Many AP Departments still struggle with manual invoice processing and feel the impact of inefficient paper-based processes. Specifically, they lack visibility to track metrics and determine how to benchmark themselves relative to higher performers in their industry.
As written in “metric of the month” at CFO.com, the importance of accounts payable process costs becomes clear:
There’s a large gap between top performers and those companies that are spending the most to process accounts payable. Benchmarking surveys help CFOs to understand how their various finance processes compare to other organizations in terms of cost-efficiency, labor productivity, activity speed, and error rates.
Understanding metrics that matter is the difference between what CFO.com refers to as Top Performers and Bottom Performers or Laggards. Overall, the Top Performers, or what we at DocStar call Best-in-Class, have differentiated themselves from all others with superior performance across all key invoicing benchmarks:
In our executive brief, How CFOs Build World Class AP Departments with AP Automation, we identify the top challenges CFOs face, and how AP automation allows AP departments to work more efficiently, provide better cash flow visibility and cut costs – positively affecting the bottom line.
Download the brief and learn how to work smarter!