The New Vendor Approval Process is the 📝Weekly Accounting workflow that starts when a payment to a new vendor appears in the bank account, collecting the vendor's tax information and the client's confirmation of the vendor.
When a new vendor has been paid from the bank account, the process runs as follows:
- An email is sent from HubSpot to the vendor with a link to a form to fill out.
- The form collects W-9 information and the name of the person at the client the vendor is working with.
- An email is sent to that person at the client to confirm the vendor, estimate future monthly payments, and indicate which account the vendor should be recorded in.
- If the client uses Bill.com, electronic payment is requested as well.
Confirming new vendors is one step of the 📝Weekly Bookkeeping Checklist, and the 📝1099-inator handles W-9 collection and 1099 filing. A Zapier automation could create a HubSpot task whenever a new vendor is created in the QuickBooks instance.