Vendor Form

What is a Vendor Form?

A vendor form is a standardized registration form that companies use to collect essential information from current or potential vendors. A vendor application form can serve as the initial step in the vendor selection process. A vendor registration form can be used for onboarding new vendors or updating existing vendor records. 

Facilities managers have to track numerous contractors, suppliers, and service providers that a facility interacts with. In facilities management, vendor forms serve an important role in organizing an efficient system for managing these third-party associations.

Components of a Vendor Form

Vendor forms might look a little different between companies, depending on their individual requirements, and a new vendor application may differ from a registration document for an accepted vendor. Whether being used for a vendor application or as a vendor registration form, vendor forms typically include several key sections to gather comprehensive information. 

Vendor Identification 

Also commonly labeled “Doing Business As” (DBA), this section asks for the vendor business name as it’s registered with the government. This section often also includes the vendor’s location address and other contact details.

Business Information

This section requests information about the vendor’s business operations, such as services provided and business hours. It might also include other details like the company’s size or number of locations.

Tax Information

Businesses are typically required to verify a business partner’s tax status to ensure they’re doing business legally. This section collects necessary information, including the vendor’s federal tax ID number and tax certification verification for financial and legal compliance.

Banking Information

Many companies perform financial transactions electronically these days. This section gathers banking details for setting up electronic payments, including applicable account numbers and routing information.

Compliance Certifications

Depending on the vendor, a company may need confirmation of an outfit’s compliance with government regulations and industry standards. This section collects details such as license numbers, insurance information, and confirmation of requisite bonds.

References

While a potential vendor may seem trustworthy, it’s always a good practice to verify their reliability. Vendor application forms often contain a section for references, including contact information for businesses that can attest to the vendor’s quality of service.

Vendor Forms in Facilities Management

Facilities management involves several tracking and organizational tasks, from scheduling preventive maintenance to managing relationships with suppliers and other third parties. 

Vendor forms help to simplify vendor management efforts for facilities managers by providing necessary information at a glance when needed, as well as maintaining a record of current and defunct vendor relationships. Managers use vendor forms extensively for numerous reasons, including the following.

Prequalification

Facilities managers need to be sure a prospective vendor can meet the needs of their department. They can use the information on a vendor application form to verify a potential vendor meets the company’s standards and requirements. 

Procurement

Vendor forms contain contact and operations details that get added to a procurement system. This information simplifies supply and material acquisitions by ensuring that purchasing agents have the relevant data they need to do their jobs. 

Compliance

A completed vendor form provides licensing, certification, and insurance information necessary to ensure compliance with legal requirements as well as standards for their industry. 

Data Gathering

A facility management platform like ServiceChannel offers a centralized database to update and maintain current information on all vendors.

Vendor Form Management

Every organization is going to have their own process for organizing and maintaining vendor application forms and vendor registration forms. These tips for managing vendor forms can help your company handle third-party relationships and streamline vendor form management effectively.

Uniformity

Use a standard form for all vendors to ensure consistency and complete information. If your company uses separate forms for vendor applications for selecting providers and vendor registration for onboarding accepted providers, keep common sections between the forms as identical as possible to reduce the risk of confusion when performing data entry.

Digitization

Consider utilizing digital forms, which can be a much more efficient and easier process. Digital forms eliminate the need for a data entry worker to transfer form information from paper to computer formats, and many facility management software providers like ServiceChannel offer a customizable form template selection for collecting information that meets an organization’s specific requirements.

Confidentiality

Employ security measures to ensure sensitive vendor information is kept confidential and secure. Utilizing security measures to maintain confidentiality goes a long way in developing trust with vendors and potential customers that may interact with your organization’s vendors.

Accessibility

Use an online portal or vendor management system to make vendor forms easily accessible to potential and current vendors. When a vendor is able to complete the form more easily, it makes the entire application and onboarding process more efficient and less strenuous for everyone involved.

Challenges with Vendor Forms

As with any process, utilizing vendor forms comes with its own set of challenges. Being aware of these obstacles ahead of time can prepare you to deal with them as they arise.

• Data Overload: Without an efficient form management or data management system in place, handling a large volume of information from numerous vendors can be challenging.
• Keeping Information Current: Employing a systematic process for regularly reviewing vendor records helps keep vendor information valid and up-to-date.
• Compliance Verification: It takes diligence and resources to verify the accuracy of the information vendors provide on their vendor forms.

Vendor Form Usage Best Practices

Efficient vendor form management is vital to maintaining vendor relationships, as well as streamlining vendor-related processes. Consider these tips for optimizing the use of vendor forms for your organization.

• Automation: Implement a computerized maintenance management software (CMMS) solution or a facility management platform like ServiceChannel to automate vendor information collection, processing, and verification.
• Reviews: Establish a schedule for vendors to review and update their information.
• System Integration: Perform cross-system testing to verify that vendor form data integrates seamlessly with other business systems like accounting or procurement software.

Vendor Forms In Conclusion

Vendor forms are an effective mechanism in the facilities management toolkit. Vendor application forms and vendor registration forms provide a structured approach to collecting and retaining critical vendor information that a facility relies on. Efficiently managing vendor forms enables facility managers to ensure their operations run smoothly by maintaining a roster of reliable vendors who are ready to meet the organization’s needs.

To begin streamlining all your organization’s facility operations, select a reliable facilities software system that enables facility managers to efficiently generate, import, and maintain vital information like vendor forms, maintenance schedules, and operations data.