A supplier list is a group of vendors a business regularly pays for goods and services, entered into accounting software for tracking debts. An approved vendor list shows preferred vendors, with backup providers available. Contractors for repairs and services are also listed. The customer list is separate.
A supplier list is a group of people or companies that a business uses to purchase items and services. Unlike the customer list, this list will show all the vendors to whom your business regularly pays to receive the items and services they need to maintain their business. When accounting software is used, this list will be entered into the program, with a number assigned to them, so that the accountant or bookkeeper can keep track of debts owed and debts paid. It’s usually a group that the owner, or lead manager, has approved for use, which is where the term approved vendor list comes in.
An approved vendor list shows the main people or companies that the business uses regularly and who have been chosen to be the preferred ones who traverse first, which is commonly called a preferred vendor list. Of course, when the main supplier is out of stock on something, or has raised its prices too high, you can choose other suppliers from the list instead. These are backup providers and are used only when needed. As new items come out and price changes take effect, these contacts can change from primary to secondary and vice versa.
Another set of contacts that you may list in your supplier list are contractors that are used for repairs and services. These people or companies will have separate numbers so that the accountant can distinguish between sellers of items and providers of services. However, because the company pays money for these special services, they are still considered sellers and therefore will be listed so we can detail the services and repairs they provide.
While many people think that the customer list is a separate section within the directory, the truth is that they are completely different. A vendor is a person or entity to whom the business pays money for services and goods. A customer is one who pays the company for the same reasons. A supplier list will only include people to whom the business pays money, while the people or companies they receive money from will be kept in a completely different list and will be placed in a separate section of the accounting software if one is used.
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