Ardent Partners' AP Metrics that Matter in 2024

Ardent Partners' AP Metrics that matter 2024 cover

In this report, Ardent Partners has compiled the best and most widely used industry accounts payable benchmarks captured in their annual state of the market report, "The 2023 State of ePayables: Paving the Way for a Smarter Future." In addition to describing and defining the KPIs being at the core of AP departments’ performance measurements, Ardent Partners details the trends they’ve seen among the metrics reported by respondents from around the world and what they believe this indicates or predicts for the year ahead when it comes to the ePayables processes

“Nearly three-quarters of all AP, P2P and finance leaders have identified smarter systems as the new innovation that will drive their organizations to the next level of performance. In 2024, it is clear that AI will be a key technology in those systems.”  

Since 2010, Ardent Partners has conducted more ePayables market research than any other firm or consultancy in the industry. In that time, Ardent has benchmarked thousands of organizations across all aspects of their AP programs. 

Download the report to get a clear picture of the most important metrics and benchmarks that AP departments should use to evaluate their success.

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4 Steps for reaching best in class in the “AP Metrics that Matter:”

Identify Areas for Improvement:

By comparing your performance against industry benchmarks, you can identify areas where your AP processes are less efficient compared to others. This could be anything from a higher cost per invoice to a longer invoice processing time.


Set Ambitious Yet Realistic Goals:

Benchmarks provide context for your performance measurements. By understanding how your competitors and peers are performing, you can set realistic yet ambitious goals for your AP team. This helps in striving for continuous improvement.

53% List improving AP reporting and data analytics as the top item on their strategic agenda in 2024.

Make Data-Driven Decisions:

Tracking your own KPIs over time allows you to monitor progress towards your goals. Comparing against benchmarks adds another layer of insight, allowing you to evaluate your progress relative to the industry. This data-driven approach helps in making informed decisions about process improvements and resource allocation.


Enhance Supplier Relationships and Leverage Early Payment Discounts:

By benchmarking and monitoring trends in your invoice lifecycle and vendor payments, you can assess your payment terms and how they’re affecting your cash flow to help prioritize action that benefits your business overall. Recognizing and acting on these trends can improve supplier relationships and potentially unlock early payment discounts, leading to cost savings.

Why Measure Accounts Payable KPIs?

In today's business environment, having access to accurate and real-time data is essential for understanding your current state and making informed decisions about the future. This is especially true for accounts payable (AP) and finance teams, which are responsible for managing a company's financial obligations.

By tracking key performance indicators (KPIs), AP teams can gain valuable insights into the efficiency and effectiveness of their processes. This information can be used to identify areas for improvement, set and achieve goals, and communicate the value of the AP department to the rest of the business.

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