Alternatively, a vendor form may refer to the document filled out by manufacturing or service companies when they outsource materials, goods, and services to use or integrate into their own product or service.
3 Types of Vendor Forms and Their Uses
Depending on the nature of your business and your purpose, one type of vendor form would make sense to use over another. Below we will be discussing the three types of vendor forms and how they are used:
Vendor Registration Form
Festival, convention, and similar event organizers use vendor registration forms when selecting potential vendors. The exact template may vary, but in general, a vendor registration form records data such as the vendor’s business name and address, contact’s name and details, and the products and services they offer among others.
Vendor Evaluation Form
A vendor evaluation form, also commonly referred to as a supplier evaluation form or vendor risk assessment form, is used by businesses to assess:
- the potential value a prospective vendor or supplier can provide; or
- the performance of an existing vendor or supplier.
The vendor evaluation form helps businesses determine the value suppliers bring by analyzing their competency, consistency, and commitment to quality among other metrics.
Vendor Payment Form
A vendor payment form is an internal document that records the payment details of a vendor or supplier so they can be paid for the products and goods they supplied and the services they rendered. Aside from the standard information such as company name, address, and contact details, it also records the remittance contact’s name and contact details, the payment type, and bank details. It also includes the name and authorized signature of the person in-charge of approving the payment.
3 Important Parts of a Vendor Form and How to Complete Them
Small manufacturers, distributors, or service providers yet to amass a big network of their own may benefit from becoming a vendor for a larger, more established company. Aside from the obvious profit, serving as a vendor can help small businesses establish their reputation and ultimately find their place in the market. Below are some of the most important parts of a vendor form, regardless of type, and how they should be completed:
- Vendor’s Business Details
This covers information such as the vendor’s business name, vendor type; manufacturer, distributor, or service provider, and their representative’s contact details. This also needs to include a short summary of the vendor’s business proposition in no more than one paragraph. Since the vendor registration form may be the first correspondence between a client and a potential vendor, it is best to keep it concise and straight to the point.
When an established brand starts looking for vendors, they are likely to get plenty of propositions. A short but well-constructed business offer can help prospective vendors stand out amidst the competition.
- Payment Remittance Information
This section covers the necessary bank and remittance details a client needs in order to send payments to a vendor. Vendors are usually given a few options ranging from check payments to direct bank transfers, so they need to make sure they select the correct one. It is also best to double check sensitive information such as the bank account number since a minor mistake can result in payment delays and other avoidable issues.
- Compliance With Client Standards
Commonly found in vendor evaluation forms, this section aims to assess a vendor’s ability to comply with a client’s standards for timeliness and completeness of work, overall quality and professionalism, and overall response to the client’s needs. In order to accurately assess these qualities, a client needs to ensure that they clearly communicate their standards and expectations to the vendor at the onset, then allow a reasonable time frame for them to demonstrate the desired qualities.
Customizing and Completing Vendor Forms via a Mobile App
Not all businesses invest in manufacturing plants to produce the raw materials needed for their products, or in dedicated departments to render all of their services. To compensate, businesses turn to vendors who cover their needs on the goods and services end.
Sourcing vendors can be a challenge in itself, but with the help of a versatile mobile app such as iAuditor by SafetyCulture, it can be easier. Take advantage of the following features to streamline the customization and use of your vendor forms:
- Go paperless and have the option to use our pre-made digital vendor forms, convert your existing forms into our digital format, or create one from scratch using our drag-and-drop template builder.
- Accomplish vendor forms using your mobile device on-the-go, even while offline. Your data will automatically be uploaded to your iAuditor account via unlimited cloud storage once you connect to the internet, ensuring that no data is lost or accessed without permission.
- Include high-resolution photos in your vendor forms and annotate them for a more detailed assessment. Share vendor evaluation reports to the right personnel as soon as you complete them with automatic report generation.
- Include standalone actions in your vendor forms so identified issues and other assignments can be resolved sooner rather than later.
- Have clients and vendors include their digital sign off to improve accountability, regardless of location.
Vendor Form Templates
Vendor Payment Form
Businesses working with vendors or suppliers can use this vendor payment form to collect the payment details of suppliers for processing. Specifically, this form gathers the following data:
1. Remittance contact information including supplier contact’s full name
2. Payment type, bank name, bank address, and/or check remittance address.
3. Digital sign off for authorization purposes.
Vendor Evaluation Form
This vendor evaluation for, also referred to as a supplier evaluation form, is used to compare and evaluate the performance of different vendors. It is categorized according to a predefined set of organizational criteria but it is highly customizable to fit your business needs.