexities of financial transactions while minimizing risks. Its user-friendly guidelines empower teams to manage payments effectively, ensuring adherence to corporate policies and enhancing overall financial integrity.  

This audit tool includes two samples that provide insights into various facets of vendor payment management. Sample 1 focuses on the procedures for initiating automated clearing house (ACH) payments, detailing each step from proposal generation to final authorization, including anomaly detection and resolution. Sample 2 addresses the intricacies of domestic and international wire transfers, outlining the necessary steps for payment requests, corporate Treasury approvals and compliance with regulations concerning foreign transactions. Together, these samples equip users with practical knowledge and actionable strategies for optimizing their payment workflows.

Sample procedures include:

• Treasury reviews the proposed payment list and sends it to the treasury analyst to identify anomalies.
• If the payment was forecasted in the cash flow forecast, the payment analyst must determine if it needs to be paid in today’s ACH run.
• Request(s) must be sent well in advance of the payment date.
• An original invoice or documents supporting the payment request must be attached for the payment to be processed.