Spring 2014 issue of Horizons

Review the vendor master file for red flags in the vendor set-up process: ∙ Incomplete vendor data in required fields (such as name, address, TIN/EIN, Addresses, Phone Number, Contact)

At a minimum, RubinBrown recommends these analytics be run annually to help management detect and prevent spending abuse. For purposes of this article and to provide proper context, data analysis is defined specifically as the combination of skills and tools that enable individuals to gain insight into business processes and transactions. The results from data analysis are actionable measures, in-depth insight into trends, and an understanding of the population not found through traditional process control and management oversight. The use of data analysis allows you look at 100% of the transactions, rather than just a representative sample. There are a number of applications management can use to perform data analysis. Tools such as Excel, ERP Custom Reports, SQL or Access and ACL/IDEA are often used. Depending on the size and type of organization, each tool will deliver different value to individual organizations. Each tool can be tailored to fit needs and deliver information specific to each organization. Below are some common analytics management can implement immediately to keep an eye on spending in an organization. Performing these analytics will provide management insight into transactions, as well as citizen/customer, employee and vendor relationships, which it can use to proactively monitor the risks. Review the vendor master file for consistency of required fields per data standards for: ∙ Vendor name

∙ Duplicate vendor names (such as AT&T and ATT)

∙ Similar vendor names (such as XYZ, LLP and Xyz, LLC)

∙ Vendor zip codes that do not match the area code in the phone number on file

∙ P.O. box or suite address

∙ Vendor address (up to two addresses)

∙ Phone number

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