Head of Finance Solutions
Vendor onboarding is the formal process of setting up a new supplier so they're ready to receive orders and payments safely. A good onboarding captures banking and tax details, terms, and contacts once — and approves the vendor before any purchase order is issued.
Rushed onboarding creates duplicate vendors, payments to wrong accounts, and suppliers nobody remembers approving. The onboarding step is where procurement controls are won or lost.
Capture everything needed to order and pay in one structured record, and require an approval before the vendor goes live.
Vendor fraud — fake bank detail changes — is one of the most common SME losses. Confirm banking details with a call or a second source at onboarding, and require re-verification when a vendor asks to change their bank details.
Once approved, the vendor appears in your supplier list and purchase orders flow against their record. Order history builds up automatically, giving you the data for performance reviews and renegotiation.
The formal process of capturing a supplier's details and approving them before they can receive orders and payments.
Registration/tax info, contacts, verified banking details, payment terms, product catalogue, lead times, and minimum order quantities.
Verify banking details at onboarding and re-verify any change request through a second channel, like a call to a known contact.
Yes. An approval step before the first purchase order keeps procurement auditable and stops rogue suppliers.
The central list of approved vendors with all their records. Retten Work keeps it structured and searchable.
