Adding Supplier is Clunky: Enhancement / Best Practice

Step 1: Currently user #1 registers the supplier which is just basic information.  
Step 2: User #1 then must search on the supplier to add (payment type & tax product code).
Step 3: Once promoted to spend, user #2 due to segregation of duties, approves the supplier.
Step 4: User #1 goes back in to add site info, terms, paygroup, bank account and submits.

At the very least, combine Step 1 and Step 2.
Submitting then searching is time consuming and leaves opportunity to omit necessary data, like payment terms.

Any tips or tricks for streamlining?
Any enhancements in the future?