GPI 397 – Assign an intern to gather all of the current vendor numbers your customers have assigned to pay you.

Have an intern go through all of your firm’s incoming lock box checks and ACH payments to create a complete list of assigned vendor numbers. These numbers are assigned when a new vendor is setup in an accounts-payable, or purchasing system. All of the companies that pay your company have a vendor assigned to use for payments. This vendor number will normally appear on incoming checks or wire transfers. You will also find them on the incoming purchase orders if they are available.

Vendor numbers will increase your sales in other divisions:

Give this list to all of your sales people so they have it for reference when calling on related divisions of your customers.  When they visit a sister company of an existing customer, they can give them your existing assigned vendor number in their system.  Before the buyer digs very deep in his company’s purchasing software, you will be able to provide your assigned vendor already in their system.  This will help expedite his process and help you win his business.  It tells the buyer that someone already has approved your firm and he does not have to do anything else to have you approved.

When you create this list (approved vendor list, AVL), include every customer that you have done business with over the past five to ten years (or as far back as feasible).  Many companies retain vendor data for many years and will immediately reuse a previously assigned vendor number if still found sitting active in their system.