GoldFinch stores vendors as Salesforce Account records, providing a connected view of vendor information and activity. Organizations can manage purchasing, accounts payable, payments, vendor statements, and 1099 reporting within GoldFinch.
GoldFinch performs specialized verification—such as identity, tax identification number, sanctions, debarment, and bank-account ownership checks—through approved external services or Salesforce AppExchange solutions.
Centralized Vendor Information
GoldFinch can maintain important vendor information, including:
- Legal and display names
- Addresses and contacts
- Payment terms and currency
- Tax and purchasing information
- Vendor status and blocking controls
- W-9 forms and supporting documents stored as Salesforce Files
- 1099 designation and reportable payments
- Purchase orders, invoices, payments, and account activity
Authorized users can access related vendor transactions and reporting from the vendor’s Salesforce Account record.
Vendor Compliance Options
Organizations may connect GoldFinch and Salesforce with approved third-party services to support:
- IRS Taxpayer Identification Number matching
- OFAC and other sanctions screening
- SAM.gov exclusion and debarment checks
- Bank account and routing information validation
- Vendor name and address verification
- Periodic or event-driven compliance rescreening
GoldFinch can store relevant verification statuses and results, while the selected external provider performs the specialized screening or validation.
The scope, timing, and availability of these services depend on the provider selected and the organization’s compliance requirements.
Secure Vendor Onboarding
A structured vendor-onboarding process can help organizations collect required information, identify duplicate records, complete applicable verification checks, and route exceptions for review.
Organizations can establish separate approvals for:
- Creating or activating a vendor
- Authorizing purchasing activity
- Approving electronic payments
- Accepting changes to sensitive vendor information
Organizations can configure specific onboarding processes and approval requirements based on their policies.
Bank-Account Validation
GoldFinch may be integrated with Plaid, participating financial institutions, or other approved verification providers to help validate vendor banking information.
Validation capabilities vary by provider. Confirming that a routing number or account exists may not, by itself, establish that the account belongs to the named vendor. Organizations should select an appropriate verification method and require authorized review of changes to payment information.
1099 Tracking and Reporting
GoldFinch supports identifying 1099 vendors and tracking reportable payments. You can review and export year-end information for submission through an IRS-approved filing provider.
GoldFinch does not submit 1099 forms directly to the IRS unless supported through a separately approved filing service or integration.
Protecting Sensitive Information
Vendor tax identifiers, bank information, and compliance documents should be accessible only to authorized users. Salesforce security capabilities can help organizations control access through:
- User and role permissions
- Field-level security
- Sharing rules
- Encryption options
- Approval controls
- Record and audit history
Changes to sensitive payment information should be independently reviewed before becoming active.
Business Benefits
Connected vendor onboarding and compliance processes can help organizations:
- Maintain vendor information in one system
- Improve purchasing and payment controls
- Reduce duplicate or incomplete vendor records
- Support regulatory and policy-based screening
- Protect sensitive tax and banking information
- Strengthen the review of bank-account changes
- Improve visibility into vendor transactions and compliance status
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