GUIDES & REPORTS
Accounts Payable Benchmark Report
In this unique report, you’ll get a thorough walk-through of how to measure process performance in each step from invoice to pay.
The report presents real-life benchmark values derived from thousands of AP teams around the world so that you can compare your results with the average and best-in-class companies.
Plus, you’ll get top tips on how to improve efficiency for further acceleration and automation of the invoice process.
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The Importance of AP Benchmarks
Benchmarking your accounts payable process against industry standards is not just a best practice, it's a necessity in today's competitive business environment. AP benchmarks provide a clear picture of how your organization stacks up against others in terms of efficiency, accuracy, and cost-effectiveness.
By understanding the average and best-in-class values for key performance indicators (KPIs) such as invoice processing time, cost per invoice, and invoice error rate, you can identify gaps in your own process and set realistic, achievable improvement goals.
AP benchmarks can help you identify trends and shifts in the industry. For example, if the benchmark data shows a significant increase in the use of automation technologies, it might be a sign that your organization needs to invest in similar solutions to stay competitive.
Our AP benchmark report serves as a valuable tool for this purpose, offering insights into the performance of other companies and highlighting potential areas for optimization. It's a roadmap that can guide your efforts to improve your accounts payable process and achieve operational excellence.
Improving Efficiency in the Invoice Process
The efficiency of the invoice process is a critical factor in optimizing the accounts payable function. A streamlined process not only reduces costs but also minimizes errors, improves supplier relationships, and allows staff to focus on more strategic tasks. Our AP Benchmark report offers valuable insights and strategies to enhance this process.
Understanding the Invoice to Pay Process
Gain a comprehensive understanding of the invoice-to-pay process for both PO (Purchase Order) and non-PO invoices. This knowledge is the first stepping stone towards identifying areas ripe for improvement.
Utilizing Key Performance Indicators (KPIs)
Specific KPIs for both non-PO and PO invoices are highlighted in the report. Regular monitoring of these KPIs can help you keep track of your performance and pinpoint areas where efficiency can be ramped up.
Learning from Best Practices
The report offers insights from best-in-class AP performers. These insights can guide your efforts to streamline your invoice process.
Leveraging Automation
Emphasizing the crucial role of system support in achieving best-in-class AP performance, the report underscores how automating tasks such as data entry, invoice matching, and routing can significantly trim down processing time and eliminate errors.
Continuous Improvement
AP teams are encouraged to continuously collaborate with their solution, data, and suppliers to identify improvement areas, rectify issues, and fine-tune processes. This ongoing effort can propel you towards a highly efficient invoice process.
By implementing these strategies, you can transform your accounts payable process, reduce errors, and achieve better results.
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