How should I be setting up and tracking small business in my vendor master file?

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A couple of basic considerations include that you have a field or fields in your vendor file database for recording entity status vis-à-vis SBE, MBE, WBE, VBE etc. You need to track the particular classification and also whether the classification is registered or not.

Gathering the classification can be done on a new vendor information form, such as the template found in TAPN.

To facilitate identification of SBEs, etc. among your existing vendor database, you may want to access a resource database that tracks and provides minority/special classifications, such as Equifax, Dun & Bradstreet, etc.

(Austin Tetra, now owned by Equifax, may be the leading database in this regard, since tracking entity classification was essentially how it got started. Full disclosure: TAPN partners with Equifax to offer vendor master file services -- see the Master File Solutions Suite.)

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